Doha: The 6th Doha Islamic Finance Conference concluded Tuesday with a call for a strong coordination between various Islamic finance entities, universities and scientific research centers for establishing a dedicated professional centre to foresee the future of Islamic finance sector and its potential risks.
The conference called up on the Islamic countries to establish Islamic capital markets, common for metals, commodities and financial papers, in compliance with Shariah maxims and objectives as they are encouraged to formulate a global index for profit rate as well as to benefit from Shariah-compliant contracts and all the permissible forms of sales of debts and arbitration vis-a-vis Fiqhi options. They should also undertake the study to formulate new contracts, and to transform from the alternatives to Islamic products in line with Islamic economics its objectives. They shall also benefit from electronic and digital technologies for the establishment of well-developed Islamic market.
The trading platforms should abide by the Shari’ah rulings and its principles across all its functionalities and they shall be limited to Shari’ah compliant tools. While being independent from the establishing platform entities, they should also abide by the Shari’ah rulings related to the process of organizing the ability, patronage, custodianship and inheritance.
The Islamic banks and Islamic finance institutions shall be prepared to face the upcoming and renewing challenges of technology, such as artificial intelligence. Similarly, the skill development and required resources with a focus on human resources as well as fostering the regional and global partnerships along with the coordination with Shari’ah boards shall be done for drafting Shari’ah regulations to ensure their existence and competence, added the statement.
The concluding statement also stressed the need for Islamic finance industry to invest in sports sector as well, given the general regulations of Shari’ah for investment in addition to the specific conditions of Shari’ah for investment in sports are met.
During the scientific sessions of the conference, four central themes were discussed covering the topics: Predict the financial and economic crises and their impact on Islamic finance, Islamic Finance and Recent Trends Towards Sports Sector, Islamic Trading Platforms, as well as Innovation and Artificial Intelligence in Islamic Finance.
The working papers were presented by esteemed scholars, academicians, field experts and the participants to comprise 15 researches, apart from discussions and interpositions that enriched the conference topics.
The first session of the conference dealt with the anticipation of financial and economic crises and their impact on Islamic finance and was held under the chairmanship of Director of the Qatar Academy of Finance and Business Dr. Khalid Al-Hurr, in which CEO of the British Oxford Economic Foundation Adrian Cooper, reviewed the scientific and methodological tools adopted in the anticipation of financial and economic crises.
As for the second session, it reviewed the axis of Islamic finance and modern trends towards the sports sector, and the Head of Sports Affairs at Qatar Olympic Committee Khalil Al Jaber, addressed “Qatar’s investment experience in the sports sector”.
The conference witnessed multiple workshops which highlighted the future of artificial intelligence in the financial world, promising opportunities for Islamic crowdfunding, and the new ways to accelerate the growth of the Islamic financial sector and the importance of fintech in Islamic Finance Industry.
