The Islamic Financial Conference calls for the establishment of an independent center in Islamic financial technology | Economy

The conference, in its eighth edition, was held to continue discussions on the accelerating developments in the world of Islamic finance, in a scene led by financial technology that took various phases and directions, marking the beginning of a new chapter in the history of finance in the world.

Doha The Eighth Doha Islamic Financial Conference called for the establishment of an independent Sharia study center specializing in Islamic financial technology, to complement this industry with its provisions, with the need for Islamic financial institutions to contribute to support and fund this center, as well as inviting universities to include digital financial technology specializations in their practical curricula.

The conference, held in Doha yesterday, entitled “Digital Financial Technology and Decentralization”, highlighted the possibility that financial technology techniques could provide integrated solutions for the donation and charity work sector to make this sector more effective and sustainable in mobilization, management and the distribution of resources.

He stressed that financial technology techniques increase the level of trust and transparency, by recommending donation institutions and charities to seek to take advantage of digital financial technology in the development of their products and tools and to increase their operational efficiency to their ensure continuity.

Conference themes

During the scientific sessions of the conference, the four main themes included in the conference topics were discussed: “Supervisory institutions and decentralized digital financial technology”, “Shari’a provisions related to decentralized digital financial technology”, “decentralized digital financial products “, and” Experiments of decentralized digital financial technology “.

The Islamic Financial Conference discussed many issues of financial digital technology (Al-Jazeera)

The participants emphasized that the electronic digital financial procedures were designed, legislated, formulated and applied in accordance with the principles and rules of Sharia therein, and achieve the legal purposes, and help to achieve beneficial outcomes, and prevent fraud, and will does not cause damage. the purposes of contracts and actions.

The conference was of the opinion that the management system currently in place in decentralized finance is not considered as the optimal system to establish the principles of Sharia management in decentralized financing applications, but it can be built on a system of management and sharia control, while the current imbalances on this system, and the current Sharia management standards need to be developed to keep pace with the developments of digital finance.

The conference emphasized the need to develop the process of integration between blockchain technology, augmented reality, virtual reality, mixed reality and irreplaceable signs leading to a transformation in the course of money and business, causing disruption in the financial sector, and change the Islamic financial environment.

Develop strategies

He called for these strategies to be developed to meet the requirements of sustainable digital finance, and to shift from traditional financial mediation to value-based mediation.

The conference, in its eighth edition, was held to continue discussions on the accelerating developments in the world of Islamic finance, in a scene led by financial technology, which took several phases and directions, marking the beginning of a new chapter in history. of finance in the world.

During the conference sessions, Abdul Qader Gedi, Professor of Jurisprudence and its Fundamentals at Sharia College, Qatar University, in his intervention questioning “Is centralization considered by the street in financial decisions” – that centralization is rooted in Sharia’s financial policy, and it has consideration in Sharia rulings.

In terms of decentralization, my grandfather emphasized that it has benefits and risks at the same time, pointing out that the risks do not eliminate mediation agencies and litigation and documentation institutions to a complete elimination, but can be a driving force for the development of traditional financing agencies such as e.g. such as banks, stock exchanges, documentation and litigation institutions.

Part of the participants in the Doha Islamic Finance Conference (Al-Jazeera)
Part of the participants in the Doha Islamic Finance Conference (Al-Jazeera)

new experience

In turn, Issam Khalaf Al-Enezi, professor of sharia and Islamic studies at the University of Kuwait, touched on the experience of Islamic banks in establishing digital banks, citing Boubyan Bank’s experience in establishing a digital bank. which is affiliated with it in London under the name “Nomo.” This bank does not have branches that provide its services. During which he delivers his services through an electronic application.

He pointed out that this bank was able to perform many services such as opening the account, receiving investment deposits, transferring funds to and from the account and real estate financing, which are primary services that over time to many other services will develop.

He pointed out that the transactions of this bank are in line with the Sharia standards of financial technology, and emphasized that the contracts that institutions enter into with their clients via the Internet are subject to the general rules of financial transactions in Islamic Sharia, and contracts that by traditional methods do not differ from those signed by financial technology.

Today, the conference reviewed experiences and discussed visions in the field of decentralized finance, by meeting many experts and practitioners in financial technology with religious scholars to come up with results and recommendations made by observers and those interested in the path of the Islamic economy.

In turn, Sheikh Mohammed bin Hamad bin Jassim Al Thani, chairman of the board of directors of Dukhan Bank Group, said that Islamic banking today faces unprecedented challenges represented in an accelerated digital technological revolution that could change its system and components, which calls for urgent action to address these challenges and turn them into opportunities that will strengthen the role of Islamic banking and Islamic financial institutions.

He added that Dukhan Bank – since its launch in 2020 – has been able to present “the most prominent model in the digital transformation of Islamic banking in the state of Qatar and the region through a well-thought-out plan to pursue a comprehensive digital transformation of all our services and operations, to provide our customers with a smooth, reliable and sustainable electronic banking experience. “

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