Future of Islamic finance in light of Blockchain and AI Integration on spotlight at Doha conference
The future of Islamic finance in light of the integration of blockchain and artificial intelligence (AI) will be on the spotlight at the 11th Doha Islamic Finance Conference to be held on April 8.
The conference under the theme 'Integration of Blockchain and AI: The Future of Islamic Finance' will be held under the patronage of HE the Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim al-Thani.
Organised by Bait Al-Mashura Finance Consultations, the conference is supported by the official sponsorship of the Ministry of Commerce and Industry (MoCI), strategic partnership of Dukhan Bank, diamond sponsorship of General Directorate of Endowments and Islamic Affairs, and bronze sponsorship of the Qatar Financial Centre (QFC).
Prof Dr Khalid bin Ibrahim al-Sulaiti, Chairman of the Organising Committee and Vice-Chairman of Bait Al-Mashura Finance Consultations, said: 'Today, the world is witnessing the trajectory of a new revolution driven by the integration of blockchain and AI, adding complexity while opening broader horizons for more efficient, transparent, flexible, and sustainable solutions.
'After decades of growth, leadership, development, and innovation, Islamic finance has established itself as one of the inspiring economic models capable of adapting to global changes. It has achieved a creative synergy between Shariah principles and financial innovation. With the emerging integration of blockchain and AI, Islamic finance stands at a historic crossroads, poised to develop a modern model for smart and sustainable Islamic finance, one that balances innovative technologies with the values of Islamic economics and enables it to compete in the digital financial world.'
'Through this 11th conference, we aim to anticipate the future of Islamic finance in light of the integration of blockchain and AI by analysing the future prospects of this technological synergy. This includes examining Shariah rulings and regulatory challenges in a rapidly evolving digital environment and fostering innovation and creativity by adopting decentralised AI-based solutions to develop Islamic financial products, particularly endowments (Awqaf). The conference uniquely addresses complex topics, such as the investment opportunities for Islamic financial institutions in the gaming and e-sports sectors and explores experiences and initiatives of decentralised Islamic finance platforms built on values that enhance security and privacy. It aims to identify the Shariah and legal frameworks for incorporating AI and blockchain in Islamic finance, support and protect the management of endowments (Awqaf) using decentralised AI, and unlock investment and innovation opportunities in Shariah-compliant decentralised digital gaming. Additionally, it seeks to develop decentralised Islamic finance platforms that ensure security, privacy, and augment value chains.'
Prof Dr al-Sulaiti praised Qatar's pioneering role in the Islamic finance industry, positioning it as a global benchmark for innovation and a premier hub for Shariah-compliant financial services. He attributed this to Qatar's strategic location, the rising demand for Islamic financial services and products, a conducive operational environment, and a robust regulatory and legislative framework that supports the sector. Furthermore, he highlighted the sustained economic momentum driven by Qatar's Third National Development Strategy and Qatar National Vision 2030, underscoring the nation's commitment to economic diversification and long-term financial sustainability
Talal Ahmed al-Khaja, Group Chief Communications Officer at Dukhan Bank, underscored the bank's commitment to fostering innovation in Islamic finance, fintech, and AI through its strategic partnership with the 11th Doha Islamic Finance Conference. He reaffirmed Dukhan Bank's dedication to collaborating with this prestigious and influential platform that has been shaping the trajectory of Islamic finance on a global scale since its inception in 2010, organised by Bait Al-Mashura.
Hassan Abdullah al-Marzouqi, Director-General of the General Directorate of Endowments at Awqaf, Diamond Sponsor of the conference, underscored that the General Directorate of Endowments' sponsorship and participation in the 11th Doha Islamic Finance Conference reflect its commitment to fostering knowledge exchange and exploring the transformative potential of decentralised AI solutions.
© Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (Syndigate.info).
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