“Bait Al-Mashura” Organizes 10th International Doha Islamic Finance Conference on 27 February
Under the patronage of His Excellency Sheikh Mohammed bin Abdul Rahman bin Jassim Al Thani, the Prime Minister and Minister of Foreign Affairs, Doha is hosting the 10th Doha Islamic Finance Conference entitled (Islamic Finance 2.0 – “ Fusion of Principles and Technology”, organized by Bait Al-Mashura Finance Consultations, together with the official sponsor “Ministry of Trade and Industry”, the strategic partner “Dukhan Bank”, diamond sponsor “the General Department of Endowments at Ministry of Endowments and Islamic Affairs”, and bronze sponsor “Qatar Financial Centre”.
This conference is set to held on Tuesday, February 27, 2024, at Sheraton Doha Hotel, with international participation from government bodies, international organizations, and financial and academic institutions in the fields of economics, finance, and technology. The conference is expected to bolster the development of the Islamic finance industry in the State of Qatar and the world.
On this occasion, His Excellency Prof. Dr. Khalid bin Ibrahim Al-Sulayti, Chairman of the Organizing Committee and Vice Chairman of the Board of Directors of Bait Al-Mashura Finances Consultations, stated that the 10th Doha Islamic Finance Conference characterizes the culmination of a decade of this conference, which continues to be a prominent event in the procession of Islamic finance and its transformations locally and globally.
Prof. Dr. Al-Sulayti explained that the conference, in its tenth edition, stands at the threshold of a new era in the journey of Islamic finance that is revamped with deeper integration into advanced technology. The latest output of the technological advancement is recognized as generative artificial intelligence revolution, therefore we decided to adopt the term “Islamic Finance 2.0” transpiring the phase in which digital technology merges with the principles of Islamic finance. The conference will discuss the future prospects through three main themes, including dialogue sessions, discussions, and presentations. The first theme discusses Sharia governance and smart technologies, addressing the important topic of utilizing these technologies in the fields of fatwas, Sharia auditing, financial contracts structuring, and arranging contractual obligations. The theme also explores the Islamic endowment and the potential of leveraging these technologies in resolving institutional challenges and developing mechanisms for the preservation and documentation of endowments.
The second theme reviews the impact of modern technology in enhancing the efficiency of Islamic financial institutions, by addressing the utilization of artificial intelligence to maximize the role of Islamic financial institutions and develop their value. The theme also highlights the modern technology of neural language and how it is used to develop Islamic finance products. It discusses the use of smart algorithms in managing financial and banking risks and aims to explore the potential of artificial intelligence in managing and investing in endowments.
The third theme deals with the ethics of Islamic finance in the context of smart systems, by elucidating issues related to data sharing and privacy violations in light of Islamic finance services based on artificial intelligence. It also reviews central banking legislation related to regulating artificial intelligence. On the other hand, the theme provides insight for using machine learning as a tool to enhance Cybersecurity in financial systems.
Prof. Dr. Al-Sulayti highlighted the potential of generative artificial intelligence in the financial and banking sector, where estimates suggest that generative artificial intelligence can add a value between $200 and $340 billion to the banking sector. This opens up opportunities for the Islamic finance sector to seize this opportunity to enhance its position, enlightened by the opinions and recommendations of scholars and experts in the field, to ensure the correctness of the path, avoid risks, and achieve the highest rate of financing efficiency based on Sharia values and principles.
His excellency praised Qatar’s experience in the Islamic financial industry, noting that the Islamic finance sector in Qatar has shown strong performance and promising future growth prospects. It is apparent in the recently launched the third strategy for Qatar’s financial sector which focuses on strengthening the role of Islamic finance to transform State of Qatar into a global center for Islamic financial services by developing mechanisms to support and develop innovative Islamic financial and banking products across all sectors. The strategy also aims to raise awareness among the general public, companies, and markets, in addition to achieving leadership in digital transformation in the Islamic finance sector and developing a new range of sukuk products.
Dukhan Bank
In the context of the strategic partnership with Dukhan Bank Group, Mr. Talal Ahmed Al Khaja, the CEO of the Communications at Dukhan Bank, emphasized the continuous support and sponsorship of this conference as part of social responsibility. Dukhan Bank has made the principle of social responsibility among its core pillars as a commitment to its customers and society to spread the culture of Islamic finance and contribute to the economic development of State of Qatar and the prosperity of its people, driven by ongoing awareness and renewed knowledge. Mr. TALAL also highlighted the prominence of the Doha Islamic Finance Conference locally and globally, as it addresses the latest topics and experiences of Islamic finance and looking forward to the future on critical areas that touch the reality of Islamic banking to improve its experience, performance, and share the proficiency.
Mr. TALAL praised the pioneering experience of the Islamic banking sector in the State of Qatar, which witnesses continuous growth in its performance, in addition to the advanced financial technology environment in the country. He also revealed the outstanding performance of Dukhan Bank in its journey, which made it an inspiring model of development and innovation at the local and global levels. Dukhan Bank has provided a seamless and secure banking experience to its customers by offering a diverse portfolio of Shariah compliant banking services The success of Dukhan Bank hinges on its ambitious drive towards undiscovered markets and unlimited financial technological advancements.
He also pointed to the rapid developments of generative artificial intelligence technologies and their proliferation into the banking sector, emphasizing the importance of Islamic banks to keep pace with these transformations, which require reformulating business models to align with market trends. In this regard, he explained the success achieved by Dukhan Bank in the field of developing smart banking operations, culminating in the bank receiving “Best Use of Artificial Intelligence in Financial Services” award in 2023.
General Directorate of Endowment
His Excellency Dr. Sheikh Khalid bin Mohammed bin Ghanem Al Thani, Director General of the General Directorate of Endowments at Ministry of Endowments and Islamic Affairs, “the diamond sponsor of the conference,” affirmed that the General Directorate of Endowments at the Ministry of Endowments and Islamic Affairs in State of Qatar believes in the role of knowledge in the nation’s progress and development. He emphasized that technological advancement has become an inevitable necessity for the continuity of institutions, including endowment institutions, as one of the most important pillars of Islamic economic institutions. These institutions are not far from the wave of transformation towards smart technologies, which has recently emerged remarkably in generative artificial intelligence tools. This leads us to think positively and optimistically about how this new technology can improve endowment services, develop endowment work, improve its sustainability, and raise its efficiency.
His Excellency added, by sponsoring and participating in this conference, the General Directorate of Endowments at Ministry of Endowments and Islamic Affairs seeks to provide experience, exchange knowledge and expertise, and learn about the latest technologies in the field of generative artificial intelligence in endowments. This shall contribute to enhancing community awareness regarding the importance of endowments and their role in achieving sustainable development. He also praised the conference’s keenness to highlight endowment issues, as one of the objectives of this conference was to explore the opportunities and challenges of endowment institutions in the domain of artificial intelligence. This includes discussions on leveraging artificial intelligence technologies to develop mechanisms for documenting endowments and exploring the potential of artificial intelligence in managing and investing endowments.
