May 24, 2024

10th Doha Islamic Finance conference commences


The 10th Doha Islamic Finance Conference, under the theme “Islamic Finance 2.0 – Fusion of Principles and Technology,” commenced Tuesday amidst local and international participation from governmental bodies, organizations, financial institutions, and academic entities in the fields of economics, finance, and technology.

The 10th Doha Islamic Finance Conference aims to explore the developments in Generative AI technology and its impact on fatwas and Shari’ah supervision in Islamic financial institutions. It also seeks to assess the influence of AI applications on the performance of Islamic financial institutions and to explore the opportunities and challenges facing Waqf (endowment) institutions in the era of AI. Additionally, the conference will address the ethical and legal considerations of Islamic finance within smart systems.

In this regard, Director General of the General Directorate of Endowments at the Ministry of Endowments and Islamic Affairs, Sheikh Dr. Khalid bin Mohammed bin Ghanim Al-Thani asserted that the AI has entered the realm of Islamic finance and endowment institutions, which imposes the stakeholders to study the ways for benefitting from the enormous developments in this regard. The study shall consider several aspects including the relevant procedures, the matters of Fatwa, electronic services, and so forth and so on from the theoretic and practical perspectives. Such studies shall help in appropriate comprehension of the matter from both the legal and Shari’ah standpoints. His Excellency also pointed towards the significance of the topics that are discussed in the conference and the magnitude of the benefits the attendees will share.

He stressed that the General Directorate of Endowments at the Ministry of Endowments and Islamic Affairs believes in the role of knowledge in the progress and development of the nation and that this technological advancement has become a necessity for the continuity of institutions. He pointed out that the Waqf institution, as one of the pillars of Islamic economic institutions, is not far from the wave of transition towards smart technologies, which have recently emerged prominently in generative AI tools, adding that this leads to positive thinking and optimism about what this new technology can add to improving Waqf services, developing Waqf activities, enhancing their sustainability, and improving their efficiency.

Furthermore, he added that the General Directorate of Endowments seeks, through this conference and its participation, to provide experience, exchange knowledge, and expertise, and learn about the latest technologies in the field of generative AI applications in Waqf. He added that it also aims to contribute to enhancing societal awareness of the importance of Waqf and its role in achieving sustainable development. He praised the conference’s keenness to highlight Waqf issues, as one of the objectives of this conference is to explore the opportunities and challenges facing Waqf institutions in the AI world, in addition to topics such as utilizing AI techniques in developing mechanisms for the registration and documentation of Waqf and exploring the potential of AI in Waqf management and investment.

For his part, Chairman of the Organizing Committee and Vice Chairman of Bait Al-Mashura Finance Consultation Dr. Khalid bin Ibrahim Al Sulaiti said: “We cannot deny the tremendous revolution we are experiencing today in the world of technology. The emergence of generative artificial intelligence technology and its tools intensified this revolution, seeking not just to be part of our lives but to become an integral part of us.”