Latest Trends in the Global Islamic Finance Industry Discussed at an Event Hosted by HBKU’s College of Islamic Studies
Leading industry experts from Qatar discussed the latest advancements in the global Islamic finance sector and the tremendous impact of digitalization on the industry.
The discussions provided a stimulating framework for advances in the field during the International Conference on Islamic Finance (ICIF) 2022, which was recently hosted by the College of Islamic Studies (CIS), part of the University Hamad Bin Khalifa (HBKU).
The two-day event gave a boost to the debate on the emergence of Islamic fintech as the fastest growing financial technology segment in the member countries of the Organization of Islamic Cooperation.
Held under the theme “Framing the Next Decade of Islamic Economics and Finance: Connecting Values and Impact in the Age of Digitalization”, the event helped position Doha as a hub of thought and contemporary Islamic discussions of the less than realized potential of the Islamic finance sector.
Three key sessions took place on the first day. The first session addressed the vision, policy and ethical foundations of Islamic finance.
The second session covered the nexus between technological advancement and Islamic finance in light of emerging Sharia issues, while the third session discussed the nexus between value and impact through digital solutions.
Highlights of the second day included a panel discussion titled “The Next Decade of Islamic Finance and Economics”, with the fourth session focusing on Decentralized Finance: Prospects and Challenges.
It culminated in session five, which addressed the impact of compliance on Islamic economics and finance.
Yousuf Mohamed al-Jaida, Managing Director, Qatar Financial Center (QFC), conference sponsor; Fahad al-Khalifa, Group CEO, Masraf Al Rayan; Dr. Michael J. Benedik, Provost, HBKU; Dr. Recep S?entu?rk, Dean, CIS, HBKU was among the high profile attendees.
Al-Jaida said, “We express our gratitude to HBKU for once again partnering with us to host this excellent high-level dialogue forum linking industry and research perspectives. The focus on digitalization and the opportunities for Islamic finance to catalyze the green economy and the sustainable development agenda was very fitting.
“It underscored where our priorities should be to realize the industry’s full growth potential. Pushing for innovation, technological advancements and sustainable financing instruments are fundamental to unlocking market access to Islamic finance, and with that, putting in place the policies and regulations that can spur growth.
Dr. Syed Nazim Ali, Director (Research Division) and Center for Islamic Economics and Finance, CIS, and Conference Chair, said: “For the fifth consecutive year, ICIF is highlighting discussions that help shape the future of Islamic finance and the economy, as well as the need to consider, adopt and implement Sharia-compliant technological tools that are designed to be usable at the margins of Islamic virtue.
“It was an honor to welcome Qatar’s most knowledgeable scholars, researchers, students, industry leaders, practitioners and policy makers to this edition of the conference building on the insightful discussions we have had in previous years.”