The recently concluded sixth Doha Islamic Finance Conference took special note of Qatar's "outstanding" experience in the Shariah finance and suggested enhanced co-ordination among Islamic finance institutions to make further investments in artificial intelligence (AI) and sport sectors.
The need for further strengthening Shariah finance in Qatar, where assets within Islamic finance market stands at $129bn, was stressed and other suggestions were made in the form of a 11-point agenda, which also included adoption of blockchain technologies and tapping of new sectors, as part of a strategy to enhance Islamic finance’s contribution to the global gross domestic product (GDP).
It is recommended to co-ordinate between Islamic finance entities, universities and scientific research centres to establish scientific centres dedicated to foreseeing the future of Islamic finance, said the conference, which was organised by Bait Al Mashura Financial Consultants.
The Islamic countries are encouraged to establish Islamic capital markets, common for metals, commodities and financial papers, in compliance with Shariah maxims and objectives as they are encouraged to formulate a global index for profit rate as well as to benefit from Shariah compliant contracts and all the permissible forms of sales of debts and arbitration vis-à-vis 'fiqhi' options and their improvements such as earnest money and the promises within their Shariah confinements.
They should also undertake the study to formulate new contracts, and to transform from the alternatives to Islamic products in line with Islamic economics its objectives. They shall also benefit from electronic and digital technologies for establishing well developed Islamic market, it was observed.
"The Islamic banks and Islamic finance institutions shall be prepared to face the upcoming and renewing challenges of technology, such as artificial intelligence," Bait Al Mashura said, adding the Islamic countries are encouraged to enhance the regulatory ambiance for encompassing technological improvement requirements and AI as well as the forthcoming challenges which may reshape the future of Islamic finance.
During the scientific sessions of the conference, four central themes were discussed covering the topics: Predict the financial and economic crises and their impact on Islamic finance; Islamic Finance and Recent Trends towards Sports Sector; Islamic Trading Platforms, as well as Innovation; and Artificial Intelligence in Islamic Finance.
The working papers were presented by scholars, academicians, experts and the participants to comprise 15 researches, apart from discussions.