The 7th Doha Islamic Finance Conference in a concluding statement has called on Islamic banks to pay more attention to participatory products.
“Participatory products are the basis on which Islamic banks are based and are the pillars for achieving comprehensive development.
Therefore, we recommend that Islamic banks pay more attention to these products, take into account the authenticity and true representation of Shariah principles in these products, take into account development and innovation away from imitating traditional products, seek to discuss potential risks with Shariah, legal and technical bodies, and comply with controls to avoid those risks,” the recently concluded conference noted.
The 7th Doha Islamic Finance Conference was held under the patronage of HE Sheikh Khalid bin Khalifa bin Abdulaziz al-Thani, Prime Minister and Minister of Interior, and the exclusive sponsorship of the strategic partner Dukhan Bank.
It was organised by Bait Al-Mashura Finance Consultations and in co-operation with the College of Shariah and Islamic Studies at Qatar University, the College of Islamic Studies at Hamad Bin Khalifa University, and the University of Central Lancashire in the United Kingdom.
During the scientific sessions of the conference, the three main themes were discussed including The global economic recovery after the crisis, virtual world economies and the role of social finance in achieving sustainable development.
In a concluding statement, the conference noted the features of the economic recovery began to appear after the pandemic, but the strength of this recovery is still uncertain and shrouded with several challenges, including the high number of pandemic infections, the delay in the distribution of vaccines, and the high levels of debt, while the effects of the pandemic related to development may continue for a longer period.
Islamic finance can contribute to the economic recovery through its characteristics, as it is seen as an important factor in financial stability as well as its tools contribute to developing the financial sector, achieving sustainable development and enhancing welfare.
It said the central banks and supervisory bodies shall be called to enact laws supporting participatory contracts in Islamic finance institutions, and protective funds and investment funds shall be established to enhance these products.
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