Conference In Qatar To Discuss The Role Of Islamic Finance In Overcoming Crises

The 7th Doha Islamic Finance Conference will be held virtually from March 30 to April 1 under the patronage of HE the Prime Minister and Minister of Interior, Sheikh Khalid bin Khalifa bin Abdulaziz al-Thani

The role of Islamic finance in overcoming the pandemic and other crises and achieving sustainable development goals will be under the spotlight at the 7th Doha Islamic Finance Conference, which will be held virtually from March 30 to April 1, says organizing committee chairman Dr. Khalid al-Sulaiti, also vice-chairman of Bait Al-Mashoura Finance.

The 7th Doha Islamic Finance Conference will be held under the patronage of HE the Prime Minister and Minister of Interior, Sheikh Khalid bin Khalifa bin Abdulaziz al-Thani. The theme is ‘Digital economy and sustainable development.’

The event is organized by Bait Al-Mashura Finance along with the strategic partner and exclusive sponsor Dukhan Bank and in an academic partnership 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.

The conference is expected to contribute to the development of the Islamic finance industry in Qatar and around the world.

Al-Sulaiti said the conference is of special importance this year because it is taking place at a time where the world witnesses the repercussions of the Covid-19 pandemic in all facets of individual and public lives.

“That’s why we were keen to hold the event to foresee the features of the global economic recovery after the pandemic and shed light on the role of Islamic finance at this stage, reviewing models for the economies of the virtual world, and the governing legal and Shariah controls, highlighting the importance of the participatory economics, and its role in overcoming crises and achieving sustainable development goals in the coming years.”

Al-Sulaiti noted Qatar is among the fastest-growing markets in the Islamic finance sector, in light of the rapid development witnessed by the sector and the supervision of Qatar Central Bank, which adopts the best international banking and financial practices.

Additionally, the rising demand for Islamic financial products and services and the immunity the sector has shown against various crises, starting from the global financial crisis in 2008, through the drop in oil prices in 2016, and the impact of the Covid-19 pandemic that the world is currently witnessing.

Al-Sulaiti said the strength demonstrated by Qatar’s Islamic financial institutions in facing the impacts of Covid-19 indicates that it will lead to the growth of the Islamic finance sector at the regional level. This must be seen in the background of the “good” financial results disclosed by Qatari Islamic financial institutions and the “generous” dividends that reflect its “strong capitalization, high solvency and the success” of its strategies to hedge against potential risks and to continue achieving growth despite challenges.

This coincides with the accelerated digital transformation witnessed by Qatari Islamic financial institutions, aiming at introducing new financial services and products that keep pace with the aspirations of their customers while enhancing contactless payment technology and providing wearable payment devices.

Furthermore, they focus on developing mobile solutions and applications, as well as promoting investments directed at financial technology – FinTech – and supporting cybersecurity, while offering solutions and innovations in a range of sectors, most notably: digital payments, remittances services, point of sales services, bill payment, crowdfunding projects, as well as IoT banking solutions.

Talal al-Khajah, chief marketing, and communications officer at Dukhan Bank expressed delight at the fact that the bank has been sponsoring the conference since its first edition.

Al-Khajah stressed that the continuous support for the Doha Islamic Finance Conference stems from Dukhan Bank’s firm belief in the importance of evaluating the Islamic banking experience and discovering the features of the future that the bank believes is promising.