Doha Islamic Finance Conference Concludes with Key Insights

The Ninth Doha Islamic Finance Conference, wrapped up in Doha, State of Qatar, on March 14, 2023, under the title “Islamic Finance and Challenges of Web 3.0.” The event was held under the patronage of His Excellency Sheikh Mohammed bin Abdul Rahman Al Thani, Prime Minister and Minister of Foreign Affairs, with official sponsorship from the Ministry of Commerce and Industry and strategic partnership from Dukhan Bank.

Diamond sponsorship was provided by the General Department of Endowments at the Ministry of Endowments and Islamic Affairs. At the same time, Qatar Financial Center, Damaan Islamic Insurance Company (Beema), and Konya Real Estate Company contributed silver sponsorship.

The conference featured scientific sessions covering four main themes: “Islamic Finance in the World of Metaverse,” “RegTech and SupTech in Islamic Finance,” “Cross-border Finance and its Impact on Islamic Finance,” and “Sustainability in Digital Finance.” The topics were presented by participating scholars, academics, and specialists, with discussions and interventions enriching the conference’s themes.

At the conference’s conclusion, attendees expressed gratitude to the State of Qatar for generously sponsoring the event and to the organizers and sponsors for their support.

Key objectives and recommendations included that financial transactions in the virtual world with underlying blockchain technology do not, in principle, conflict with Islamic jurisprudence’s rulings. Islamic banks were urged to leverage metaverse technology to expand into new markets and sectors. At the same time, endowment institutions were encouraged to create virtual spaces to introduce the endowment’s history, roles, and products.

Integrating metaverse-based solutions into Islamic endowment institutions’ operations was also recommended to streamline the collection and management of endowment funds with transparency and high efficiency. Scholars and practitioners should intensify cooperation to design virtual products and services that comply with Islamic law. In contrast, artificial intelligence techniques and virtual reality applications can be utilized to develop Sharia governance mechanisms in Islamic financial institutions.

Finally, Islamic financial institutions should consider creating their virtual ecosystem to introduce Islamic financial products and assets of the Islamic economy and finance. Further research is recommended to offer suitable solutions that enable states and institutions to benefit from this novel world.