5th Doha Islamic Finance Conference Kicks Off

Doha, March 19 (QNA) - Under the patronage of HE Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani, the 5th Doha Islamic Finance Conference kicked off on Tuesday. The conference, organized by Bait al-Mashura Finance Consultations, witnessed international participation from government agencies, international organizations, financial academic institutions in the fields of economics, finance and digital technology. The conference's outputs are expected to contribute to the development of the Islamic banking industry in Qatar and the world. The aims of the conference were to present the experiences of central banks in dealing with digital financial developments and their potential risks, and to present a vision of Islamic digital banks in light of the legal provisions, legal and technical standards, the importance of the digital economy and its role in achieving the goals of sustainable development, and Qatar National Vision 2030, as well as discussing the challenges facing Islamic financial institutions in the field of electronic systems, and their compatibility with the requirements of Sharia standards. In its fifth edition, the conference focused on discussing the effects of digital development on Islamic finance. The conference reviews the experiences of the central banks in light of the major changes in the world of finance and business due to the tremendous development of information technology, prompting financial and banking institutions to quickly examine their future prospects and the possibility of transition to the digital world, in addition to the expansion of the virtual world recently adopted on digital currencies outside the framework of banking systems. The conference also discussed mechanisms to develop a forward-looking vision for the possibility of building a fully integrated digital Islamic bank with its legitimate, regulatory and legal dimensions, in accordance with Sharia standards, as financial sectors today, including Islamic banks, are accelerating towards the transformation of digital financial technology. The conference also addresses the digital economy and sustainable development, electronic systems in Islamic banks and their challenges in the digital world. In addition, the conference witnessed three workshops addressing cybercrime in the finance sector, Blockchain Smart Contracts, and how Blockchain can reform the Structure of the Middle East economy, as well as reviewing the use of Blockchain in Islamic finance. (QNA)