Doha– Participants in the 11th Doha Conference of Islamic Finance agreed on the necessity of keeping pace with the financing or Islamic banking industry of global development, in light of the emergence of new global technologies day after day, so that it does not fall behind the development for a more modern future for this Islamic industry.
They said – in statements to Al -Jazeera Net – that the Islamic money needs to keep pace with and benefit from modern technologies, because they include visions and capabilities that enable him to face challenges regarding preventing fraud or manipulation of information and ensuring the extent of Islamic financial commitment to total decisions and legal standards.
The 11th Doha conference for Islamic money was launched under the title “Integration of Bluechen, Artificial Intelligence and the Future of Islamic Finance”, under the auspices of the Qatari Prime Minister and Minister of Foreign Affairs Sheikh Muhammad bin Abdul Rahman bin Jassim Al Thani.
The conference aims to define the legal and legal frameworks of the integration of artificial intelligence and blockchain in Islamic financing, enhance the Endowment Administration and protect it using decentralized artificial intelligence, exploring investment and innovation opportunities in the field of decentralized digital games compatible with Sharia, and developing Islamic non -central financing platforms that achieve safety, privacy and support values.
The blockchain technology – or the series of blocks – is defined as an advanced mechanism for databases that allow the information to be shared transparently within a business network, and the data is stored in blocks linked to each other in a chain, and these data are timed in time, and then the series cannot be deleted or modified without compatibility from the network, and as a result, the block chain technology can be used to create a non -changing or fixed account record, payments, payments, accounts and transactions The other also the system also contains integrated mechanisms that prevent unauthorized transaction entries.
The Doha of Islamic Finance Conference is more than an annual gathering, as it is an influential platform that contributes to shaping the path of Islamic financing at the global level since its inception in 2010, and attracts a group of international experts, scientists, practitioners and leaders of the Islamic financial industry.
Systems building
The CEO of the House of Advice, the activity company, Osama Al -Duraie, stressed – in a statement to Al -Jazeera Net – the importance of Islamic financial institutions working to match the new global technologies and implement them in the areas of Islamic finance, especially as it has become playing a very important role in the financial sectors in general.
He called on Islamic financial institutions to the importance of setting policies, procedures, training and building systems that keep pace with this development, which may work on the boom of banks to leadership.
He pointed out that this version of the conference focuses on the merging of the blockchain with artificial intelligence to serve the world as a whole and the Islamic financial sector in particular.
4 axes
He added that there are 4 axes that were placed in this framework, which are:
- Rulings and controls for this integration and dealing with Islamic Al -Seraf.
- Endowment and the impact of this integration on the endowment and its effects.
- Electronic games dependent on this technology and how to invest in it and its provisions.
- The values and morals that will result from this rapid integration, which negatively or positively affects Islamic financing.
He pointed out that the most prominent challenges facing Islamic financing are the fragmentation of this technology, which is difficult to keep up with, as this technology needs systems, standards, policies and procedures that are difficult for Islamic institutions or financing in particular.
He added that Qatar was able to confront such challenges through supervisory institutions and setting policies and procedures and gave a very large space for this technology to play a very big role in the financial market, which facilitated the process of entering and integrating these sectors into society.
Facing challenges
For his part, the Secretary -General of the International Islamic Jurisprudence Complex, Qutb Sanu, stressed the importance of benefiting from the techniques of blockchain and artificial intelligence, because they have become very important for Islamic finance in general, and for Islamic financing in particular.
He pointed out – in a statement to Al -Jazeera Net – that the Islamic money today needs to keep pace with and benefit from these technologies, because they include visions and capabilities that enable him to face challenges regarding preventing fraud or manipulation of information and to ensure the extent of Islamic finance commitment to total decisions and legal standards.
He continued that through artificial intelligence and blockchain, certain decisions and standards can be stored, and then we can display all contracts and financial transactions on them, to decide if what These transactions or contracts were committed or not committed to standards.
He added that these technologies can provide investment analyzes, visions and consultations that adhere to them to achieve a viable investment, explaining that blockchain enables us to identify compliance and commitment while artificial intelligence provides us with accurate local scientific analyzes to predict the future of investment and opportunities for success.
Development of studies and research
In the same context, the professor of jurisprudence and its origins at the Faculty of Sharia, Qatar University, Abdul Qadir Jadi, stressed the importance of working to keep up with technological development for the future of Islamic financing and focus on developing studies and research.
He stressed – in an interview with Al -Jazeera Net – that the issue of artificial intelligence applications is no longer an option, but rather has become obligatory for everyone, and imposed itself, and whoever does not go along with this matter will fail to knee.
Promote transparency
The professor of finance at Qatar University, Dr. Rami Zaitoun, said – in a comment to Al -Jazeera Net – that the Blockchain technology and artificial intelligence play a very important role in the development of the banking sector as well as Islamic financing, which contributes significantly to enhancing safety and transparency as well as reduce the operational costs of banks.
He added that the blockchain technology helps in improving the credibility of banking services and accelerating their implementation, including Islamic banking services, as well as reducing costs and enhancing the competitive advantage of banks and their ability to exploit opportunities and keep pace with development, explaining the importance of keenness to keep pace with development in the field of Islamic financing.
He explained that artificial intelligence contributes greatly to improving banks ’performance, including Islamic, by analyzing very huge data, which reduces errors, and then reduces losses and also helps in promoting financial inclusion.
He added that the conference provides solutions to the challenges facing Islamic banking in light of the financial technology and artificial intelligence represented in the development of Islamic financing platforms that have a high degree of safety and compatibility with Islamic law, as well as the development of legislation and laws related to blockchain technology and artificial intelligence, and laws related to blockchain technology and artificial intelligence.
He continued that the conference is an opportunity to discuss and review the investment opportunities for Islamic financial institutions resulting from these technologies and discuss the extent of Islamic financing’s ability to adapt to rapid changes in this field and the ability to devise effective innovative solutions that enable Islamic banking to keep pace with development and continuity.
