(MENAFN- The Peninsula) The Circular Economy and its implications for Qatar and the wider region provided the backdrop for a recent international conference organised by the Center of Islamic Economics and Finance (CIEF), College of Islamic Studies (CIS) at Hamad Bin Khalifa University (HBKU).
Held on February 5 and 6, the International Conference on Islamic Finance explored the Circular Economy principles as an alternative economic paradigm. Participants from academia, policymaking and Islamic financial organizations also explored how the Circular Economy promotes the elimination of waste from local, regional and global economies. In doing so, the event considered how this emerging concept might hold the key to sustainable business practices, which are socially impactful and ecologically friendly.
The International Conference on Islamic Finance also provided the perfect opportunity to hear distinctly Islamic economic perspectives on the Circular Economy. These primarily came in the shape of papers and analyses deliberated by aspiring and established academics as well as practitioners engaged in a range of Islamic finance initiatives. Synergies between the Maqasid Al Shariah, multi-dimension development discourse, and the Circular Economy were among the issues discussed over the course of the event. A mix of country-specific case studies, business models and related activities also helped to frame debates in contemporary settings.
Speaking after the conference, Dr Syed Nazim Ali, Director of Research Division and CIEF, CIS, said: 'I'd like to begin by acknowledging the support of the event's main sponsor, the Qatar Financial Centre (QFC). Their involvement reflects that while Islamic finance's contribution to Qatar's economy is well-understood, public knowledge regarding the Circular Economy remains a work-in-progress. This must change.
Dr Nazim added: 'The practices and principles that define the Circular Economy can help our institutions and people to better respond to climate change. They also offer the potential to develop a competitive and diversified economy based on long-term sustainable models. Finally, responsible business practices help to preserve the built and natural environment. That said, the benefits of the Circular Economy also apply to the entire Islamic world. We're confident that our conference amply demonstrated this point.
Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC Authority, said: 'We are honoured to be part of this distinguished event, and participate in exploring the untapped opportunities, latest trends, and the profound sustainable impact that the Circular Economy can bring to our economic diversification strategy. In fact, Qatar is poised to bolster its Islamic Finance industry in 2020 and the Circular Economy is likely to play an integral role as it introduces comprehensive business models and policies that would unlock the vast potential of the underpenetrated Islamic Finance industry.
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