(MENAFN- The Peninsula) The Peninsula
Doha: Under the patronage of His Excellency Sheikh Mohammed bin Abdul Rahman Al Thani Prime Minister and Minister of Foreign Affairs, along with the official sponsorship of the“Ministry of Commerce and Industry”, sponsorship of the strategic partner“Dukhan Bank”, diamond sponsorship from the“General Department of Endowments at the Ministry of Endowments and Islamic Affairs”, silver sponsorship from the“Qatar Financial Center”,“Damaan Islamic Insurance Company (Beema)”, and“Konya Real Estate Company”; Bait Al Mashrua Finance Consultations in cooperation with the“College of Sharia and Islamic Studies” at Qatar University, and the“College of Islamic Studies at Hamad Bin Khalifa University, organised the Ninth Doha Islamic Finance Conference which was held in Doha, State of Qatar, on Tuesday 22 Shaaban, 1444 Hijri, corresponding to March 14, 2023 AD, under the title“Islamic Finance and Challenges of Web 3.0.”
During the scientific sessions of the conference, the four main themes were discussed to cover the topics:“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”, this was done through the working papers presented by the participating scholars, academics and specialists, in addition to the discussions and interventions that enriched the topics of the conference.
At the end of the conference, the conferees extend their sincere thanks to the State of Qatar for their generous sponsorship of the conference, as well as to the sponsors and the organizers for their support and efforts for making it successful.
After presenting and discussing the four themes the conference concluded a set of objectives and recommendations:
Financial transactions in the virtual world with underlying blockchain technology do not, in principle, conflict with the rulings of Islamic jurisprudence, when the guidelines related to contract and the transfer of ownership are adhered to in what people consider valuable wealth in the forms of virtual assets or cryptos.
To control financial transactions in the world of metaverse, it is necessary to adhere to contractual, legal and ethical controls, and special controls related to contracts so that their effects are real, and that their place is something real, even if it is not tangible.
Islamic banks are urged to leverage metaverse technology to expand into new markets and sectors in order to increase their growth opportunities.
Urges the endowment institutions to create virtual spaces for the endowment to introduce it, its history, its roles, and everything related to it in theory and practice, and to arrange global dialogues about developing its tools and activating its products through these spaces.
Islamic endowment institutions should be encouraged to integrate metaverse-based solutions into their operations 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.
Artificial intelligence techniques and virtual reality applications can be utilized to develop Sharia governance mechanisms in Islamic financial institutions.
Islamic financial institutions should consider creating their own virtual ecosystem to introduce Islamic financial products and assets of the Islamic economy and finance.
Urges further research that focuses on Shariah and legal aspects related to Metaverse for offering suitable solutions that enable the states and institutions to benefit form this novel world.