Experts Discuss Use Of AI, Blockchain In Islamic Finance

Doha, Qatar: The 11th edition of the Doha Islamic Finance Conference commenced yesterday under the patronage of the Prime Minister and Minister of Foreign Affairs H E Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani.

This year's theme is 'Integration of Blockchain and AI: The Future of Islamic Finance'.

The conference was inaugurated by Minister of Commerce and Industry H E Sheikh Faisal bin Thani bin Faisal Al Thani and was attended by Minister of Awqaf and Islamic Affairs H E Ghanem bin Shaheen bin Ghanem Al Ghanim; Undersecretary of the Ministry of Awqaf and Islamic Affairs H E Sheikh Dr. Khalid bin Mohammed bin Ghanem Al Thani; Chairman of the Board of Directors of Dukhan Bank, H E Sheikh Abdulla bin Fahad bin Jassim Al Thani; and other officials.

Minister of Awqaf and Islamic Affairs H E Ghanem bin Shaheen bin Ghanem Al Ghanim and Minister of Commerce and Industry H E Sheikh Faisal bin Thani bin Faisal Al Thani along with other officials during the 11th edition of the Doha Islamic Finance Conference. Pic: Amr Diab/The Peninsula

In his opening speech, Sheikh Dr. Khalid bin Mohammed bin Ghanem Al Thani stated,“The rapid advancement of AI and its integration into various sectors, including healthcare, education, law, economics, literature, and entertainment, will make it an indispensable part of intellectual, professional, and financial operations. This transformation will introduce a new work paradigm that has never existed before and cannot be overlooked.”

He added,“It is essential to study the integration of AI with other advanced technologies, a topic that will be addressed at this conference. Discussions will focus on establishing standards for AI quality control, developing mechanisms to address its errors, and defining the associated responsibilities.”

The conference also delved into the intersection of AI and blockchain, particularly in diverse realms including endowment and electronic gaming. Sheikh Dr. Khalid noted that the research and recommendations from the event will provide valuable insights for both academics and industry professionals.

The Chairman of the Board of Directors of Dukhan Bank remarked,“Fintech's transformative influence on Islamic banking has been significant, with AI and blockchain technology playing central roles in this shift. AI enhances financial forecasting, risk analysis, and the personalisation of banking services, while blockchain creates a secure, transparent environment for operational continuity and smart contract management,” he added.

Prof. Dr. Khalid bin Ibrahim Al Sulaiti, Chairman of the Higher Organising Committee, said,“At the Doha Islamic Finance Conference, we have taken it upon ourselves to actively contribute to shaping the future landscape of Islamic finance. It is no longer enough to passively observe or debate the potential benefits of emerging technologies."

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The focus must now shift towards adapting and advancing these innovations to develop smart financial solutions that remain true to the principles of Sharia and add significant value to Islamic financial markets, he added. The conference, organised by Bait Al Mashura, is an annual event, shaping the global trajectory of Islamic finance since its first edition in 2010. The event also witnessed the participation of several government entities, international firms, and institutions specialising in finance, economics, and technology.

Through various sessions and workshops, the conference explored the integration of modern technologies into Islamic finance, including the use of AI to develop and enhance the efficiency of Islamic financial products. Additionally, discussions focused on how these technologies could be used to protect and develop endowments and create Sharia-compliant investment platforms.

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