During a conference in Doha ... an invitation to establish an Islamic market for commodities and minerals in the Middle East

Imad Murad - Doha

The sixth Islamic Money Conference held in the Qatari capital, Doha, called for the establishment of an Islamic market for commodities and minerals in the Middle East, in light of the great need for this market after the proliferation of Islamic banks operating in the region, and their investments reached more than one trillion dollars.

The conditions set by the idea of ​​establishing the market are based on the necessity of setting an accurate plan in cooperation between jurists, economists and legalists to get out of all Sharia violations and studying possible alternatives, while striving to develop a global index based on profit as a substitute for indicators based on benefits.

The idea of ​​the market also determined the necessity to take advantage of all available Sharia contracts, such as selling debt, reconciling debt, promises and dating with its controls, as well as making use of contemporary used tools available in the market as long as they do not conflict with the principles of Sharia, such as the various digital platforms that have become an important axis of the economy the talk.

The professor of economics and the Secretary-General of the World Federation of Muslim Scholars, Dr. Ali Muhyiddin Al-Qarah Dagi, sees, during the session of Islamic trading platforms within the conference, the necessity of moving from alternatives to Islamic products compatible with the Islamic economy and its purposes, by fixing the defect in the calendar confrontations of Murabaha.

Al-Qara Daghi called for the cooperation of all types of institutions to create an Islamic market based on Sharia regulations for the trading of commodities, minerals and securities at the Islamic world level.

Trading platforms
He urged Islamic countries to find common financial markets that are the nucleus of economic and political unity as happened in the European Union, stressing the need to solve the liquidity problem without the need for organized tawarruq through the use of mechanisms and tools to achieve balanced liquidity management.

As for Abd Al-Sattar Abu Ghadah, Vice-Chairman of the Sharia Council at the Accounting Authority for Islamic Financial Institutions in Syria, he stressed the necessity of adjusting trading platforms with the provisions of Islamic Sharia by creating appropriate documents to design the system, clearly defining the purpose and scope of the platform as well as the presence of a supervision and review process by a Sharia advisor Or a legitimate body to ensure that the inputs into the system design are in compliance with Sharia provisions and principles.

Regarding the rules for establishing platforms legally, Abu Ghadah said - in an interview with Al-Jazeera Net - that one of the most important controls is to be in compliance with the provisions of Sharia in all operations, and that it be limited to offering tools that are compatible with the provisions of Sharia and its principles with independence from the institution that creates the platform as well as defining the seat of the platform to apply Law upon it when disputing.

The technical controls for creating the platform focus, in accordance with Abu Ghadah, on the need to reduce the cost and link any compensation to the existence of a service, and to be open to all companies, banks or individuals in all countries, in addition to the existence of a documented strategy that explains the scope of choosing the algorithms on which the new platform is based.

Various discussions
Over the course of one day, the Islamic Finance Conference in Doha discussed, in its first pivot, the outlook for financial and economic crises and their impact on Islamic finance, through research that discussed the causes of preventive measures for financial and economic crises and legal provisions to foresee financial crises as well as the approved scientific and methodological tools.

The second axis also discussed Islamic finance and modern trends towards the sports sector by discussing the State of Qatar’s investment experience in the sports field, with legal controls and standards for investment in the sports sector, while the third axis devoted to Islamic platforms and the idea of ​​establishing a market for goods and minerals.

The last axis focused on artificial intelligence in Islamic finance and dealt with research on the future vision of artificial intelligence in Islamic banks, and put forward investment opportunities in this field, with legal controls and standards.