Experts stressed the importance of codifying the provisions of financial transactions and linking them to artificial intelligence

3.8 trillion dirhams, the volume of Islamic financing by 2023

Dr. Ahmed Abdulaziz Al-Haddad, head of the Supreme Shariah Board for Islamic Banking Financial Activities at the Emirates Central Bank, stated that the leaps in Islamic banking in all transactions need several studies, noting that Islamic finance, according to 2017 data, amounted to 2.43 trillion dollars, and this number is increasing. And a continuous development that will reach 3.8 trillion dirhams in 2023.

This came during the work of the Fourth Sharjah International Conference on Islamic Economy, entitled: Codifying the provisions of Islamic financial transactions, application and future foresight, which was organized by the Sharjah Center for Islamic Economics at Al Qasimia University, today, under the patronage of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah. over two days.

Dr. Awad Al-Khalaf, Director of Al Qasimia University, stressed during his speech at the opening session, the university’s keenness to activate scientific research and link it to community service and to organize scientific conferences that achieve this trend, pointing to the importance of codifying the provisions of financial transactions and their connection to several problems related to the role of artificial intelligence and digital applications that will be presented through Conference sessions and discussions aimed at presenting various contemporary local and international practices and benefiting from the opinions of specialists in their Sharia, legal and economic fields in order to reach recommendations that serve the growth of the financial industry in its Islamic framework.

Dr. Ibrahim Al-Mansoori, Director of the Sharjah Center for Islamic Economics at Al Qasimia University, reviewed statistics on the number of applicants to participate in the conference, according to more than one hundred participants from 27 countries belonging to 82 academic and research institutions, which covered all themes of the conference. He pointed out that after presenting advanced research for examination and arbitration, Twenty-one papers were accepted for presentation in the scientific sessions of the conference.

For his part, a member of the Council of Senior Scholars and Advisor to the Saudi Royal Court, Sheikh Abdullah bin Suleiman Al-Manea, pointed to the importance of raising this issue and the role of jurists and scholars in enriching its discussions that require study, diligence and follow-up in light of the development and complexity of Islamic financial transactions.

In turn, the Secretary-General of the Islamic Fiqh Academy in Jeddah, Dr. Qutb Mustafa Sano, thanked His Highness the Ruler of Sharjah for his patronage of the Fourth Sharjah International Conference on Islamic Economics, which was held by Al Qasimia University, stressing the importance of the conference in anticipating the future of economic unity among Islamic countries.

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