The Islamic Finance Conference discussed expanding the scope of application of modern technology (Al Jazeera)


- Officials and financial specialists participating in the 10th Doha Islamic Finance Conference stressed the importance of working to expand the scope of application of modern technology in the field of Islamic banking, which contributes to increasing financial services and products for clients.

They added in statements to Al Jazeera Net that Islamic finance institutions are trying to work to reposition themselves in the modern global financial scene, at a time when estimates indicate that generative artificial intelligence can add between 200 and 340 billion dollars in value to the banking sector.

Under the title “Islamic Finance...A Fusion of Principles and Technology,” the Tenth Doha Islamic Finance Conference was launched, aiming to identify developments in generative artificial intelligence technology and its impact on fatwas and Sharia oversight in Islamic financial institutions.

The conference also aims to demonstrate the impact of artificial intelligence applications on the performance of Islamic financial institutions, explore the opportunities and challenges of endowment institutions in the world of artificial intelligence, and identify the ethical and legal considerations of Islamic finance under smart systems.

Khaled Al-Sulaiti, Chairman of the Organizing Committee and Vice Chairman of the Board of Directors of Bait Al-Mashura Financial Consultations Company, which is organizing the conference, said that it is no secret to everyone that we are experiencing today a massive revolution in the world of technology, the intensity of which has increased with the emergence of generative artificial intelligence technology, explaining that this transformation marks a new phase. New in the journey of humanity and Islamic finance.

Al-Sulaiti: The State of Qatar is considered one of the most important pioneering countries in the field of Islamic finance (Al-Jazeera)

Market expansion

He explained that the State of Qatar is considered one of the most important pioneering countries in the field of Islamic finance and the adoption of artificial intelligence technologies, as it is classified as the fifth largest Islamic finance market in the world with assets exceeding $174 billion. Government directives have also contributed to the expansion of the artificial intelligence market in the State of Qatar, where it reached last year. According to estimates, $38 million.

He also expected the amount to rise to $58.8 million in the year 2026, with an annual growth exceeding 17%, pointing out that Qatar ranks third in the Arab world in the government readiness index for artificial intelligence, and eighth globally in digital legislation and policies.

A group of specialists in Islamic finance in Qatar and the world participated in the conference (Al Jazeera)


Dean of Graduate Studies at Qatar University, Ahmed Al-Aoun, said in an interview with Al Jazeera Net that modern technology and its impact on raising the efficiency of financial institutions is considered one of the most important issues facing Islamic banking in the modern era, especially in recent years.

He added that analyzing these economic trends and goals around the world requires an element of speed in dealing with these matters, and requires continuous work and very large energies and capabilities from financial institutions to keep pace with the financial and economic market variables and all needs.

He explained that one of the great advantages currently is the development of technology, such as artificial intelligence and various software languages ​​that are based on analyzing data and trends, which have become available and a reality that financial institutions around the world can benefit from.

He pointed out that the conference focused on this axis with the aim of knowing the ability of Islamic financial institutions to benefit from modern technology, and trying to explore the challenges and obstacles that may prevent them from benefiting from this technology, and finding practical solutions in the field of developing Islamic financial products, to reach answers to these questions.

He pointed out that it has become necessary for everyone to strive towards development, especially in light of the great speed in acquiring the largest possible amount of capital in the world, which makes financial institutions face difficulties that require them to engage in this large technological field.

He explained that Islamic finance institutions are trying to reposition themselves in the modern financial scene, as estimates indicate that generative artificial intelligence can add between 200 and 340 billion dollars in value to the banking sector.


Osama Al-Duraie, CEO of Bait Al-Mashura: The 10th Doha Islamic Finance Conference highlights the use of generative artificial intelligence in developing Islamic financial banking businesses.

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Fatwas and arbitration

For his part, Osama Qais Al-Darai, CEO of Bait Al-Mashura Financial Consulting Company in Qatar, said in an interview with Al Jazeera Net that the conference aims to strengthen the work of Islamic banks and keep pace with the modern technological boom, by combining this technology with Islamic finance.

He added that this merger may lead to a major breakthrough in the world of Islamic banking, in which individuals may be dispensed with in processes such as fatwa, Sharia auditing, arbitration, and product quality, depending on generative artificial intelligence technology.

He explained that the conference’s proceedings discussed these matters extensively in order to reach outcomes that would give a strong impetus to the Islamic financial industry, including the risks and issues that may affect the principles of Islamic law in Islamic finance.

Al-Bashir calls for developing Islamic financial products and improving customer services (Al Jazeera)

Software language processing

Fadl Al-Bashir, associate professor of economics and Islamic finance at King Abdulaziz University in Saudi Arabia, said that the conference discussed the issue of developing financial products through natural language processing, meaning the spoken language, whether Arabic, English or French, meaning how to develop computers to recognize this language.

Al-Bashir pointed out, in an interview with Al Jazeera Net, that if this matter succeeds, it will contribute significantly to the development of Islamic financial products and improving customer services and communication with them, through transparency, governance, analysis of legal fatwas, and other areas.

He added that focus should be placed during the coming period on how to use this technology in developing Islamic financial products, especially since it has been used in a number of Islamic banks at the level of the Gulf states and at the regional level, as the current global technological stage and development requires expanding the application to include the largest possible number of banks. Islamic banks around the world.

He stressed that there is no doubt that this technology will contribute to improving and developing products, explaining that, for example, we find that customer service through phone banking is part of this technology, but it is not widely applied, pointing out that Islamic banks certainly have the capabilities to adapt language and technology. Which contributes to increasing Islamic financial products.

Part of the conference attendees (Al Jazeera)

Development risks

Associate Professor of Finance at the College of Management and Economics at Qatar University, Rami Zaytoun, told Al Jazeera Net that modern technology has a significant positive and important impact on the efficiency of financial institutions, by improving the quality of services, expanding their scope, and innovating new goods and services offered to customers and reaching the largest possible number of them, through what Known as digital banks.

He pointed out that technology also has a significant positive impact by reducing the cost of services and goods provided to customers, which helps facilitate easy access to the largest number of them.

However, the professor of finance at Qatar University warned of the risks fraught with technological development, including cyber risks and market risks, as well as risks related to legislation and laws, which requires the need for there to be laws and regulations in order to quickly adapt to these innovations and develop legislation for risk management in Islamic banks, to be able To compete with banks and other institutions.

Source: Al Jazeera