Qatar’s leading industry experts convened to deliberate the latest advances in the global Islamic finance sector and the far-reaching impact of digitalization on the industry. The discussions provided a thought-provoking framework for advancements in the field at the International Conference for Islamic Finance (ICIF) 2022, which was hosted by the College of Islamic Studies (CIS), part of Hamad Bin Khalifa University (HBKU), on October 9 and 10.

The two-day event provided an impetus for debate on the emergence of Islamic fintech as the fastest-growing financial technology segment in the Organization of Islamic Cooperation member countries. Held under the theme Framing the Next Decade of Islamic
Economy and Finance: Linking Values and Impact in the Era of Digitalization, the event helped position Doha as a hub for contemporary Islamic thought and discussions on the less-than-realized potential of the Islamic finance industry.

Day one of the event included three key sessions, where Session One addressed the Vision, Policy, and Ethical Foundations of Islamic Finance. Session Two covered the Nexus of Technology Advancement and Islamic Finance in Light of Emerging Shari’a Issues, while Session Three Discussed Linking Value and Impact through Digital Solutions.

Day two highlights included a panel discussion titled The Next Decade of Islamic Finance and Economy, with Session Four covering Decentralized Finance: Prospects and Challenges. It culminated in Session Five which touched upon the Impact of Compliance on Islamic Economy and Finance.

In attendance at the opening of the conference were Mr. Yousuf Mohamed Al-Jaida, Chief Executive Officer (CEO), Qatar Financial Centre (QFC) - the conference’s sponsor; Fahad Al Khalifa, Group CEO, Masraf Al Rayan and Al Khalij Commercial Bank; Dr. Michael J. Benedik, Provost, HBKU; Dr. Recep Şentürk, Dean, CIS, HBKU; and a large number of high-level attendees from different financial institutions.

Commenting after the event, Al-Jaida said: “We extend our appreciation to HBKU for once again partnering with us to host this excellent forum for high-level dialogue linking industry and scholarly perspectives. The focus on digitalization and the opportunities for Islamic finance to catalyze the green economy and Sustainable Development Agenda was very apt. It underscored where our priorities should be to realize the industry’s full growth potential. Pushing for innovation, technological advances, and sustainable financing instruments are fundamental to unlocking market access to Islamic finance, and with that, putting in place the policies and regulations that can stimulate growth.”

Dr. Syed Nazim Ali, Director of the Research Division and the Center for Islamic Economics and Finance, CIS, and Conference Chair, said: “For the fifth consecutive year, ICIF brings to the fore discussions that help shape the future of Islamic finance and the economy, as well as the need to consider, adopt, and implement Shari’a-compliant technological tools that are designed to be workable within the margins of Islamic virtue. It was an honor to welcome Qatar’s best-informed academics, researchers, students, industry leaders, practitioners, and policymakers to this edition of the conference as a continuation of the illuminating discussions we have had in previous years.”

CIS provides nationally-acknowledged yet globally-relevant platforms for scholarly thought and discussions about the most pertinent issues affecting Islam and Islamic finance.