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7th Doha Islamic Finance Conference begins today

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The Peninsula

Doha: The 7th Doha Islamic Finance Conference will open today under the patronage of the Prime Minister and Minister of Interior H E Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani, and will be inaugurated virtually by the Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari. 

Organised by Bait Al-Mashura Finance Consultations Company with the strategic partner and exclusive sponsor Dukhan Bank, the three-day conference will run under the theme “Digital Economy and Sustainable Development”. 

The event will be held through the Zoom platform, in line with precautionary measures against the spread of coronavirus. Participants will include governmental bodies, international organisations, financial and academic institutions in the fields of economics, finance and technology. It will also feature academic partnerships with the College of Sharia and Islamic Studies at Qatar University, the College of Islamic Studies at Hamad Bin Khalifa University, and the University of Central Lancashire in the United Kingdom. The conference is expected to contribute to the development of the Islamic finance industry in Qatar and the world.

Chairman of the Organising Committee and Vice-Chairman of Bait Al-Mashoura Finance Consultations Company, Prof. Dr. Khalid bin Ibrahim Al Sulaiti, said: “The 7th Doha Islamic Finance Conference is of a special importance this year because it is taking place at a time where the world witnesses the repercussions of COVID-19 pandemic, that’s why the Islamic finance sector has to discuss mechanisms to face the challenges related to the pandemic while anticipating future prospects. Doha’s hosting of the conference reflects its leadership in the Islamic finance sector, as Qatar is considered the fifth largest Islamic finance market in the world with assets exceeding $129bn, constituting 33 percent of Qatar’s total financial system assets”. 

Al Sulaiti pointed out that the conference features three main themes including economic recovery after crises and the role of Islamic finance, economies of the virtual world, and the role of social finance in achieving sustainable development. 

Vice-Chairman of the Organising Committee and Managing Director and CEO of Bait Al-Mashura Finance Consultations Company, Dr. Osama Qais Al Dereai, added: “The COVID-19 pandemic has significantly changed the whole scene of the Islamic financial industry. However, Qatari Islamic financial institutions have shown great resilience in the face of the challenges of the pandemic by moving towards investing in fintech, enhancing risk mitigation plans and paying attention to cybersecurity, while focusing on innovation to introduce new Islamic financial instruments and products”. 

Al Dereai added that the Islamic Fintech market size in Qatar has reached $849m (QR3.09bn), amid expectations that the sector will achieve a Compound Annual Growth Rate of 19.6 percent to reach $2bn (QR7.28bn) by 2025.

Chief Marketing and Communications Officer at Dukhan Bank, Talal Al Khajah, stressed that the Bank’s continuous support since the first edition of the Doha Islamic Finance Conference stems from Dukhan Bank’s firm belief in the importance of evaluating the Islamic banking experience and discovering the features of the future which the bank believes is promising.

He added that Dukhan Bank will remain focused on leading massive transformation across its operations and scaling digitisation of its services to meet customers’ increasing demand for digital banking products and services in Qatar, using its advanced technology infrastructure, portfolio of services, and innovative banking products.

“Dukhan Bank seeks to facilitate seamless payment and to implement its vision and strategy trailing a digital transformation of banking services, products and transactions. That’s why it has updated its mobile application with the launch of Dukhan Pay (D-Pay), its contactless payment platform. Additionally, the bank has released wristbands that will facilitate payment under the D-Pay payment platform; and also launched Fitbit Pay and Garmin pay contactless services during Qatar National sport day celebrations,” added Al Khajah.

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