HBKU’s CIS stresses digital role of Islamic finance in sustainable development

HBKU’s CIS stresses digital role of Islamic finance in sustainable development

 08 Apr 2021 – 8:23

Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC Authority

With a focus on sustainable economic development after the pandemic, the Center for Islamic Economics and Finance (CIEF) at the College of Islamic Studies (CIS), Hamad Bin Khalifa University (HBKU), held the fourth International Conference on Islamic Finance (ICIF) from April 4-6, with the support of the Qatar Financial Centre (QFC) Authority.

The three-day conference provided a platform for dialogue and discussions to evaluate the opportunities and barriers for sustainable economic development under the “new normal”, which has deepened the digital economy and Fourth Industrial Revolution (4IR). In the context of Islamic finance and economy (IFE), academic papers and policy-driven analyses highlighted the urgent need for a sustainable financing infrastructure that is agile, adaptable, and transformable after the unprecedented economic downturn and global supply chain disruption caused by the COVID-19 pandemic.

Leading academics, researchers, postgraduate students, industry leaders, practitioners, and policymakers tackled the moral nexus of sustainability and IFE in the 4IR era. Presentations deliberated the impact of IFE in the post-pandemic world; IFE resilience against economic distress; industry perspectives on sustainability and the 4IR; FinTech and sustainability scopes for success; socioeconomic responses within IFE; and Islamic social FinTech.

Dr. Syed Nazim Ali, Director of the Research Division and CIEF, CIS, said: “The digital economy, though disruptive, presents an opportunity to navigate current industry disruptions and transition to a new, more sustainable normal. Harnessing converging technologies for an inclusive and human-centered future is an important part of that. The conference paved the way to initiate collaborations within and across various disciplines for the advancement of this topic, with the common goal of contributing to Qatar’s development as a knowledge-based economy. We acknowledge the valuable support of the Qatar Financial Centre, and its role in highlighting new digital frontiers to promote economic resilience.”

Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC Authority said: “We are honored to have once again been part of HBKU’s International Conference on Islamic Finance, and contribute to understanding the profound sustainable impact the Fourth Industrial Revolution can have for our economic diversification strategy if harnessed appropriately. The conference achieved its aim of showing that the digital economy can and must have an integral role in amplifying the role of Islamic finance and economy amid the challenges of our post-pandemic economic recovery.”

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