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Tribune News Network
Doha
The Islamic finance industry has grown considerably over the past decade to become one of the fastest growing financial systems today, said Qatar Central Bank (QCB) Governor HE Sheikh Abdullah Saud al Thani.
"By contrast, other conventional banking systems have been challenged significantly by the global financial crisis," he said, while addressing a conference in Doha recently.
"This becomes evident with growing interest in the various investment opportunities available within the Islamic finance industry, prompting many traditional banks to diversify their offerings and integrate Islamic financial services, with the ultimate aim of expanding their client base," the QCB governor said.
The Centre for Islamic Economics and Finance (CIEF), part of the College of Islamic Studies (CIS) at Hamad Bin Khalifa University (HBKU), organised the roundtable to explore how Islamic finance stakeholders, regional financial institutions and regulators are viewing developments in fintech and cryptocurrencies, and whether these financial institutions are planning to integrate these innovations into their business models.
While Sheikh Abdullah delivered the key note speech, former president of Germany's University of Marburg Professor Volker Nienhaus, who is also a well-known scholar of Islamic economics and finance, chaired the discussion.
The event witnessed the participation of some of the most experienced Islamic finance leaders, academics and CEOs. The sessions were based on a moderated open discussion. HBKU students were invited to take advantage of this opportunity and meet with industry leaders.
Celebrating HBKU's objective of being a national resource of knowledge, Dr Emad El-Din Shahin, dean of the College of Islamic Studies, said,"It is vital that we give our students every opportunity to grow and learn. The roundtable is a unique experience for Qatar's future leaders and innovators to meet with the industry elite, and gain first-hand knowledge and advice."
This year's discussion addressed the recent growth and development of fintech and cryptocurrencies, and their implications on the local economy in general and on the Islamic finance industry in particular. The first part of the event focused on the local, regional, and global use of financial technology, known more commonly in the industry as fintech. This refers to a blend of innovative technology used to implement financial services, such as through online crowdfunding platforms and mobile payment systems. Participants shared their views on the potential challenges they anticipate the financial institutions where they work will face, and on how different people and organisations view cryptocurrencies, Insurtech and RegTech in the region.
The second segment honed in on the benefits and unintended consequences of adopting fintech.
Dr Syed Nazim Ali, director of CIEF, said,"Today's event provided an opportunity for all stakeholders to discuss this important topic as we have observed that the banking industry is facing significant disruptions to their business models from the rapid developments in fintech."
