Qatar has strong economic foundation to build on Islamic finance industry

03 January, 2018      316



Qatar has strong economic foundation that helps support and enhances the investment trends in the Islamic finance industry, according to a top official of the Qatar Financial Center Authority (QFCA).
This was disclosed by the QFCA chief executive Yousuf Mohamed al-Jaida, while announcing the details of the fourth Doha Islamic Finance Forum, which will get underway next week.
Qatar is one of the first countries in the region to adopt Islamic banking and create the regulatory environment for Islamic focused inward foreign direct investment through various regulatory bodies, including the QFC Regulatory Authority, he said.
The conference, organised by Bait Al Mashura Finance Consultations in association with the QFC, College of Business and Economics at Qatar University, College of Islamic Studies at Hamad bin Khalifa University and Barwa Bank, will see the QFC launch its first economic report on Islamic banking in Qatar in partnership with Thomson Reuters.
The conference on January 9 at Sheraton is expected to be attended by a number of local and international financial officials and bankers, elite of scholars, academicians, and experts from the financial sector in the Arab countries and worldwide.
The event aims to enhance Islamic finance tools for benefiting from the digital world, devise the scientific and practical solutions for contemporary challenges, contribute towards bringing Shariah and law closer for drafting and structuring the Islamic finance contracts and enhancing the arbitration for Islamic finance issues, said Dr Khalid al-Sulaiti, vice chairman of Bait Al Mashura Finance Consultations.
Dr Osama al-Dereai, managing director and chief executive of Bait Al Mashura Finance, emphasised that the growing development of the Islamic finance industry reflects the efficiency and effectiveness of the Islamic finance instruments to contain financial shocks and adapt to developments, despite the economic changes and challenges in the arena.
“This is due to the nature of these instruments, as they are based on Islamic Shariah principles that protect them from risk, and on fair distribution of potential risks between contracting parties, in addition to the flexibility of these instruments to accommodate all developments according to Islamic Shariah principles,” he added.

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