The closing statement of the Ninth Doha Islamic Finance Conference called for the design of virtual products and services compatible with Islamic law, to accelerate the use of technology by Islamic financial service providers, and to cooperate in a joint effort to create smart applications that provide financial solutions for the Islamic lifestyle as an alternative to usurious applications provided by giant technology companies. .
The statement stressed that financial transactions in the virtual world with blockchain technology do not contradict, in principle, the provisions of Islamic jurisprudence, when the contract controls and the transfer of ownership are adhered to in what people consider valuable money from useful virtual assets or symbols, and that every contract has its pillars and conditions, and that it is not He has any legal impediment or legal violation, but he indicated that in order to control financial transactions in the metaverse world, it is necessary to adhere to contractual, legal and ethical controls, and special controls related to contracts so that their effects are real, and that their place is something real, even if it is not tangible, in addition to Accurate technical controls to prevent all crimes related to symptoms, money and privacy.
The final statement urged Islamic financial institutions to take advantage of metaverse technology to penetrate new markets and sectors to increase their growth opportunities, and to adopt regulatory technology applications to develop their performance, enhance aspects of transparency and compliance, and achieve competitiveness. He called on endowment institutions to create virtual spaces for the endowment to introduce it, its history, roles, and everything related to it from a theoretical and practical point of view, and to arrange global dialogues about developing its tools and activating its products through these spaces.
He also called on endowment institutions to work on integrating metaverse-based solutions into endowment operations, to enhance the process of collecting endowment funds and managing them with transparency and high efficiency, and the effective use of technology in managing and supervising the endowment, which enhances the chances of achieving the goals of the endowment and social financing institutions.
He pointed out that it is possible to take advantage of artificial intelligence techniques and virtual reality applications to develop Sharia governance mechanisms in Islamic financial institutions, with an emphasis on the need for cooperation between the competent authorities to find unified standards for supervisory and control technology in Islamic financial institutions.
He also called on Islamic financial institutions to create their own virtual world, in which Islamic financial products and the assets of Islamic economy and finance are introduced, and to cooperate with educational institutions for the purpose of education and training in this field.
The ninth Doha Islamic Finance Conference recommended conducting more in-depth Sharia and legal studies on "metaverse"To provide appropriate solutions that enable countries and institutions to benefit from this new world.
