Roundtable throws light on greater understanding of Islamic finance

Hamad Bin Khalifa University’s (HBKU) College of Islamic Studies (CIS) and the Qatar Financial Centre (QFC) Authority jointly organised and hosted an event on Islamic finance, titled Shariah Governance in a Globalized World, recently at HBKU’s campus in Education City. It featured over 50 experts comprising Shariah scholars, Islamic finance professionals, academics, practitioners, and regulators.

Within CIS, the Center for Islamic Economics and Finance (CIEF) oversaw the organisation of the roundtable. CIEF is dedicated to the study of relationships between the Islamic faith and economic phenomena pertaining to the behaviour of individuals, institutions, and markets. The roundtable was also supported by the Qatar National Research (QNRF), under the Conference and Workshop Sponsorship Program (CWSP). QNRF’s sponsorship strengthened the stakeholders’ commitment to the roundtable, especially as all three organisations contribute to achieving a shared vision.

The event was the first activation of a three-year collaborative agreement between HBKU and the QFC Authority to contribute and cooperate in the field of Islamic finance and business. Signed earlier in September, the agreement saw senior officials from the University and the QFC Authority agree to create and facilitate an open dialogue and a deeper understanding of Islamic finance and Shariah law through a series of programmes and initiatives.

At the roundtable, thought leaders from across the fields of Islamic banking, finance and economics presented papers on topics related to Shariah governance in Islamic finance. Issues regarding Islamic jurisprudence were discussed as well as contemporary best practices in the corporate governance of banks. Some participants offered proposals on reforming models of Shariah governance of Islamic banks, which may lead to the further alignment of the Islamic financial architecture with the global sustainable development agenda.

Dr Emad El Din Shahin, dean of CIS, said: “At CIS, we are committed to increasing knowledge in this rapidly growing field of banking and finance. As a hub for contemporary Islamic studies and a place for open dialogue on religion, we continue to play a leading role in raising awareness and promoting greater understanding of the Islamic finance industry. Collaborating with the Qatar Financial Centre, we at HBKU’s College of Islamic Studies are bringing economy and business closer to academics and research, creating an ideal environment for learning, sharing, and thought leadership.”

Dr Haitham Mohamed Al Salama, chief economic adviser at the QFC, commented on the collaborative agreement by saying, “Contributing and collaborating in the field of Islamic finance and business is a key goal for the QFC Authority. It is part of our strategy to develop a world-class international financial services industry and business sector in Qatar. This is consistent with the Human Development Pillar of the Qatar National Vision 2030, and reflects our continuing commitment to contributing to the well-being of the local community.”