March 16, 2023

Islamic Banks Urged To Speeding up Deploying Metaverse

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Participants in the 9th Doha Islamic Finance Conference recommended enhancing the deployment of the metaverse to help Islamic banks to expand their businesses and enter new markets, the Gulf Times website reported.

While their recent meeting in Doha, the participants in the conference set out a collection of objectives and recommendations based on the topics they had discussed, such as Islamic Finance in the World of Metaverse, Sustainability in Digital Finance, Cross-border Finance and its Impact on Islamic Finance, and RegTech and SupTech in Islamic Finance.

They called on Islamic banks to promote the use of the metaverse with clear regulations to enhance transparency, drive their growth opportunities, bolster their performance, and increase competitiveness.

The conference also asserted the importance of controlling financial transactions in the metaverse world, affirming the necessity of sticking to legal, ethical, and contractual regulations and special controls that comply with Islamic law in addition to adapting advanced technologies in technical controls to prevent all types of crimes related to privacy, money, and honor.

They further called the Islamic endowment institutions to begin creating virtual spaces to introduce their roles and history and be a tool for launching global dialogues in addition to integrating metaverse-based solutions into their operations to collect and manage endowment funds with transparency and high efficiency.

It urged the endowment institutions’ scholars and practitioners to develop virtual products and services in line with Islamic law. In addition, It emphasized the importance of utilising artificial intelligence techniques and virtual reality applications to develop Shariah governance mechanisms in Islamic financial institutions.

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