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COMEX Global Technology Show 2024 Kicks off

HM The Sultan Arrives in Kuwait

Kuwaiti diplomat: Omani Sultan’s Kuwait visit indicative of strong ties

UAE President holds dinner banquet at Qasr Al Watan in honour of Sultan Haitham bin Tariq

UAE President receives Sultan of Oman upon arrival in UAE on state visit

Oman and UAE: Fraternal Bonds, Strategic Relations and Economic Partnership

OIA Announces Social Investment Policy, Launches “Qimam” Platform

POPS Supervisory Committee Holds First Meeting in 2024

Bank Muscat’s Sayyarati Auto Finance Option Comes with the Best Financing Facilities for Customers

“Ooredoo Oman Welcomes Khawla Al-Amiri as Chief People Officer, Reinforcing Commitment to Local Leadership Empowerment”

Bank Muscat Launches EAGLEs Programme: A Pioneering Leadership Engagement Across Branch Network

“Forging Tomorrow: A Global Imperative for Advanced AI Infrastructure”

“High-Paying Careers in Artificial Intelligence: Securing Your Future in the Evolving Job Market”

HM The Sultan Issues Two Royal Decrees

Unlocking New Horizons for Entrepreneurs: The Fourth Industrial Revolution

Royal Army of Oman Celebrates Passing Out of Officer Cadets, University Officers

HM The Sultan Offers Condolences on the Death of Kuwaiti Emir

HM The Sultan Gives Audience to Business People in India

HH Sayyid Theyazin Conveys HM The Sultan’s Greetings to Russian President

First Muscat Dialogue Sessions Begin

Oman and Switzerland Strengthen Bilateral Cooperation with Multiple Memoranda of Understanding

Empowering Coastal Women in Oman: “Mina” Project Unveiled

Information Minister Affirms Keenness to Strengthen Communication with International Media Institutions

“Oman’s Education and Innovation Drive: Sultan Haitham’s Vision”

UAE Space Agency launches National Space Academy to develop national cadres

HM The Sultan Presides over 8th Term Convening of Council of Oman

Selecting Topics Phase Launched of “Together we Make Progress” Forum

HM The Sultan Issues 2 Royal Decrees

Interior Minister visits Operations Chamber of Shura Council Elections

Omanis Cast Ballots for Shura Council’s 10th Term Membership

“Navigating Talent Challenges in Oman’s Telecom Sector”

“Bank Merger in Oman: A Human Resources Transformation Story”

Omantel’s 5G Excellence Recognized with “Samena Communications Award”

NHS scientist awarded £58,000 after being named ‘Paininarse’ on spreadsheet

‘Kill list’ | Mystery doc shows list of LinkedIn staff facing redundancy, days before HR announcement

HM The Sultan Receives Ambassadors’ Credentials

“Empowering Omani Women: A Message of Hope and Progress”

Mohammed bin Rashid opens GITEX GLOBAL

HH Sayyid Bilarab Chairs Meeting of Omani Startups’ Supervisory Committee

“Dhi Yazan bin Haitham Al Said Inaugurates Duqm Economic Forum “

Omani Woman: Clear Vision & Remarkable Achievements

“Strategies for Cultivating a Healthy and Productive Work Environment”

“Essential Reading for HR Professionals: 17 HR Books You Can’t Miss in 2023”

“Future-Proofing Your Career: Essential Skills for Tomorrow’s Job Market”

MAWARED annual book

Transformational Leadership: Inspiring Change and Achieving Excellence

“al sulaam Program (Episode four) with Dr. Aamal al bussaidi .”

“al sullam Program (Episode Two) with Dr. Ahmed Al-Ghusani.”

Nama Group and Omani Society for Human Resource Management (OSHRM) announce strategic partnership in Human Resources development

Saudi Oil Giant Aramco Announces $121 Billion Profit in 2023

Tender Board Signs Agreements with Karwa Motors on Government Procurement, School Bus Purchase

Najahi Business Banking from Bank Muscat: Empowering Small Businesses

His Majesty Exchanges Ramadan Greetings With Arab, Islamic Leaders

A’Rustaq Hospital Diagnoses Child with Gastric Wall Vein Bleeding

QCB Launches ‘FAWRAN’ Instant Payment Service

National Development Fund Partners with World Economic Forum

Qatar Chairs 49th Meeting of GCC Standing Committee for Combating Harmful Practices in International Trade

Saudi Arabia’s Air Connectivity Program Signs Deal with Eurowings to Enhance Air Connectivity between Saudi Arabia and the EU

HM King presented unique development model: Omani Ambassador

July 14, 2024

Doha Islamic Finance Conference Calls for Adopting Big Data in Financial, Islamic Industry

Doha,

The 10th Doha Islamic Finance Conference has wrapped up its activities and called on relevant institutions and entities to adopt projects that strengthen the huge mass of data in the Islamic financial industry and streamline the data accessibility, as well as handle them through AI technology.

Held under the theme “Islamic Finance 2.0 – Fusion of Principles and Technology,”, the conference urged the endowment institutions to being open to AI technologies and incorporating them into endowment operations, as well as benefiting from them in documentation and preservation to protect endowment assets, endowment management and investment, spur donors and direct endowments to bolster their role, effectiveness, and governance.

In their recommendations following the conclusion of the conference, the participants affirmed that through leveraging the generative AI, including machine learning and deep learning technology, Islamic banks can spearhead an unprecedented transformation in many fields, such as decision-making process, risk management, fraud detection, client screening, algorithmic trading, and workforce empowerment with adherence to the ethical principles of Islamic finance.

Granting robots and e-commerce agents financial eligibility could be considered based on the assumption and assessment of the existence of a financial liability for non-humans, such as groups of persons, funds, endowments, and the treasury, the conferees pointed out. They stressed that AI programs such as ChatGPT cannot be independently utilized in issuing Fatwas, especially on revelation jurisprudence, but they can be used as ancillary tools in Fatwa and information about evidence and details of issues.

The recommendations pointed out that the Natural language processing (NLP) machine learning technology can contribute to developing the Islamic financial products and offering best services for customers, in addition to helping consumers and investors understand the Islamic financial product, as well as taking the decisions accordingly. The conferees recommended forging partnerships among Islamic financial institutions and NLP to achieve innovation, share knowledge and upgrade innovative solutions to meet the market needs.

AI technologies can be leveraged in surveillance, Sharia monitoring and increasing the effectiveness of compliance with Sharia principles in the Islamic finance institutions through utilizing automated data analysis technologies and predictive analytics to assess risks, strengthen reporting, documentation, and oversight to promote trust, transparency, and integrity in the Islamic finance industry, the participants noted.

They pointed out that given the pressing needs for sharing the data, the legislatives must include stringent rules to regulate and protect privacy, calling on legislative entities to enhance the relevant provisions accordingly. They also called on the entities operating in this field to increase qualification and spread awareness of the ethics of processing and sharing data, to ensure protection of the rights of individuals and public order. (QNA)

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