QCB Governor Addresses 8th International Conference on Islamic Economics and Finance (ICIEF)

Doha, December 19 (QNA) - HE the Governor of Qatar Central Bank (QCB) Sheikh Abullah Bin Saud Al Thani has underlined that no retreat to close down the branches of the traditional islamic banks later this year noting that the reasons behind their closure deals with the supervision , control and other matters relating to monetary policy. In his inaugural address delivered on Monday before the 8th International Conference on Islamic Economics and Finance (ICIEF) , HE Sheikh Abdullah Bin Saud Al Thani made clear that through application, the QCB found that combination between the traditional and islamic activities could undermine the free and transparent competition between banks . HE the QCB governor expressed confidence in the banking role of the local islamic banks .... The QCB has been keen to keep such a role away from any complications and problems the matter which pushed the QBC to take such a decision, said the QBC governor. Combining beween the activities of the traditional banks and their respective islamic branches face lots of challenges and make the supervisions and control process more complicated in addition to further blocking the optimal use of the monetary policy mechanism. HE the Governor Of Qatar Central Bank (QCB) referred to the mission laid upon the local islamic banks amid their present positions and the available open horizons which are being reflected by the remarkable growth figures they scored annually stressing the need to get their contribution to further enhance the Qatari economy as per the Qatar Vision 2030 which aims to transfer Qatar to a more advanced state capable of achieving sustainable development and securing better living to the successive Qatari generations. Elaborating HE Sheikh Abullah Bin Saud Al Thani said that the Qatar vision 2030 has already been turned into an action programme where its first stage has been launched with the First National Development Strategy 2011-2016, namely action has already been tuned into reality. HE the Governor of Qatar Central Bank (QCB) Sheikh Abullah Bin Saud Al Thani further said that he is confident that the Islamic banks will be able to face the challenges of achieving development economically, stressing the need that the Islamic banks should be involved in all sectors and not to focus one sector in particular. He listed two of the major challenges facing Islamic banks. The first is developing the legal infrastructure for their transactions. The second is developing their products to meet its supervision requirements. The Governor expressed Qatar's Central Bank's appreciation to studies made on those two challenges, that are currently being studied by the international organizations. Other means of facing the challenges that international organizations have used were holding introductory seminars and using Islamic banking tools in their transactions. He added that such events help raise awareness on the importance of Islamic banking. The Governor added that Islamic banks grabbed a lot of international attention in the past few years, due to their success in Islamic finance. He added that a number of important countries in the field of banking have already started discussing the benefits of the Islamic banking as well as its growth rate and ability to respond to different challenges, particularly global financial crises. He added that the Islamic Banking's success makes it more urgent for Islamic Banks to overcome the two challenges the Governor discussed in his speech. In a related context, HE the Governor of Qatar Central Bank (QCB) Sheikh Abullah Bin Saud Al Thani praised the role played by the Faculty of Islamic Studies in inserting the perceptives of Islamic banking in different facets of economy, noting that this contribution caused a change to how Islamic Economy is viewed. It is worth to mention that the ICIEF series began in 1976. It is the most prestigious academic event in this discipline, and has been credited for conceptualizing the theory and practice of contemporary Islamic economics and finance through research and intellectual dialogue. The theme for this year s conference is Sustainable Growth and Inclusive Economic Development from an Islamic Perspective . The three-day conference, held for the first time in Doha, Qatar at the state-of-the-art Qatar National Convention Center (QNCC) in the Education City . The 8th ICIEF is being hosted by the Qatar Foundation s Qatar Faculty of Islamic Studies (QFIS) through its Islamic Economics and Finance Research Center. The co-organizers of the event are the Islamic Development Bank (IDB) s Islamic Research & Training Institute (IRTI), the Organization of Islamic Conference s Statistical, and Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC), the International Association for Islamic Economics, and other key partners. The conference is being attended bysenior government officials, bankers, and scholars from leading institutions across the world. The President of the IDB and the Governor of Qatar Central Bank are confirmed keynote speakers. Other potential keynote speakers include high ranking officials from the State of Qatar and abroad, the former Prime Minster of Malaysia Dr. Mahatir Muhammad, the Chairman of the Islamic Chamber of Commerce & Industry, and other leaders of business and academia. In addition to keynote speeches, there will be thematic breakout sessions. There will be presentations of over 120 research studies selected from the 800 paper submissions received so far from over 40 countries. The confirmed presenters and academic supporters are from leading institutions such as the Qatar Foundation, IDB, World Bank, International Monetary Fund, and SESRIC. Papers were received from leading universities including Columbia, Durham, George Washington, Georgetown, Harvard, Kyoto, McGill, Nottingham, Oxford, Tilburg, Tufts, AUB and so on. The paper presenters are either Ph.D. degree holders or Ph.D. degree researchers. (QNA)