Qatar’s giant strides in global Islamic finance worthy of applause

Qatar’s journey in Islamic finance is a testament to its vision and strategic approach, and the country’s commitment to fostering a robust Islamic financial ecosystem has made it a global leader in the sector, which has continued to attract international investors and financial institutions, positioning Qatar as a leading hub for Islamic finance in the region, said Dr. Ghiyath Nakshbendi, a Senior Professorial Lecturer at the American University’s Kogod School of Business.

Speaking on the sidelines of the recently concluded Doha Forum 2024, Dr. Ghiyath Nakshbendi, a Senior Professorial Lecturer at the American University’s Kogod School of Business, shared his insights on Qatar’s continued commitment to Islamic finance. With over 30 years of experience in business and finance, particularly in Islamic finance and sovereign wealth funds, he highlighted that Qatar’s strategic initiatives, global demand for Shariah-compliant products, and technological advancements will ensure the country’s ongoing leadership in the sector.

The academic don, who has been organising the annual Sovereign Wealth Fund Conference since 2014, noted that the global rise in popularity of Islamic finance has necessitated him to develop courses for it at the American University’s Kogod School of Business, which has continued to witness increasing interests across the United States.

“We have been offering courses in Islamic finance, which is very new in the United States, and we offered for the last 10 years a graduate certificate in Islamic finance in order to encourage young people to get involved in the field of Islamic finance, which is booming in other countries, but not in the United States,” Nakshbendi said.

On the issue of sovereign wealth funds in the GCC and how they advance development in their countries, the finance expert reiterates that the development in Qatar is quite amazing.

“The country is very innovative, and they are using the latest strategies, especially I’m talking about the Qatar Investment Authority (QIA), new strategies in order to increase their assets under management. They are getting involved in so many areas, including the way by which they are relying less on fossil fuel and what have you, and substituting that with green energy. It is encouraging to see that they are investing in areas that in the past were somehow unheard of. So, they are taking more risk. But in the meantime, what is interesting about QIA is that they are investing in their own country as well. They are creating great employment opportunities in addition to providing incentives for young people to start their own businesses or startups, which is a very welcome development,” he said.

Nakshbendi, who has been a regular participant at the Doha Forum over the years, added that he looks forward to seeing more sessions on sovereign wealth funds and the leading role that Qatar is playing in the area of sovereign wealth funds in future editions of the event.

“My suggestion is to add more finance issues to the topic that we discuss at the Doha Forum. For someone who has had years of experience in the GCC regarding sovereign wealth funds and other areas of finance over the years, I believe many people are interested in this interesting area, and having more discussions on it will be appealing to many,” he said.

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