Sharjah 24: Under the generous patronage of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, His Excellency Professor Jamal Al Tarifi, President of Al Qasimia University (AQU), inaugurated the international conference organised by the university under the title: "Investing in Gold: Practices and Challenges - A Sharia and Economic Perspective".
The conference was held at the university's headquarters in Sharjah, in strategic partnership with the World Gold Council, the Ministry of Economy, and Dubai Islamic Bank.
The conference was organised in collaboration between the College of Sharia and Islamic Studies, the College of Economics and Administration, and the Sharjah Centre for Islamic Economics (SCIE).
54 researchers from more than 20 countries
The two-day conference brought together 54 researchers from more than 20 countries, who presented 47 peer-reviewed scientific papers addressing a range of key issues related to investing in gold from a Sharia and economic perspective, with a focus on jurisprudential issues, global market challenges, and regulatory legislation.
The opening session was attended by a select group of scholars, decision-makers, researchers, economists, and experts specialising in capital markets and Islamic financial jurisprudence.
Exchanging ideas and expertise
In his speech, His Excellency Professor Awad Al Khalaf, Chancellor of Al Qasimia University, expressed his deep gratitude and appreciation to His Highness the Ruler of Sharjah for his generous patronage of this conference and his continued support for the university.
Al Khalaf noted that the conference is a distinguished scientific platform for the exchange of ideas and expertise among specialists in Islamic economics and finance, particularly with regard to investing in gold as a global strategic asset. He also highlighted the benefit from best practices and experiences in gold investment, highlighting the UAE's leading role as a global gold hub.
Adhering to Islamic jurisprudential rulings
During the opening session, His Excellency Dr. Ahmed bin Abdulaziz Al Haddad, the UAE's Grand Mufti and Chairman of the Higher Sharia Authority at the Central Bank of the UAE, delivered a speech addressing the legal aspects of gold investment, emphasising the need for investors to adhere to precise Islamic jurisprudential rulings to avoid falling into legal pitfalls, particularly those related to usury and unregulated electronic transactions.
The UAE, a leading global hub for gold trade
For his part, His Excellency Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, explained that the UAE continues to consolidate its position as a leading global hub for gold trade. He presented economic data showing that the total gold trade in the UAE in 2024 amounted to more than $191 billion, a growth rate of 43% compared to the previous year. This is due to the presence of more than 5,067 companies operating in gold and precious metals sector, in addition to 57 licensed refineries operating according to strict standards that ensure responsible sourcing.
Gold, a global safe haven
For his part, David Tait, CEO of the World Gold Council, emphasised that gold remains a safe haven for investors around the world, especially in light of global market volatility and geopolitical tensions. Tait called for greater cooperation and integration among international institutions to develop regulatory policies that contribute to enhancing transparency and sustainability in this sector.
Adopting Sharia-compliant controls governing gold investment
Dr. Koutoub Moustapha Sano, Secretary General of the International Islamic Fiqh Academy, also delivered a speech in which he emphasised the importance of adopting Sharia-compliant controls governing gold investment. Sano called for the use of this type of conference to build knowledge bridges between Sharia bodies and economic centres, thus enhancing the global presence of the Islamic economy.
The conference's academic sessions were divided into six main sessions, discussing in-depth topics, most notably: the jurisprudential controls for dealing in gold and digital currencies, legal and regulatory challenges in gold trade, international experiences in responsible investment in precious metals, and the role of Islamic financial institutions in enhancing the sustainability of the gold sector.
"The Role of Gold in Economic Development"
As part of the conference's accompanying activities, the World Gold Council, in cooperation with Sharjah Centre for Islamic Economics, organised a training workshop entitled "The Role of Gold in Economic Development", which addressed key topics, including the structure of the gold market, demand for gold, and modern trends in gold investment.
Participants emphasised the importance of developing regulatory and Sharia frameworks for gold investment, calling for the continued holding of such conferences that combine academic insights with realistic analysis and serve the gold industry in accordance with Sharia guidelines. They also emphasised the important role of Sharia boards in guiding ijtihad in contemporary issues, particularly regarding investment in gold and its cryptocurrencies. They called for the provision of training and awareness programmes, the establishment of clear legal frameworks, the support of financial innovation, the unification of Sharia references, the activation of Sharia oversight, and the establishment of a technical, jurisprudential, and economic center. They also emphasised the strengthening of digital infrastructure and the implementation of the gold standard in Islamic financial institutions.
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