IIFA conference concludes in Dubai, issues resolutions and recommendations

DUBAI, The International Islamic Fiqh Academy, IIFA, conference concluded its 24th session in Dubai under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

The conference was hosted by the Islamic Affairs and Charitable Activities Department in Dubai, IACAD, and issued a set of recommendations on important jurisprudential issues discussed during the three-day conference.

At the end of the sessions, the academy issued nine resolutions, each of which included recommendations on the topics raised. These included smart contracts and their relation with digital currency, inflation and change in currency value, FIDIC contracts, tolerance in Islam, achieving food and water security in Islamic countries, human genome and future biomedical engineering, hedging operations in financial institutions, the role of religious education in achieving peace, and cryptocurrencies.

With regard to smart contracts and its relation with cryptocurrencies, the academy issued resolution no. 230 (1/24), which reaffirmed the findings of the academy's previous resolution on the Sharia provision of writing contracts using new technologies.

The academy's resolution no. 231 (2/24) on inflation and change in currency value reaffirmed its previous resolution on low inflation. It left the estimation of excessive inflation to either mutual consent, judiciary or arbitration. The academy reaffirmed its previous recommendation to all Islamic governments in its resolution no. (12/9/115), which included 12 points.

Regarding the FIDIC contracts, the academy's resolution no. 232 (3/24) defined the concept of FIDIC contracts. It noted that these contracts are jurisprudentially permitted, if they comply with Sharia provisions and regulations, as is the case with the contract of Istisna' and Ijarah (leasing), as well as contracts in which consent to change of the contract is altered at the time of its entry.

The academy's resolution no. 233 (4/24) on tolerance in Islam, and its social and international ramifications, reaffirmed the recommendations previously issued by the academy's council, which calls for peaceful coexistence.

The academy's resolution no. 234 (5/24) on food and water security discussed the meaning of both concepts and included recommendations that stressed the need for governments of Islamic countries to put the issue at the forefront of their policies.

The resolution no. 235 (24/6) on the human genome and future biomedical engineering emphasised the recommendation of the 21st session of the International Islamic Fiqh Academy conference. It is permitted to allow genome editing technology if approved by relevant medical authorities, and only if it is used for medical purposes, which prevent and cure genetic diseases.

Resolution no. 236 (7/24) on the role of religious education in promoting peace and caring of the Holy Quran and Sunnah, noted the importance of organising regional and sub-regional conferences and seminars to enhance the role of religious education in achieving peace.

Resolution no. 237 (8/24) deliberated cryptocurrencies, its methods, as well as the risks they pose. It also deliberated dealing with cryptocurrencies through online platforms or brokers.

Resolution no. 238 (9/24) on hedging in Islamic financial institutions, mentioned the recommendations issued by the academic seminar conducted by the academy on this matter. The resolution reaffirmed the academy's resolutions on hedging in financial transactions in its 23rd session.

The full resolutions and recommendations of the IIFA Conference are available on the IACAD website: www.iacad.gov.ae

Source: Emirates News Agency