CEO of Zain Saudi Arabia Sultan Al-Deghaither Passes Away

Eng. Sultan Al-Deghaither (Asharq Al-Awsat)
Eng. Sultan Al-Deghaither (Asharq Al-Awsat)
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CEO of Zain Saudi Arabia Sultan Al-Deghaither Passes Away

Eng. Sultan Al-Deghaither (Asharq Al-Awsat)
Eng. Sultan Al-Deghaither (Asharq Al-Awsat)

The CEO of Zain Saudi Arabia, Eng. Sultan Al-Deghaither, passed away on Monday, leaving behind an unforgettable legacy in the sector and the development of the digital economy.

Al-Deghaither, who served as CEO for six years, achieved the company’s financial and operational transformation by eliminating over SAR2 billion ($532.6 million) in accumulated losses and tripling its market capitalization.

The man is credited for leading many projects that enabled Zain to become the largest telecommunications company in the Kingdom. He also played a pivotal role in developing and expanding the company's networks within the Kingdom. Under his leadership, Zain Saudi Arabia succeeded in 2019 in launching the largest fifth generation (5G) network in the Middle East, Europe and Africa, and the fourth largest network in the world.

Al-Deghaither set a clear vision for Zain’s business sector, which has witnessed significant development driven by qualitative investments in innovative technologies, digital solutions and services that range from cloud computing to future 5G applications, including the Internet of Things, Artificial Intelligence, Blockchain, and drones.

Al-Deghaither managed the process of transforming Zain Saudi Arabia from a telecommunications company into an integrated system of digital services, which constituted a basis for the emergence and growth of many new technology sectors in the Kingdom.

He also served as the managing director of Tamam Finance Co. Ltd, where his expertise helped create a success story in the fintech space.

Under his leadership, Zain Saudi Arabia steered the field of sustainability at various levels. Last year, in the presence of Crown Prince Mohammed bin Salman, the company signed an agreement with the Sharek Program Center to open hyperscale data centers. It also launched the world’s first carbon-free 5G network at the Six Senses Southern Dunes desert resort in the Red Sea destination.

Ranked among the best 300 CEOs in the telecommunications sector by MENA TRNDS, Al-Deghaither held a bachelor’s degree in telecommunications and electrical engineering from King Saud University and an advanced management program degree from IESE Business School in Spain.



Doha to Host Islamic Finance Conference on April 8

The 11th Doha Islamic Finance Conference on April 8 is set to explore the development of decentralized financial platforms that align with Islamic economic principles (QNA)
The 11th Doha Islamic Finance Conference on April 8 is set to explore the development of decentralized financial platforms that align with Islamic economic principles (QNA)
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Doha to Host Islamic Finance Conference on April 8

The 11th Doha Islamic Finance Conference on April 8 is set to explore the development of decentralized financial platforms that align with Islamic economic principles (QNA)
The 11th Doha Islamic Finance Conference on April 8 is set to explore the development of decentralized financial platforms that align with Islamic economic principles (QNA)

The 11th Doha Islamic Finance Conference on April 8 is set to explore the development of decentralized financial platforms that align with Islamic economic principles.

Held under the theme ‘Integration of Blockchain and AI: The Future of Islamic Finance,’ the event will bring together a distinguished lineup of government entities, global organizations, and leading financial and academic institutions specializing in finance, economics, and technology.

Dr. Khalid bin Ibrahim Al Sulaiti, Chairman of the Organizing Committee and Vice Chairman of Bait Al-Mashura Finance Consultations, said: “The world is witnessing the trajectory of a new revolution driven by the integration of blockchain and AI, adding complexity while opening broader horizons for more efficient, transparent, flexible, and sustainable solutions.”

He added that after decades of growth, leadership, development, and innovation, Islamic finance has established itself as one of the inspiring economic models capable of adapting to global changes and has achieved a creative synergy between Shariah principles and financial innovation.

“With the emerging integration of blockchain and AI, Islamic finance stands at a historic crossroads, poised to develop a modern model for smart and sustainable Islamic finance, one that balances innovative technologies with the values of Islamic economics and enables it to compete in the digital financial world,” Al Sulaiti noted.

“Through this 11th conference, we aim to anticipate the future of Islamic finance in light of the integration of blockchain and AI by analyzing the future prospects of this technological synergy,” he said.

This includes examining Shariah rulings and regulatory challenges in a rapidly evolving digital environment and fostering innovation and creativity by adopting decentralized AI-based solutions to develop Islamic financial products, particularly endowments (Awqaf), according to Al Sulaiti.

Also, he said, the conference uniquely addresses complex topics, such as the investment opportunities for Islamic financial institutions in the gaming and e-sports sectors and explores experiences and initiatives of decentralized Islamic finance platforms built on values that enhance security and privacy.

Furthermore, it aims to identify the Shariah and legal frameworks for incorporating AI and blockchain in Islamic finance, support and protect the management of endowments (Awqaf) using decentralized AI, and unlock investment and innovation opportunities in Shariah-compliant decentralized digital gaming, the Vice Chairman said.

The conference, he added, seeks to develop decentralized Islamic finance platforms that ensure security, privacy, and augment value chains.

The event will feature discussions on major topics, including Decentralized AI: Rules and Regulations. This theme focuses on studying the impact of decentralized AI on deriving Shariah rulings and analyzing the implications for Islamic jurisprudence, particularly regarding smart contracts and issues of ambiguity (Jahala).

It also explores the role of regulatory authorities in overseeing decentralized financial operations and examines the feasibility of establishing a comprehensive legal framework for integrating these

technologies in Islamic financial institutions to ensure Shariah compliance, boost investor confidence, and enhance institutional efficiency.

The second theme, ‘the ‘Endowments (Waqf) in the Era of Blockchain and AI Integration,’ discusses the role of blockchain and AI in developing waqf products by reviewing existing initiatives and exploring mechanisms for utilizing decentralized AI to safeguard endowments and ensure their sustainability.

It also highlights the role of these technologies in enhancing humanitarian responses to crises and disasters and delves into Shariah rulings for managing smart waqf systems.

Business reports indicate a growing number of organizations seeking to integrate AI solutions into their operations, highlighting the significant impact of smart technologies on performance efficiency and revenue growth.

They also show that endowments, a cornerstone of sustainable development in Islamic societies, can greatly benefit from the integration of blockchain and AI.

The 3rd theme is about ‘The Blockchain Gaming Revolution: Rulings and Investment Opportunities’ from the perspective of Islamic finance, focusing on Shariah-compliant rulings and regulations for gaming and e-sports. It also explores the potential use of gaming for charitable purposes by analyzing real-world global examples.

The electronic gaming industry is among the fastest-growing global sectors, with market projections exceeding $280 billion by 2024 and anticipated growth to $665.8 billion by 2030.

The entry of AI and blockchain technologies into this field has created significant investment opportunities in decentralized gaming and digital sports.

The fourth theme examines the ‘Value Chains through Decentralized Finance Powered by AI’ through the development of Shariah-compliant value-based investment platforms in the context of blockchain and AI integration.

It reviews existing initiatives and proposes new ones to advance these platforms. Furthermore, it presents a vision for decentralized Islamic finance built on value chains and examines the role of these technologies in enhancing cybersecurity and data privacy protection.

With the growing interest in decentralized finance (DeFi) as an alternative to traditional systems, decentralized AI technology amplifies its significance, unlocking broader applications.

However, Islamic finance platforms in this domain remain limited and face Shariah, ethical, and legal challenges.