First Islamic Development Bank Institute Artificial Intelligence Hackathon showcases innovation in Islamic Finance
ALGIERS, Algeria / -- The Islamic Development Bank Institute (IsDBI) (www.IsDBInstitute.org) has announced the winners of the first-of-its-kind Artificial Intelligence (AI) Hackathon in Islamic Finance, organized to showcase the potential of AI-powered tools to support the progress of the global Islamic financial industry.
The awards were announced and presented to the winners during the 19th IsDB Global Forum on Islamic Finance on 20 May 2025 in Algiers, Algeria, on the sidelines of the IsDB Group Annual Meetings.
As the Islamic finance industry evolves to meet the demands of a dynamic global economy, the practical adoption and harmonization of Financial Accounting Standards (FAS) - particularly across jurisdictions - remains a challenge. At the same time, Artificial Intelligence is revolutionizing how financial services are designed, delivered, and governed.
Recognizing this opportunity, IsDBI launched the AI Hackathon to explore how emerging technologies can strengthen the adoption of Islamic finance standards, particularly those issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The Hackathon focused on developing AI-powered solutions that make these standards easier to implement, more accessible, and globally aligned.
Dr. Sami Al-Suwailem, Acting Director General of IsDBI, presented the awards to the top three winners, namely:
First Place – Khilan Team
Second Place – Al Buraq Team
Third Place – BANKAI Team
The winning projects stood out for their technical excellence, creative design, and potential for real-world application in the Islamic finance ecosystem.
In his comment on this occasion, Dr. Sami Al-Suwailem, stated: "This Hackathon reflects our commitment to advancing the Islamic financial industry using state-of-the-art technologies. We are proud to support the next generation of thinkers and builders shaping the future of Islamic finance through AI."
The Hackathon is a pioneering initiative dedicated to applying AI in solving key challenges in Islamic financial services. It highlighted the role of AI in enhancing standardization, compliance, and innovation in the US$4+ trillion Islamic finance industry. The competition brought together talented students, developers, researchers, and entrepreneurs from around the world to co-create practical, Shariah-compliant digital solutions.
The Hackathon aligns with IsDBI's strategic objectives to drive innovation, create value through knowledge-based initiatives, and foster global impact in the Islamic finance sector.
About the Islamic Development Bank Institute:
The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
2 hours ago
- Al Etihad
UAE tourism set for major expansion amid regional travel boom
4 June 2025 00:21 KHALED AL KHAWALDEH (ABU DHABI) The UAE's tourism industry is poised to see unprecedented growth, with new data from the ATM Travel Trends Report 2025 predicting robust gains across key areas, including luxury travel, business tourism, and regional sports-driven segments. Released this week in Dubai, the report presents a rosy outlook for the nation's travel sector, backed by strategic investments, rising visitor numbers, and an expanding international in partnership with Tourism Economics, the report forecasts that tourism spending across the Middle East will reach $350 billion by 2030, a 50% increase from 2024 levels. The UAE, home to two of the region's most dynamic tourism hubs, Abu Dhabi and Dubai, is expected to play a central role in this surge.'The report's findings confirm that travel growth in the Middle East is incredibly strong, with annual growth averaging more than 7% through 2030. Bold national visions, game-changing developments, and enhanced connectivity are some of the key factors driving this momentum,' said Danielle Curtis, Exhibition Director ME, Arabian Travel Market. Total tourism nights in the UAE are expected to grow by 10% in 2025 and an annualised rate of 6% to 2030, with Dubai alone projected to see a 14% increase, the report said. While Abu Dhabi's tourism nights dipped by 1% in 2024, the capital is still investing heavily in infrastructure, experiences, and luxury properties to reverse the travel to the UAE is on a strong trajectory, growing by 11% annually, while outbound travel is also rising, particularly to the UK, Thailand, and report found that visitors to the UAE are increasingly drawn by leisure (35%) and business (25%) travel, supported by improved connectivity and bold national visions. The country is also embracing travel technology: 60% of UAE travellers now trust AI to plan their trips, compared to a global average of 48%. Top Choice for Wealthy Visitors Tourism Economics found that luxury tourism remains a core driver of the UAE's appeal. The report reveals that nearly 100 out of the Middle East's over 170 luxury hotels are located in Dubai and Abu Dhabi, with 22 more currently under development. Yas Island in Abu Dhabi, for example, was highlighted as an emerging key destination for affluent travellers. The rise of high-net-worth and ultra-high-net-worth visitors to the UAE is set to fuel a broader shift in regional hospitality. The Middle East, and the UAE in particular, is attracting travellers who are not only spending more but also seeking immersive, curated experiences.'Travellers drawn to the Middle East tend to spend more on travel overall, nearly 60% habitually spending on luxury experiences while travelling compared to under 40% among travellers who favour other destinations,' added Curtis. 'Bleisure' and Sports Business travel is also booming in the UAE, with the report expecting the segment to grow 1.5 times faster than the global average through 2030. The nation's central location between Asia, Africa, and Europe, coupled with state-of-the-art infrastructure, is positioning it as a global hub for business events and has led to the emergence of the 'bleisure' trend where business trips are extended to include leisure time — especially in cities like Dubai and Abu Dhabi, where shopping, entertainment, and beach resorts offer seamless transitions between work and relaxation, the report said. Moreover, with Saudi Arabia set to host the 2034 FIFA World Cup, the entire Gulf region — including the UAE — is expected to benefit from a 63% surge in sports tourism. Golf, motorsports, football, cycling, and esports are all gaining traction across the UAE, bolstered by new venues and global tournaments. This influx is driving demand for hotels, air travel, and on-ground services, with Dubai and Abu Dhabi at the forefront of event-driven tourism.
Zawya
4 hours ago
- Zawya
Engaging Startups and Innovation at the Islamic Development Bank (IsDB) Group 2025 Annual Meetings in Algeria
The Islamic Development Bank (IsDB) Group's 2025 Annual Meetings ( reaffirmed the strategic importance of startups and youth-led innovation in driving inclusive and sustainable development. Through a series of high-impact engagements, The Islamic Development Bank Group emphasized how entrepreneurial ecosystems can address pressing global challenges while unlocking new pathways for economic transformation. 3rd IsDB Startups Innovation Pitch Competition: Catalyzing Change through Innovate Entrepreneurship Held from May 18 to 21, 2025, under the theme 'Diversifying Economies, Enriching Lives,' the 3rd IsDB Startups Innovation Pitch Competition provided a dynamic platform for emerging entrepreneurs to present innovative solutions in key sectors such as digital transformation, climate resilience, and the creative economy. The competition was preceded by a multi-day bootcamp that equipped participants with essential skills and mentorship. Notably, the event featured a strategic Innovation Lab Partnership with the Ministry of Knowledge Economy, Startups and Microenterprises in Algeria, and Algeria Venture, highlighting strong local engagement and institutional support for entrepreneurship. Innovate startups showcased their solutions to a global audience, fostering connections with investors, development partners, and policymakers. The pitch sessions not only elevated the visibility of promising ventures but also underscored the role of innovation in enhancing socio-economic resilience across IsDB member countries. Private Sector Forum: Investing in Innovation and Employment Alongside the pitch competition, the Private Sector Forum (PSF) convened key CEO's Governors stakeholders to discuss mechanisms for mobilizing private capital toward sustainable development. A central highlight was the launch of the next phase of the IsDB Group Private Sector Investment Lab, which aims to expand its membership base and scale up job creation efforts through enhanced private sectors collaboration. This initiative reflects the IsDB Group's continued commitment to bridging the financing gap for startups and SMEs while catalyzing impactful investment in high-potential sectors. Outlook: Key Focus Areas Emerging from the 2025 Annual Meetings Building on the insights and momentum from the Algeria-hosted Annual Meetings, the following areas are anticipated to shape the Bank's future direction: Startup Growth and Innovation: Continued emphasis on youth entrepreneurship as a driver of transformation, with increased support for startup ecosystems through incubation, mentorship, and financing platforms. Private Sector Engagement: A reinforced focus on enabling business environments through regulatory reforms, investment facilitation, and strategic partnerships. Climate Action and Sustainable Development: Highlighting startups advancing green technologies, clean energy, and climate-resilient solutions as vital contributors to achieving the Sustainable Development Goals (SDGs). For more information and ongoing updates on the IsDB Group's innovation and entrepreneurship programs, please visit the official websites of the: IsDB Group Annual Meetings (AM) Private Sector Forum (PSF 2025) Distributed by APO Group on behalf of Islamic Development Bank Group (IsDB Group).
The National
5 hours ago
- The National
AI defence expo: Palestine protesters interrupt former Google CEO Eric Schmidt and Navy secretary
A prominent AI conference in Washington focusing on US defence technology was interrupted by Palestine protesters for a second day on Tuesday. Former Google chief executive Eric Schmidt was speaking before hundreds of people at the AI+ Expo when demonstrators stood up and shouted at the technology tycoon: 'Shame on you! Your AI is being used in genocide!" Mr Schmidt told the moderator, not directly acknowledging the several protesters: 'Let's just wait until the audience can hear us." Mr Schmidt is also the chairman of the Special Competitive Studies Project (SCSP), which is the main organiser of the AI+ Expo. SCSP describes itself as an organisation that 'seeks to recapture the competitive mindset and unifying national mission from past eras, and then adapt them to the age of AI and 21st-century strategic rivalry'. Alphabet-owned Google, like several other US-based tech firms, has come under intense criticism for its AI-military defence contracts with Israel. On Monday, protesters interrupted US Navy Secretary John Phelan as he spoke at the conference. 'AI should not be used in genocide,' several people yelled. In both instances, demonstrators tried to unfurl Palestinian flags as people shouted allegations that AI is being used unfairly and disproportionately against Gazans. For Mr Phelan, the protesters also displayed a banner that specifically accused the AI-tech firm Palantir. 'Palantir kills in Gaza,' read the sign, which was ripped away from the protesters. The moderator of the discussion, Mike Gallagher, who is also head of defence at Palantir, decided to address the protests. 'How wonderful to live in a country where people are allowed to speak their minds and ask questions of their governments,' he said. 'Because the adversaries we're up against, whether they're genocidal communists in Beijing or Islamic jihadists in the Middle East, do not.' Demonstrators are increasingly targeting the booming AI sector. Palantir, Lockheed Martin, Booz Allen Hamilton, Google and Microsoft - which sent representatives to the event - have faced criticism from pro-Gaza protesters. In recent months, Microsoft has had its company events interrupted by demonstrators and former employees who say the company's AI tools are being used by the Israeli military in its assault on Gaza. In responding to the claims, the company recently announced an internal review had found 'no evidence' its products have been used to harm people in Gaza. That review, however, according to demonstrators, left more questions than answers. In May, Palantir's chief executive Alex Karp spent more than 10 minutes sparring with a protester over the company's AI technology being used in the Israel-Gaza war. 'Your AI technology kills Palestinians,' the protester shouted. Mr Karp quickly responded: 'Mostly terrorists, that's true.' The anger related to AI being used in military operations has shown no sign of slowing. Among those speaking at this week's AI conference is Alexandr Wang, chief executive of the increasingly powerful tech firm Scale AI. It too, has come in for criticism for its revenue generated from defence contracts. In a recent interview, Mr Wang defended his company's business model. 'We're at the brink of this incredibly powerful new technology, and the applications for national security are obvious,' Mr Wang said during a discussion at the Centre for Strategic and International Studies (CSIS) in Washington. 'It's going to be imperative for the US to stay ahead.' Israel's punishing campaign in Gaza – which followed the 2023 attacks by Hamas-led fighters on Israel that resulted in the deaths of about 1,200 people and the capture of 240 hostages – has killed at least 54,100 people and injured at least 123,208. The war has prompted heightened Islamophobia and anti-Semitism in the US.
