AI Hackathon showcases innovation in Islamic finance
The Islamic Development Bank Institute (IsDBI) has announced the winners of the first-of-its-kind Artificial Intelligence (AI) Hackathon in Islamic Finance, organised 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 May 20 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.
Recognising 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.
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 $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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Insider
4 days ago
- Gulf Insider
Pakistan To Launch Strategic Bitcoin Reserve, Says Crypto Minister
Pakistan plans to launch a national strategic Bitcoin reserve, a state minister said Wednesday at Bitcoin 2025. Bilal Bin Saqib, the special assistant to the prime minister on blockchain and cryptocurrency, made the announcement. President Trump signed an executive order in March authorizing a U.S. strategic Bitcoin reserve. A crypto advisor to the Pakistani government announced Wednesday that the country will launch a strategic Bitcoin reserve. Speaking at the Bitcoin 2025 conference in Las Vegas, Bilal Bin Saqib, the newly appointed special assistant to the prime minister on blockchain and cryptocurrency, said that Pakistan's government is 'setting up its own Bitcoin strategic reserve.' 'We are getting inspired by [the U.S. government],' the crypto-centric minister of state added. Earlier this year, President Donald Trump signed an executive order paving the way for a U.S. strategic Bitcoin reserve. He added: 'We will be holding these Bitcoins and we will never, ever sell them.' Decrypt reached out to the Pakistani government for further details, but did not immediately receive a response. Pakistan appears to be serious about Bitcoin: Just this week, the country announced that it was allocating 2,000 MW of surplus electricity to Bitcoin mining and AI data centers. The initiative is aimed at generating revenue, creating jobs, and attracting foreign investment, the government said. Bin Saqib is also an advisor to the President Trump-backed crypto project, World Liberty Financial. Under President Trump, the United States is working to help the digital asset industry by pursuing legislation and ending regulatory lawsuits against top crypto firms. The Republican campaigned on a ticket to boost the space, and received backing from crypto and tech bigwigs. President Trump promised to set up a strategic Bitcoin reserve, and in March signed an executive order to push ahead with the plan. According to Arkham Intelligence, the U.S. government already has over 198,000 BTC worth $21.2 billion in reserves—mostly from criminal seizures. El Salvador made Bitcoin legal tender after the country's president, Nayib Bukele, announced the initiative at Bitcoin 2021 in Miami. The Central American government has since bought Bitcoin for its own reserves, and now holds 6,191 BTC worth over $664 million—though the IMF is trying to get the country to stop buying BTC as part of a loan deal. Nevertheless, other countries now appear to be following El Salvador's lead.
Trade Arabia
4 days ago
- Trade Arabia
Royal Jordanian receives its first Airbus A320neo
Royal Jordanian has taken delivery of its first Airbus A320neo aircraft, leased from global lessor Avolon. This marks a key milestone in the airline's comprehensive fleet renewal programme, which will see a total of 20 A320neo Family aircraft join its fleet over the coming years. Royal Jordanian's first A320neo is configured with a 180 seat all-economy layout, designed for customer comfort and efficient operations across its regional network. Future deliveries will feature a variety of cabin configurations, from all-economy to premium layouts including lie flat beds on A321neo. The arrival of the first A320neo reinforces the long-standing partnership between Airbus and Royal Jordanian, while supporting the airline's goals of improved fuel efficiency and reduced CO₂ emissions. Passengers will enjoy an enhanced travel experience thanks to Airbus' signature Airspace cabin, including advanced full cabin lighting and larger overhead XL storage bins. The new A320neo fleet will seamlessly serve Royal Jordanian's key markets across the Middle East, Africa, and Europe, offering exceptional versatility from shorter regional flights to premium long-haul journeys.
Trade Arabia
4 days ago
- Trade Arabia
IHC makes strong mark at MIITE with $1.52bn deals
IHC, a global investment company focused on building dynamic value networks, made an impactful presence at the Make it in the Emirates (MIITE) Forum 2025 announcing 30+ strategic deals and 12 new products, factory expansions and facility launches worth AED5.6 billion ($1.52 billion). MITTE was hosted by the UAE Ministry of Industry and Advanced Technology in Abu Dhabi last week. Over four days, IHC gathered over 25 group companies under its pavilion, establishing itself as a hub of strategic deal-making and industrial leadership, with over 30 major announcements and active engagement across 27 panel sessions driving forward the UAE's future-focused agenda. Reinforcing its role as a catalyst for national progress, IHC and its group companies contributed to over AED5.6 billion in industry commitments (projected value over the next 5 years) through MoU signings, product launches, factory expansions, and new facilities. In parallel, IHC and its subsidiaries forged 107 new potential partnerships, particularly in engineering, procurement and construction (EPC), Industry 4.0, data centers, and energy transition technologies. IHC leveraged its presence at MIITE 2025 to unveil transformative technologies and announce strategic collaborations across its priority sectors. A headline initiative was the launch of the UAE's first marketplace for AI, built in the Emirates, featuring SAIF (Smart Artificial Intelligence Facilitator)—world's first AI agent designed to accelerate developer access to GPUs and large language models. Clean energy and sustainability were central to IHC's agenda this year. EPointZero, the decarbonization platform of 2PointZero, signed a landmark 1 GWh battery storage deal with Enercap by Apex Energy—one of the largest energy storage transactions globally this year. In a complementary move, Enercap also partnered with ROX Motor to power its next-generation electric vehicles with locally developed supercapacitor systems, advancing the UAE's EV manufacturing ecosystem and accelerating the transition to a circular, low-carbon economy. Aldar became the region's first developer to adopt hydrogen-based steel rebars from Emsteel, which will be used in building Abu Dhabi's first net-zero carbon mosque—marking a milestone in sustainable construction and material innovation. Further reinforcing its climate strategy, EPointZero and International Resources Holding (IRH), a mine-to-market platform under the IHC Group, signed an agreement to drive full decarbonization across IRH's global mining operations—advancing IHC's commitment to sustainable industrial transformation at scale. Further underscoring the UAE's industrial self-reliance and technological ambition, Orbitworks—the nation's next-generation satellite manufacturing venture—unveiled Altair, a 10-satellite, AI-enabled Earth observation constellation that will be assembled and integrated in Abu Dhabi. Syed Basar Shueb, CEO of IHC, said: "Our strong participation at MIITE reflects IHC's unwavering commitment to building the industries of tomorrow—industries rooted in innovation, sustainability, and national capability. Over these four days, we translated vision into action through strategic partnerships, groundbreaking platforms, and deep industrial alignment. Our strong performance in In-Country Value underscores IHC's role in advancing the UAE's localization agenda and creating long-term economic resilience. As we look to 2026 and beyond, IHC will continue to be a driving force in shaping the UAE's global competitiveness and delivering sustainable value for future generations.'' As a long-standing strategic partner of the UAE's national In-Country Value (ICV) programme, IHC demonstrated the scale of its commitment to economic localisation and industrial capacity building through several of its group companies. PureHealth, the nation's largest healthcare platform, confirmed it remains on track to meet its AED13 billion ICV-qualified spend target by 2032. Key Highlights and Announcements: • Launch of SAIF – UAE's First Marketplace for AI Solutions: IHC introduced SAIF, the world's first native AI agent, enabling faster access to GPUs and large language models through a UAE-built platform. • EPointZero Signs 1 GWh Battery Deal with Enercap: EPointZero signed one of the world's largest energy storage deals, advancing clean energy infrastructure in the UAE. • Aldar Adopts Hydrogen-Based Steel for Net-Zero Mosque: Aldar became the first regional developer to use hydrogen-based rebars from Emsteel, to build Abu Dhabi's first net-zero carbon mosque. • IHC and FAB Forge Strategic Banking Partnership: IHC signed two landmark agreements with First Abu Dhabi Bank, appointing FAB as its exclusive house bank and launching the FAB Business App across IHC portfolio companies to enhance financial integration, efficiency, and digital resilience. • Enercap and ROX Motor Launch EV Partnership: The two firms will co-develop UAE-based supercapacitor systems for next-gen electric vehicles. • Orbitworks Unveils UAE-Built Satellite Constellation: Orbitworks announced Altair, a 10-satellite, AI-enabled Earth observation fleet to be assembled in Abu Dhabi. • EPointZero and IRH Partner on Mining Decarbonization: The agreement will drive the full decarbonization of IRH's global mining operations. • NMDC Energy and Al Gharbia Sign MoU to Boost Local Pipe Manufacturing: NMDC Energy signed a strategic agreement with Al Gharbia to explore accelerated pipeline production in the UAE, supporting regional infrastructure demand and advancing local industrial capabilities. • DCV Industries and Legrand Partner on Next-Gen Data Centers: Emircom's DCV Industries signed a strategic MoU with Legrand to deliver integrated, high-performance infrastructure solutions for the next generation of data centers. • The IHC Group companies present at the MIITE 2025 included Modon, Arena, MIZA, NMDC Group, NMDC Energy, Aldar, Cloud Spaces, Aldar Education, PureHealth, Emircom, DCV Industries, Sirius International Holding, Esyasoft, Bayanat Engineering, aleria, Sand Dynamics, Trojan Construction Group, CyberGate, 2PointZero, EHC, Citadel, IRH, Al Seer Marine, Marlan Space and Orbit Works. - TradeArabia News Service
