Latest news with #DrSamiAlSuwailem
Zawya
2 days ago
- Business
- Zawya
Islamic Development Bank Institute Engages Global Stakeholders to Advance Islamic Finance during Group Annual Meetings in Algiers
The Islamic Development Bank Institute (IsDBI) ( has reinforced its leadership in Islamic finance by engaging with key stakeholders in a series of high-level bilateral meetings during the 2025 IsDB Group Annual Meetings in Algiers, Algeria. These strategic engagements underscore IsDBI's commitment to fostering collaboration, innovation, and sustainable development across its Member Countries. Led by Dr. Sami Al-Suwailem, Acting Director General, the IsDBI team included Mr. Mohammad Khalid Jawahir, Senior Islamic Finance Specialist; Dr. Hylmun Izhar, Senior Research Economist; and Dr. Wejdan Kenali, Senior Editor. The IsDBI's agenda focused on advancing partnerships, capacity development, and knowledge-driven solutions in Islamic finance. Strengthening Global Partnerships Key engagements included a meeting with the Securities Commission Malaysia, represented by Mrs. Sharifatul Hanizah, Executive Director, Islamic Capital Market and Mr. Hamzil Mohamadan, Head ICM Strategic Affairs, to explore collaboration in Sukuk, Awqaf, and sustainability initiatives. Discussions with Islamic Financial Services Board (IFSB) officials, Dr. Ghiath Shabsigh, Secretary General and Dr. Abdullah Haron, Deputy Secretary General, centered on Islamic finance laws and regulations and leveraging artificial intelligence to enhance financial infrastructure. The IsDBI team also met with Atlantic Group, a leading pan-African conglomerate, led by Mr. Léon Konan Koffi, Chairman of the Board, focusing on the development of internal Shariah-compliant financial capabilities to support the Group's expansion. A session with the Eurasian Development Bank, represented by Mr. Ruslan Dalenov, Deputy Chairman of the Management Board, addressed the introduction of Shariah-compliant financial instruments in Central Asia, promoting financial inclusion and economic diversification. Advancing Social Finance and Capacity Building The IsDBI also met with IFAAS CEO and founder, Mr. Farrukh Raza where discussions centered on capacity building programs and the applications of Islamic finance principles. A meeting with Mr. Zeinoul Abedien Cajee, Deputy Secretary General of the World Zakat and Waqf Forum, and CEO of Awqaaf South Africa, stressed on the importance of Islamic social finance and innovative technologies, such as blockchain, to enhance waqf management. Engagement with Mr. Abdou Karim Diaw, National Coordinator of Senegal's PROMISE program, focused on capacity-building initiatives in Islamic microfinance to drive financial inclusion in underserved communities. Promoting Innovation and Knowledge Sharing The delegation from Bank Negara Malaysia, led by Ms. Nurul Izza Idris, Director of the Islamic Finance Department, exchanged insights on capacity building, digital payment innovation, and enhanced cooperation with Central Asian Member Countries. A meeting with the Participation Banks Association of Türkiye (TKBB), represented by Ms. Fatma Çınar, Deputy Secretary General of TKBB and Mr. Ömer Karakuş from the Katılım Finans Kefalet (Islamic Credit Guarantee Fund), included discussions on Türkiye's experiences in credit guarantees, digital transformation, and sustainability reporting, with an emphasis on knowledge sharing. Supporting Regulatory Development and Strategic Planning Engagements with H.E. Sheku A. Fantamadi Bangura, Minister of Finance and IsDB Governor for Sierra Leone, and H.E. Hassan Miras, Deputy Minister of Finance and Acting IsDB Governor for the Republic of Maldives, focused on developing national Islamic finance strategies, regulatory frameworks, and capacity-building programs. Meetings with Dr. Mohamed Abouzain, General Manager of Algeria's National Office of Awqaf and Zakat, and Dr. Ahmed Lamine Athié, Director General of Senegal's Haute Autorité du Waqf (HAW), addressed long-term strategic planning and public awareness for waqf management. Fostering Innovation for Economic Growth A session with Mr. Adam Roble, Managing Director of the Somali Development and Reconstruction Bank, explored innovative Islamic finance instruments to support agriculture and SMEs, including risk-sharing solutions and e-commerce integration. 'These strategic meetings reflect IsDBI's unwavering commitment to knowledge-based development, financial inclusion, and the use of Islamic finance as a driver of sustainable economic progress across the Member Countries and Muslim communities worldwide,' said Dr. Sami Al-Suwailem, Acting Director General of IsDBI. The IsDB Institute remains dedicated to building robust partnerships and advancing the Islamic finance ecosystem for the benefit of all its Member Countries. Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI). Social media handles: X (Twitter): Facebook: LinkedIn: 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, knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on
Zawya
3 days ago
- Business
- Zawya
IsDBI engages global stakeholders to advance Islamic finance during group Annual Meetings in Algiers
Jeddah, Saudi Arabia – The Islamic Development Bank Institute (IsDBI) has reinforced its leadership in Islamic finance by engaging with key stakeholders in a series of high-level bilateral meetings during the 2025 IsDB Group Annual Meetings in Algiers, Algeria. These strategic engagements underscore IsDBI's commitment to fostering collaboration, innovation, and sustainable development across its Member Countries. Led by Dr. Sami Al-Suwailem, Acting Director General, the IsDBI team included Mr. Mohammad Khalid Jawahir, Senior Islamic Finance Specialist; Dr. Hylmun Izhar, Senior Research Economist; and Dr. Wejdan Kenali, Senior Editor. The IsDBI's agenda focused on advancing partnerships, capacity development, and knowledge-driven solutions in Islamic finance. Strengthening Global Partnerships Key engagements included a meeting with the Securities Commission Malaysia, represented by Mrs. Sharifatul Hanizah, Executive Director, Islamic Capital Market and Mr. Hamzil Mohamadan, Head ICM Strategic Affairs, to explore collaboration in Sukuk, Awqaf, and sustainability initiatives. Discussions with Islamic Financial Services Board (IFSB) officials, Dr. Ghiath Shabsigh, Secretary General and Dr. Abdullah Haron, Deputy Secretary General, centered on Islamic finance laws and regulations and leveraging artificial intelligence to enhance financial infrastructure. The IsDBI team also met with Atlantic Group, a leading pan-African conglomerate, led by Mr. Léon Konan Koffi, Chairman of the Board, focusing on the development of internal Shariah-compliant financial capabilities to support the Group's expansion. A session with the Eurasian Development Bank, represented by Mr. Ruslan Dalenov, Deputy Chairman of the Management Board, addressed the introduction of Shariah-compliant financial instruments in Central Asia, promoting financial inclusion and economic diversification. Advancing Social Finance and Capacity Building The IsDBI also met with IFAAS CEO and founder, Mr. Farrukh Raza where discussions centered on capacity building programs and the applications of Islamic finance principles. A meeting with Mr. Zeinoul Abedien Cajee, Deputy Secretary General of the World Zakat and Waqf Forum, and CEO of Awqaaf South Africa, stressed on the importance of Islamic social finance and innovative technologies, such as blockchain, to enhance waqf management. Engagement with Mr. Abdou Karim Diaw, National Coordinator of Senegal's PROMISE program, focused on capacity-building initiatives in Islamic microfinance to drive financial inclusion in underserved communities. Promoting Innovation and Knowledge Sharing The delegation from Bank Negara Malaysia, led by Ms. Nurul Izza Idris, Director of the Islamic Finance Department, exchanged insights on capacity building, digital payment innovation, and enhanced cooperation with Central Asian Member Countries. A meeting with the Participation Banks Association of Türkiye (TKBB), represented by Ms. Fatma Çınar, Deputy Secretary General of TKBB and Mr. Ömer Karakuş from the Katılım Finans Kefalet (Islamic Credit Guarantee Fund), included discussions on Türkiye's experiences in credit guarantees, digital transformation, and sustainability reporting, with an emphasis on knowledge sharing. Supporting Regulatory Development and Strategic Planning Engagements with H.E. Sheku A. Fantamadi Bangura, Minister of Finance and IsDB Governor for Sierra Leone, and H.E. Hassan Miras, Deputy Minister of Finance and Acting IsDB Governor for the Republic of Maldives, focused on developing national Islamic finance strategies, regulatory frameworks, and capacity-building programs. Meetings with Dr. Mohamed Abouzain, General Manager of Algeria's National Office of Awqaf and Zakat, and Dr. Ahmed Lamine Athié, Director General of Senegal's Haute Autorité du Waqf (HAW), addressed long-term strategic planning and public awareness for waqf management. Fostering Innovation for Economic Growth A session with Mr. Adam Roble, Managing Director of the Somali Development and Reconstruction Bank, explored innovative Islamic finance instruments to support agriculture and SMEs, including risk-sharing solutions and e-commerce integration. 'These strategic meetings reflect IsDBI's unwavering commitment to knowledge-based development, financial inclusion, and the use of Islamic finance as a driver of sustainable economic progress across the Member Countries and Muslim communities worldwide,' said Dr. Sami Al-Suwailem, Acting Director General of IsDBI. The IsDB Institute remains dedicated to building robust partnerships and advancing the Islamic finance ecosystem for the benefit of all its Member Countries. 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, knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on Social media handles: X (Twitter): Facebook: LinkedIn:
Trade Arabia
27-05-2025
- Business
- Trade Arabia
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.
Finextra
27-05-2025
- Business
- Finextra
IsDBI announces winners of AI hackathon for 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, organized to showcase the potential of AI-powered tools to support the progress of the global Islamic financial industry. 0 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.
Zawya
27-05-2025
- Business
- Zawya
First Islamic Development Bank Institute Artificial Intelligence Hackathon showcases innovation in Islamic Finance
ALGIERS, Algeria / -- The Islamic Development Bank Institute (IsDBI) ( 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.
