Latest news with #HilalHoussain
Zawya
01-05-2025
- Business
- Zawya
Islamic Development Bank Institute's Pioneering Smart Voucher System Receives Patent from United States (U.S.) Patent and Trademark Office
The Islamic Development Bank Institute (IsDBI) ( is delighted to announce that the United States Patent and Trademark Office (USPTO) has granted a patent for the Institute's groundbreaking solution, the Smart Voucher System. The Patent number 12282916 was granted on 22 April 2025. The Smart Voucher System is a blockchain-based solution designed to allow regulatory authorities to authorize selected service providers (e.g., privatized enterprises, schools, and hospitals) to provide goods or services to eligible beneficiaries. The voucher system is funded through sales tax proceeds to provide such goods and services to disadvantaged individuals, which makes the system serve as a tax-credit receipt and, subsequently, to support social impact financial instruments. The System integrates three critical functions: Financial inclusion: Enhancing access to financial tools for underserved people. Tax incentives: Facilitating tax obligations and promoting compliance through the use of vouchers. Resource mobilization: Securely allocating token-backed vouchers to support financial accessibility. The innovative integration of these key functions is unique to the Smart Voucher System. The System was originally designed and developed in 2018, based on which it was granted fintech patent number 10201908262Y by the Intellectual Property Office of Singapore (IPOS) in 2021. Both IPOS and USPTO are consistently ranked among the world's foremost intellectual property offices. In his comment on this occasion, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said: 'The issuance of this patent by the United States Patent and Trademark Office underscores the commitment of the Institute to creating pioneering fintech applications that drive inclusive social and economic development. We are working closely with our partners to capitalize on this and other patents to offer comprehensive development solutions to our Member Countries.' For more information about the Smart Voucher System, please contact Dr. Hilal Houssain (hhoussain@ Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI). 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
01-05-2025
- Business
- Zawya
IsDBI's pioneering Smart Voucher system receives patent from U.S. Patent and Trademark Office
Jeddah, Kingdom of Saudi Arabia – The Islamic Development Bank Institute (IsDBI) is delighted to announce that the United States Patent and Trademark Office (USPTO) has granted a patent for the Institute's groundbreaking solution, the Smart Voucher System. The Patent number 12282916 was granted on 22 April 2025. The Smart Voucher System is a blockchain-based solution designed to allow regulatory authorities to authorize selected service providers (e.g., privatized enterprises, schools, and hospitals) to provide goods or services to eligible beneficiaries. The voucher system is funded through sales tax proceeds to provide such goods and services to disadvantaged individuals, which makes the system serve as a tax-credit receipt and, subsequently, to support social impact financial instruments. The System integrates three critical functions: Financial inclusion: Enhancing access to financial tools for underserved people. Tax incentives: Facilitating tax obligations and promoting compliance through the use of vouchers. Resource mobilization: Securely allocating token-backed vouchers to support financial accessibility. The innovative integration of these key functions is unique to the Smart Voucher System. The System was originally designed and developed in 2018, based on which it was granted fintech patent number 10201908262Y by the Intellectual Property Office of Singapore (IPOS) in 2021. Both IPOS and USPTO are consistently ranked among the world's foremost intellectual property offices. In his comment on this occasion, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said: 'The issuance of this patent by the United States Patent and Trademark Office underscores the commitment of the Institute to creating pioneering fintech applications that drive inclusive social and economic development. We are working closely with our partners to capitalize on this and other patents to offer comprehensive development solutions to our Member Countries.' For more information about the Smart Voucher System, please contact Dr. Hilal Houssain (hhoussain@ 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:
Biz Bahrain
05-03-2025
- Business
- Biz Bahrain
CIBAFI Launches Comprehensive Report on Digital Transformation and Adaptability for Islamic Banks, Attracting Over 400 Participants
The General Council for Islamic Banks and Financial Institutions (CIBAFI) successfully launched its latest guide through a webinar titled 'Digital Momentum: Impact on Islamic Banks and Guidelines for Adaptability.' This webinar is part of CIBAFI's ongoing initiatives under its Innovation and Technology Working Group (ITWG), which was established to encourage IFIs to integrate technology into their operations. The session featured the introduction of CIBAFI's guide, Digital Momentum: Impact on Islamic Banks and Guidelines for Adaptability, which provides Islamic banks with insights and practical guidance on adopting emerging technologies in the industry. The webinar opened with welcoming remarks from Dr. Abdelilah Belatik, Secretary General of CIBAFI, and featured a speech by Dr. Hilal Houssain, Associate Manager at the Islamic Development Bank Institute, Saudi Arabia. Commenting on CIBAFI's efforts to promote innovation and technology, Dr. Belatik said: 'Digital transformation is not just an option — it is imperative for the sustainable growth of IFIs. As part of CIBAFI's commitment to technology-driven initiatives, we are pleased to publish this guide, which provides a strategic roadmap to help Islamic banks navigate their digital journey successfully.' He added, 'We hope this guide will serve as a valuable reference, supporting banks in their efforts to embrace digital transformation. Beyond providing guidance, CIBAFI is also keen to support the industry in integrating digitalization through concrete implementation initiatives that drive meaningful progress.' The session continued with a detailed presentation by Mr. Rachid Ettaai, Business Development Manager at CIBAFI, on the newly launched report. He highlighted its key strategies and recommendations. The webinar also featured an engaging panel discussion with distinguished industry experts, including Mr. Andrew Cunningham, Founder and Managing Director of Darien Analytics, UK; Dr. Okan Acar, Chief Digital Banking and Payment Systems Officer at Kuveyt Türk, Türkiye; Mr. Haroon Shahban, Director at EY Bahrain; and Mrs. Azleena Idris, Senior Director and Head of Strategy & ESG Office at Payment Network Malaysia. The panel addressed key topics such as leveraging technology for innovation in Islamic banking, building blocks for a digital transformation strategy, and emerging trends like AI, DeFi, and cryptocurrencies. They also discussed governance, risk, and compliance challenges in the digital era. This guide was developed with the support of the Islamic Development Bank Institute (IsDBI). CIBAFI acknowledges and appreciates IsDBI's contributions to advancing digital transformation in Islamic finance. CIBAFI remains committed to supporting the growth and development of the Islamic finance industry by providing thought leadership, innovative solutions, and capacity-building initiatives.
Zawya
04-03-2025
- Business
- Zawya
CIBAFI launches comprehensive report on digital transformation and adaptability for Islamic Banks, attracting over 400 articipants
Manama, Kingdom of Bahrain | The General Council for Islamic Banks and Financial Institutions (CIBAFI) successfully launched its latest guide through a webinar titled 'Digital Momentum: Impact on Islamic Banks and Guidelines for Adaptability.' This webinar is part of CIBAFI's ongoing initiatives under its Innovation and Technology Working Group (ITWG), which was established to encourage IFIs to integrate technology into their operations. The session featured the introduction of CIBAFI's guide, Digital Momentum: Impact on Islamic Banks and Guidelines for Adaptability, which provides Islamic banks with insights and practical guidance on adopting emerging technologies in the industry. The webinar opened with welcoming remarks from Dr. Abdelilah Belatik, Secretary General of CIBAFI, and featured a speech by Dr. Hilal Houssain, Associate Manager at the Islamic Development Bank Institute, Saudi Arabia. Commenting on CIBAFI's efforts to promote innovation and technology, Dr. Belatik said: "Digital transformation is not just an option — it is imperative for the sustainable growth of IFIs. As part of CIBAFI's commitment to technology-driven initiatives, we are pleased to publish this guide, which provides a strategic roadmap to help Islamic banks navigate their digital journey successfully." He added, "We hope this guide will serve as a valuable reference, supporting banks in their efforts to embrace digital transformation. Beyond providing guidance, CIBAFI is also keen to support the industry in integrating digitalization through concrete implementation initiatives that drive meaningful progress." The session continued with a detailed presentation by Mr. Rachid Ettaai, Business Development Manager at CIBAFI, on the newly launched report. He highlighted its key strategies and recommendations. The webinar also featured an engaging panel discussion with distinguished industry experts, including Mr. Andrew Cunningham, Founder and Managing Director of Darien Analytics, UK; Dr. Okan Acar, Chief Digital Banking and Payment Systems Officer at Kuveyt Türk, Türkiye; Mr. Haroon Shahban, Director at EY Bahrain; and Mrs. Azleena Idris, Senior Director and Head of Strategy & ESG Office at Payment Network Malaysia. The panel addressed key topics such as leveraging technology for innovation in Islamic banking, building blocks for a digital transformation strategy, and emerging trends like AI, DeFi, and cryptocurrencies. They also discussed governance, risk, and compliance challenges in the digital era. This guide was developed with the support of the Islamic Development Bank Institute (IsDBI). CIBAFI acknowledges and appreciates IsDBI's contributions to advancing digital transformation in Islamic finance. CIBAFI remains committed to supporting the growth and development of the Islamic finance industry by providing thought leadership, innovative solutions, and capacity-building initiatives. About CIBAFI: CIBAFI is an international non-profit organisation founded in 2001 by the Islamic Development Bank (IsDB) and a number of leading Islamic financial institutions. CIBAFI is affiliated with the Organisation of Islamic Cooperation (OIC). With more than 140 members from over 30 jurisdictions all around the world, CIBAFI is recognised as a key piece in the international architecture of Islamic finance. In its mission to support the Islamic financial services industry growth by providing specific activities and initiatives that leverage current opportunities while preserving the value proposition of Islamic finance, CIBAFI is guided by its Strategic Objectives, which are, 1) Advocacy of Islamic Finance Values and Related Policies & Regulations; 2) Sustainability and Innovation Integration; 3) Industry Research and Analysis; and 4) Professional Development. CIBAFI office is located at Deema tower, 7th Floor, Office 71, Building 657, Road 2811, Block 428, Manama, Kingdom of Bahrain.
