Latest news with #IsDBI
Trade Arabia
4 days ago
- 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
4 days ago
- 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
4 days ago
- 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.
Zawya
4 days ago
- Business
- Zawya
First Islamic Development Bank Institute (IsDBI) Artificial Intelligence (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, 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: 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. Learn more about the IsDBI Hackathon: 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, and 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
Web Release
23-05-2025
- Business
- Web Release
The $6bn opportunity: How Islamic Finance could reshape Central Asia's Financial Landscape
The Eurasian Development Bank (EDB), the Islamic Development Bank Institute (IsDBI), and the London Stock Exchange Group (LSEG) have published a joint report on the future of Islamic finance in Central Asia. The report was unveiled during the 19th IsDB Global Forum on Islamic Finance: Digital Transformation and Financial Inclusion, held as part of the Islamic Development Bank (IsDB) Annual Meeting and Global Forum for Islamic Finance in Algiers, Algeria. Central Asia, the EDB's core region of operations, comprises five rapidly evolving economies—Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. With a population of 80 million people (a 40% increase since 2000) and an annual growth rate of 2%, the region is experiencing robust economic expansion. In 2024, the aggregate GDP of Central Asia reached $519 billion, having grown at an average nominal rate of 6.4% over the past two decades. Foreign trade turnover has surged ninefold since 2000, while foreign direct investments have increased 17 times, outpacing growth in many other developing regions. Despite this progress, Islamic finance remains underdeveloped in Central Asia. The region currently hosts only 18 Islamic banks and 14 non-banking financial institutions, alongside limited Islamic banking windows. In 2023, total Islamic finance assets in Central Asia stood at $699 million, representing just 0.01% of the global Islamic finance market—despite the fact that 85% of the region's population is Muslim. The report highlights significant growth potential for Islamic finance in Central Asia over the next decade, particularly in Islamic banking and the sukuk market. Key projections include: · Islamic banking assets are expected to rise to 2.5 billion by 2028 and 6.3 billion by 2033. · The sukuk market is forecast to expand to 2.05 billion by 2028 and 5.6 billion by 2033, with key opportunities in energy, transport & logistics, industry, food security, and social infrastructure. Kazakhstan is anticipated to lead this growth, followed closely by Uzbekistan, given their strong banking sectors, favorable demographics, and economic trajectories. The report provides actionable insights to accelerate the adoption of Islamic finance in Central Asia, including: · Regulatory harmonization to facilitate cross-border Sharia-compliant transactions. · Capacity building to enhance expertise in Islamic finance among regulators and financial institutions. · Product innovation to expand offerings beyond traditional banking. · Awareness campaigns to promote Islamic finance among businesses and consumers. · Strengthening Partnerships for Islamic Finance Advancement. This collaboration underscores the shared commitment of the EDB, the IsDBI and the LSEG to foster Islamic finance in Central Asia. By combining their expertise, the institutions aim to support the region's financial sector development through best practices, innovative solutions, and strategic investments. The full report is available for download on the websites of Eurasian Development Bank's Think Tank. The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For more than 18 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. By 2025, the EDB's cumulative portfolio comprised 305 projects with a total investment of US $16.5 billion. *Source: AETOSWire
