Latest news with #IslamicDevelopmentBankInstitute
Zawya
20-05-2025
- Business
- Zawya
Islamic Development Bank Institute releases 2024 Annual Report during IsDB Group Annual Meetings
Algiers, Algeria – The Islamic Development Bank Institute (IsDBI), the knowledge beacon of the IsDB Group, is pleased to announce the issuance of its 2024 Annual Report, officially released during the 2025 Annual Meetings in Algiers, Algeria. The Annual Report highlights the Institute's major contributions to the development of Islamic finance as a tool to foster sustainable economic progress of IsDB Member Countries and Muslim communities worldwide. Key highlights of the report include achievements in the main programs and significant progress of the Institute's flagship projects, which seek to leverage emerging technologies and Islamic finance to deliver solutions to the most pressing development challenges. The report details IsDBI's efforts in leading the transformation of the Islamic finance sector within the IsDB Special Allocation Program to Support Islamic Finance Industry. The Institute successfully approved 24 new technical assistance projects valued at US$4.17 million, the highest level since the inception of the Special Allocation Program in 2013. The Institute made significant progress in its projects integrating knowledge technologies with Islamic finance, including developing a functional demonstration of the Smart Stabilization System and transitioning the Islamic Finance Artificial Intelligence Assistant to a no-code platform. In the area of global outreach, IsDBI continued to strengthen its strategic partnerships with global and regional institutions, contributing to the delivery of major initiatives in knowledge creation and human capital development. Capacity building programs, through the multi-modal delivery of diverse training courses in Islamic finance, benefitted professionals and online learners from 130 countries. Feasibility studies were commissioned on the game-changing flagship projects, namely the Awqāf Free Zones, Smart Countertrade System and Digital Postal Islamic Financial Services. Th outcome of the studies will lead to pilots in partnership with the relevant Member Countries and industry players, before the subsequent full-scale implementation of the projects. On this occasion, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, expressed delight in the Institute's accomplishments and reaffirmed its commitment to the delivery of knowledge-based solutions to support the sustainable economic advancement of Member Countries and Muslim communities worldwide. The 2024 Annual Report is available on IsDBI website here: 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
Malaysia Sun
18-05-2025
- Business
- Malaysia Sun
19th Islamic Development Bank Global Forum to explore digital transformation, financial inclusion in Islamic finance
Jeddah [Saudi Arabia], May 18 (ANI/ WAM): The Islamic Development Bank Institute (IsDBI) announced the 19th edition of the IsDB Global Forum on Islamic Finance will be held in Algiers, Algeria, on May 20 in conjunction with the IsDB Group Annual Meetings. Organised annually as a flagship side event of the Annual Meetings, this year's Forum will bring together thought leaders, policymakers, financial experts, and other stakeholders in the Islamic finance industry to deliberate on innovative tools to foster sustainable development. Under the theme 'Digital Transformation and Financial Inclusion in Islamic Finance', this year's forum is jointly organised by IsDB Institute, Kuala Lumpur Center of Excellence, Resilience and Climate Action Department, and Treasury Department. The Forum will have two sessions. The first is a panel discussion on leveraging the potential of postal services and digital Islamic finance tools. The second session will showcase IsDB's leadership in sustainable finance and explore the integration of Islamic finance principles in existing sustainable finance frameworks. Additionally, the Forum will unveil two groundbreaking reports. The first, titled 'Islamic Finance in Central Asia', was developed in partnership with the Eurasian Development Bank. The second report, 'Islamic Microfinance Toolkit', is a collaborative effort with the IsDB Global Practice and Partnerships Directorate. (ANI/ WAM)
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:
Zawya
09-04-2025
- Business
- Zawya
First AI Hackathon on Islamic Finance: Strengthening the Adoption of Standards in Islamic Finance with Artificial Intelligence
The Islamic Development Bank Institute (IsDBI) ( is pleased to announce the launch of its First AI Hackathon on Islamic Finance, scheduled to take place from 8–10 May 2025. This pioneering event brings together students and young professionals in computer science, artificial intelligence, and finance to work on AI-powered solutions that support the adoption and implementation of selected AAOIFI Financial Accounting Standards (FAS). The hackathon aims to encourage creative and practical solutions that bring Islamic finance standards to life in a more accessible, efficient, and globally harmonized way. With cash prizes and recognition, participants will compete in teams to design impactful AI tools that improve standardization, compliance, and decision-making within the Islamic finance ecosystem. The teams will gain hands-on experience, engage with leading experts, and help shape the future of Islamic finance through innovation and purpose-driven technology. Are you ready for the AI revolution? Join us for an exciting AI Hackathon where students and professionals from the fields of computer science, AI and Finance and Accounting collaborate to develop AI-powered solutions centered around selected AAOIFI Financial Accounting Standards (FAS). This first-of-its-kind hackathon will explore how AI can be tailored to make these standards easier to implement and adopt, more comprehensive, user-friendly and globally compatible, leading to higher compliance rates and better financial decision-making in the Islamic Finance sector (financial engineering, compliance, product structuring and standardization). Why Participate? Participating in this AI Hackathon is more than just a competition—it's an opportunity to make a real impact in the evolving landscape of Islamic finance. Exciting Rewards and Recognition – Compete for prizes, gain recognition from industry leaders, and boost your career with an achievement that sets you apart. Make an Impact in Islamic Finance – Contribute to the future of financial standardization and compliance in the Islamic finance sector, helping institutions make better decisions and enhance regulatory adherence. Innovate with Purpose – Leverage AI to enhance the implementation and adoption of Islamic Financial Accounting Standards, making them more accessible, efficient, and globally compatible. Learn, Network and Showcase – Gain hands-on AI experience in Islamic finance, collaborate with industry experts, and showcase your skills to stand out in the field. Awards: First Place: 10,000 USD Second Place: 7,000 USD Third Place: 4,000 USD Who Can Participate? Students and Professionals in teams of 3-5 with required specialties in Computer Science, AI and Finance and Accounting. Evaluation Criteria and Judging Panel Your submission will be assessed based on: Accuracy and Compliance – Alignment with AAOIFI standards. Innovation and Creativity – Novel approaches to solving your own proposed challenges. AI Performance Improvement – Effectiveness in refining AI-generated outputs. User Friendliness – intuitive user experience. The Judging Panel will include experts in Islamic Finance, AAOIFI Accounting Standards and Artificial Intelligence. Frequently Asked Questions (FAQ) Can I join as an individual? You have to form a team containing at least 3 members with the required expertise in computer science, AI and finance (maximum of 5 team members). Will the hackathon be virtual or on-site? It is a hybrid format where the pre-event workshops will take place online, but the actual hackathon will be on-site, the venue will be communicated in due course. Stay Tuned for More Details! We're gearing up for an exciting AI Hackathon on Islamic Finance, and we can't wait to share more details with you! Follow us and keep an eye on our official channels, exciting announcements are coming your way! Details about registration, workshops, venue, and much more will be revealed soon! Get ready to shape the future of AI in Islamic finance! Start building your dream team for this groundbreaking hackathon! More information is available on 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
