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.

 

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, a statement said. - TradeArabia News Service