The Islamic Development Bank Institute (IsDBI), the knowledge arm of the Jeddah-based Islamic Development Bank Group, has named the winners of its Applied AI in Islamic Finance Competency Challenge. The awards ceremony took place in Baku, Azerbaijan, during the 20th IsDB Global Forum on Islamic Finance, recognizing innovators developing practical solutions for the sector.
Quick Facts
- Competition focused on AI in Islamic Finance.
- Top three teams awarded in Baku, Azerbaijan.
- Solutions address financial inclusion and efficiency.
Fostering Innovation at the Intersection of Tech and Shariah
The challenge was organized in collaboration with the IsDB Group Business Forum (THIQAH) and the Small and Medium Business Development Agency of Azerbaijan (KOBİA). It was part of the 5th IsDB Group Startups Pitch Competition, focusing on Artificial Intelligence, FinTech, and Cybersecurity.
The initiative brought together professionals and entrepreneurs to create AI-driven solutions addressing key issues in Islamic finance, all while adhering to Maqasid Al-Shariah principles. Participants developed concepts aimed at improving financial inclusion, transparency, and the delivery of social finance. The evaluation criteria centered on problem relevance, Shariah alignment, feasibility, and overall impact.
Top AI Solutions Recognized
Following a rigorous review, three teams were awarded for their standout solutions:
- 1st Place: Mr. Emin Jafar for SCMS 2.0, a channel-based B2G, B2B, and B2C solution that received the highest scores from the judges.
- 2nd Place: Mr. Mohamed Khalil Ben Mohamed for his Takaful AI Fund Management Platform, recognized for its strong AI integration and Shariah compliance.
- 3rd Place: Mr. Elchin Huseynov for his Smart Voucher System, noted for its innovative approach to Zakat distribution and beneficiary management.
Driving a More Inclusive Ecosystem
Commenting on the initiative, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, stated, “This Competency Challenge reflects IsDBI’s commitment to fostering innovation and developing talent at the intersection of AI and Islamic finance. The quality of the solutions presented demonstrates the potential of emerging technologies to address real-world challenges and contribute to a more inclusive and impactful Islamic finance ecosystem.”
The challenge highlighted how technologies like AI and blockchain can enhance the efficiency of Zakat systems, ensure fair distribution of funds, and strengthen trust in digital financial services, ultimately supporting underserved populations.
About the Islamic Development Bank Institute (IsDBI)
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.
Source: Zawya
