AI Hackathon Sparks Breakthrough Solutions for Global Islamic Finance Standards

Islamic Development Bank Institute Launches First AI Hackathon in Islamic Finance

The Islamic Development Bank Institute (IsDBI) recently concluded its inaugural Artificial Intelligence (AI) Hackathon focused on Islamic Finance. The event aimed to demonstrate how AI-driven tools can advance the global Islamic financial industry by simplifying the adoption of key financial standards.

The winners were announced on 20 May 2025 during the 19th IsDB Global Forum on Islamic Finance in Algiers, Algeria, coinciding with the IsDB Group Annual Meetings. This event brought together innovators dedicated to creating solutions that address challenges in Islamic finance.

Addressing Challenges in Islamic Finance Standards

Islamic finance continues to grow within a dynamic global economy, but the harmonization and practical application of Financial Accounting Standards (FAS) across different jurisdictions remain difficult. Meanwhile, Artificial Intelligence is transforming financial services by improving how they are designed, delivered, and managed.

Recognizing this, IsDBI launched the AI Hackathon to encourage the development of AI-powered solutions that help implement Islamic finance standards more effectively. The focus was particularly on standards set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), aiming to make them more accessible and consistent worldwide.

Winners and Their Contributions

The top three teams demonstrated strong technical skills and innovative approaches that could be applied within the Islamic finance ecosystem:

• First Place: Khilan Team
• Second Place: Al Buraq Team
• Third Place: BANKAI Team

Dr. Sami Al-Suwailem, Acting Director General of IsDBI, presented the awards and highlighted the institute's commitment to supporting forward-thinking talent that leverages AI to advance Islamic finance.

Driving Practical AI Solutions for Islamic Finance

This Hackathon represents a focused effort to apply AI to key issues in Islamic financial services. It showcased how AI can improve standardization, ensure compliance, and foster innovation within a market valued at over US$4 trillion.

Participants included students, developers, researchers, and entrepreneurs from around the world collaborating to create Shariah-compliant digital solutions with practical applications.

The initiative aligns with IsDBI’s goals to promote innovation, generate value through knowledge, and create global impact in Islamic finance.

For finance and IT professionals interested in AI applications in finance, exploring relevant AI courses can provide valuable skills. Resources like AI tools for finance and AI certification programs offer practical pathways to deepen expertise in this evolving field.