Three projects win IsDBI's Applied AI in Islamic Finance Competency Challenge
The Islamic Development Bank Institute (IsDBI) named three winners of its Applied AI in Islamic Finance Competency Challenge on June 17 in Baku, Azerbaijan, awarding first place to a proposal for AI-driven supply chain management across government, business, and consumer channels.
The challenge ran as part of the 5th IsDB Group Startups Pitch Competition, under a track focused on artificial intelligence, fintech, and cybersecurity. IsDBI organized it with the IsDB Group Business Forum (THIQAH) and Azerbaijan's Small and Medium Business Development Agency (KOBİA). Winners were announced during the 20th IsDB Global Forum on Islamic Finance, held alongside the IsDB Group's annual meetings.
First place went to Emin Jafar for a proposal called SCMS 2.0, a channel-based supply chain management solution spanning government, business, and consumer use cases. IsDBI said the entry scored highest across judges on overall evaluation.
Mohamed Khalil Ben Mohamed placed second with a Takaful AI Fund Management Platform, an AI tool for managing Islamic insurance funds. Judges cited it for AI integration and alignment with Shariah principles.
Third place went to Elchin Huseynov for a Smart Voucher System designed to manage beneficiary status in Zakat distribution. IsDBI highlighted its approach to tracking beneficiaries through the lifecycle of aid disbursement.
Entries were judged on problem relevance, AI application and Shariah alignment, feasibility, impact, and presentation, according to IsDBI. The institute said the competition asked participants to design AI tools addressing financial inclusion, efficiency, transparency, and social finance delivery, in line with Maqasid Al-Shariah, the objectives that guide Islamic legal and ethical reasoning in finance.
"This Competency Challenge reflects IsDBI's commitment to fostering innovation and developing talent at the intersection of AI and Islamic finance," said Dr. Sami Al-Suwailem, IsDBI's acting director general, in a statement. He said the entries pointed to the potential of emerging technology to expand financial inclusion within Islamic finance.
IsDBI framed the challenge as part of a broader push to apply AI, blockchain, and data analytics to Zakat administration and other social finance systems, with stated goals including more transparent fund distribution and stronger digital trust for underserved populations.
