The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org/) successfully concluded the Applied AI in Islamic Finance Competency Challenge and Awards in Baku, Azerbaijan, in collaboration with the IsDB Group Business Forum (THIQAH) and the Small and Medium Business Development Agency of Azerbaijan (KOBİA). The initiative was organized as part of the 5th IsDB Group Startups Pitch Competition under the focused category of Artificial Intelligence, FinTech, and Cybersecurity.
The awards were presented to the top three participating teams during the 20th IsDB Global Forum on Islamic Finance, held on the sidelines of the IsDB Group Annual Meetings.
The challenge brought together innovators, professionals, and emerging entrepreneurs to design practical, AI-powered solutions that address key challenges in Islamic finance while aligning with Maqasid Al-Shariah principles. Over several days, participants developed impactful concepts focused on improving financial inclusion, efficiency, transparency, and social finance delivery systems.
Following a rigorous evaluation process based on problem relevance, AI application and Shariah alignment, feasibility, impact, and presentation, the top teams were awarded as follows:
1st Place
Mr. Emin Jafar
Solution: SCMS 2.0 – A Channel-Based (B2G · B2B · B2C)
Achieved the highest overall evaluation scores across judges
2nd Place
Mr. Mohamed Khalil Ben Mohamed
Solution: Takaful AI Fund Management Platform
Recognized for strong AI integration and Shariah alignment
3rd Place
Mr. Elchin Huseynov
Solution: Smart Voucher System – Beneficiary Status Management
Noted for innovation in Zakat distribution and beneficiary lifecycle management
Commenting on the initiative, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said: “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 showcased how emerging technologies – including AI, blockchain, and advanced analytics – can transform Islamic finance by:
- Enhancing the efficiency of Zakat and social finance systems
- Ensuring fair and transparent distribution of funds
- Strengthening trust in digital financial ecosystems
- Supporting underserved and vulnerable populations
Participants demonstrated practical approaches to solving real-world problems, reinforcing the role of innovation in building a more inclusive and ethical financial future.
The challenge forms part of IsDBI’s broader efforts to promote innovation, capacity development, and the responsible adoption of emerging technologies across the Islamic finance industry.
Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).
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About the IsDB 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 https://IsDBInstitute.org/
