Islamic Development Bank Launches AI Hackathon on Islamic Finance.

Wednesday 9th April 2025

Par inAfrika Reporter

The Islamic Development Bank Institute (IsDBI) has announced the launch of its inaugural AI Hackathon on Islamic Finance, scheduled to take place from May 8–10, 2025. This unique event aims to bring together students and young professionals from the fields of computer science, artificial intelligence (AI), and finance to explore AI-driven solutions that will enhance the adoption and implementation of the AAOIFI Financial Accounting Standards (FAS).

The goal of the hackathon is to encourage participants to develop innovative AI tools that improve the standardization and compliance processes within the Islamic finance sector. With cash prizes up for grabs, the event offers an exciting opportunity for young professionals to engage with industry experts, showcase their skills, and contribute to the future of Islamic finance. The event aims to make these standards more accessible, efficient, and globally harmonized, enabling higher compliance rates and better decision-making in financial institutions.

This hackathon is not just about competition; it’s about making a real impact in the Islamic finance landscape. Participants will work in teams of 3 to 5 members, utilizing their expertise in AI and finance to develop solutions that help streamline financial processes and ensure greater regulatory adherence. The event is also an opportunity for participants to network with industry leaders, gain hands-on experience in AI applications, and potentially set themselves apart in a rapidly evolving field.

Prizes for the hackathon include $10,000 for the first-place team, $7,000 for second place, and $4,000 for third place. The judging panel will evaluate submissions based on several factors, including the accuracy and compliance of the solution with AAOIFI standards, innovation, and user-friendliness.

As the first event of its kind, the AI Hackathon is set to shape the future of Islamic finance. It offers a platform for aspiring professionals to demonstrate their skills and contribute to the future of financial standardization and compliance within the Islamic finance sector.