IsDBI Launches First AI Hackathon Focused on Islamic Finance Standards
The Islamic Development Bank Institute (IsDBI) has announced its pioneering First AI Hackathon on Islamic Finance, scheduled to take place from May 8th to 10th, 2025. This unique event invites collaboration between students and professionals in computer science, AI, and finance to develop innovative solutions supporting the adoption of key Islamic financial standards.
Innovating Islamic Finance with AI
The hackathon's core challenge revolves around using Artificial Intelligence to enhance the implementation and adoption of selected AAOIFI Financial Accounting Standards (FAS). The goal is to leverage AI to make these crucial standards more accessible, efficient, user-friendly, and globally compatible, ultimately leading to higher compliance rates and better decision-making within the Islamic finance sector (including areas like financial engineering and compliance).
Who Can Participate? (Eligibility)
The hackathon is designed for teamwork:
Teams: Must consist of 3 to 5 members.
Required Expertise: Teams need a mix of skills across Computer Science, Artificial Intelligence, and Finance/Accounting.
Participants: Open to both students and professionals in these fields.
Hackathon Details & Format
Dates: May 8th – 10th, 2025
Format: Hybrid model. Pre-event workshops will be held online. The main hackathon competition will take place on-site (venue details to be announced).
Focus: Developing AI-powered solutions centered around selected AAOIFI Financial Accounting Standards.
Why Participate? (Benefits & Awards)
This event offers more than just a competition; it's a chance to make a real impact:
Cash Prizes: Compete for awards: $10,000 USD (First Place), $7,000 USD (Second Place), and $4,000 USD (Third Place).
Recognition: Gain visibility among industry leaders in Islamic finance and AI.
Innovate with Purpose: Contribute directly to the future of financial standardization and compliance in the Islamic finance sector.
Learn & Network: Gain hands-on AI experience applied to Islamic finance, collaborate with peers, and engage with industry experts.
Showcase Skills: Demonstrate your capabilities in a rapidly growing field.
Evaluation Criteria
Submissions will be assessed by a judging panel of experts in Islamic Finance, AAOIFI Standards, and AI, based on:
Accuracy and Compliance with AAOIFI standards.
Innovation and Creativity in addressing challenges.
AI Performance Improvement (effectiveness of the AI solution).
User Friendliness and intuitive experience.
Source: Zawya