BAKU, Azerbaijan, June 18. The Islamic
Development Bank Institute (IsDBI) 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.