Islamic Development Bank Institute Kicks Off First AI Hackathon for Islamic Finance

Jeddah, April 12, 2025, The Islamic Development Bank Institute (IsDBI) has announced the launch of the first-ever Artificial Intelligence (AI) Hackathon focused on Islamic finance, to be held from May 8 to 10, 2025.

 The hackathon will gather experts and enthusiasts in computer science, AI, and finance to develop AI-powered solutions that support the application of specific Financial Accounting Standards (FAS) issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

 This pioneering initiative aims to make Islamic finance standards more accessible, efficient, and globally consistent through creative AI applications.

 Participants will compete in teams to design AI tools that enhance standardization, improve compliance, and facilitate better decision-making within the Islamic finance sector. Participants will gain hands-on experience with real-world challenges, interact with leading experts, and contribute to advancing Islamic finance through purposeful innovation.

 Submissions will be evaluated based on accuracy, compliance with Islamic finance standards, innovation, creativity, AI performance, and user-friendliness by a panel of experts in Islamic finance, AAOIFI standards, and AI. The top three winning teams will receive cash prizes: $10,000 for first place, $7,000 for second, and $4,000 for third.