CIBAFI and BIBF Hold Islamic Wealth Management Program

The General Council for Islamic Banks and Financial Institutions (CIBAFI), an affiliate of the Organization of Islamic Cooperation (OIC), in collaboration with the Bahrain Institute of Banking and Finance (BIBF), organized a three-day virtual training program on Islamic wealth management in the era of artificial intelligence (AI) on October 6, 2026. The program brought together representatives from OIC member states, regulatory bodies, and financial institutions to explore the integration of Sharia-compliant wealth management with AI technologies, according to the Saudi Press Agency (SPA).

Context and Background

The training program reflects the growing global interest in Islamic finance, which has seen significant expansion in recent years. CIBAFI, based in Manama, Bahrain, serves as the umbrella organization for Islamic financial institutions across the OIC member states. Its collaboration with BIBF, a leading regional training provider, underscores the importance of capacity building in emerging areas such as AI. The program aimed to equip professionals with the knowledge to leverage AI for enhancing wealth management services while adhering to Sharia principles.

Islamic finance has become a key component of the global financial system, with assets exceeding trillions of dollars. As technology continues to reshape the financial landscape, the integration of AI presents opportunities for innovation in areas such as robo-advisory, risk assessment, and portfolio management. This program is part of broader efforts to ensure that Islamic financial institutions remain at the forefront of technological advancement.

Key Details

The virtual program, held over three days, focused on developing a 90-day strategic implementation plan for adopting AI technologies. Participants examined governance frameworks, risk management strategies, and crisis preparedness, with a particular emphasis on the role of Islamic finance in building more technologically advanced and sustainable financial systems. The curriculum combined theoretical insights with practical applications, allowing attendees to explore how AI can be harnessed to improve efficiency, transparency, and customer experience in Islamic wealth management.

Representatives from regulatory and financial institutions across OIC member states participated, facilitating the exchange of best practices and fostering collaboration. The program also highlighted the importance of ethical considerations in AI deployment, ensuring alignment with Sharia objectives and broader societal benefits.

Implications and Impact

This initiative is expected to accelerate the digital transformation of Islamic financial institutions, enabling them to compete more effectively in the global market. By integrating AI, these institutions can enhance their product offerings, streamline operations, and better serve clients. The program also reinforces the OIC’s commitment to fostering economic cooperation and knowledge sharing among member states.

Furthermore, the focus on sustainability aligns with global trends toward responsible finance. Islamic finance, with its emphasis on ethical investment and risk-sharing, is well-positioned to contribute to sustainable development goals. The training program thus serves as a catalyst for innovation that benefits both the financial sector and society at large.

Vision 2030 Alignment

Saudi Arabia’s Vision 2030 places a strong emphasis on economic diversification, digital transformation, and the development of a robust financial sector. Initiatives like this training program support these goals by building human capital and promoting the adoption of advanced technologies in Islamic finance. As the Kingdom continues to lead in Islamic finance, such collaborations with regional partners like CIBAFI and BIBF demonstrate its commitment to driving innovation and excellence in the sector, contributing to a thriving and sustainable economy.

20 Questions

Q1. What was the purpose of the training program organized by CIBAFI and BIBF?

A1. The program aimed to explore the integration of Sharia-compliant wealth management with AI technologies, and to develop a 90-day strategic implementation plan for adopting AI in Islamic finance.

Q2. When and where was the program held?

A2. It was held virtually over three days, starting on October 6, 2026, organized by CIBAFI and BIBF, as reported by the Saudi Press Agency.

Q3. Who attended the training program?

A3. Representatives from OIC member states, as well as regulatory and financial institutions, attended the program, according to the Saudi Press Agency.

Q4. What is CIBAFI?

A4. CIBAFI is the General Council for Islamic Banks and Financial Institutions, an affiliate of the Organization of Islamic Cooperation (OIC) that represents Islamic financial institutions.

Q5. What is BIBF?

A5. BIBF is the Bahrain Institute of Banking and Finance, a leading training provider in the region that collaborated with CIBAFI to organize this program.

Q6. What was the focus of the 90-day strategic implementation plan?

A6. The plan focused on governance, risk management, and crisis preparedness to facilitate the adoption of AI technologies in Islamic wealth management.

Q7. How does Islamic finance benefit from AI integration?

A7. AI can enhance efficiency, risk assessment, and customer experience in Islamic finance, while ensuring compliance with Sharia principles and promoting sustainable financial systems.

Q8. Why is Sharia compliance important in wealth management?

A8. Sharia compliance ensures that financial practices align with Islamic ethical principles, avoiding interest and excessive uncertainty, and promoting fair and equitable economic activities.

Q9. What is the role of the OIC in Islamic finance?

A9. The OIC fosters cooperation among member states and supports the development of Islamic finance through initiatives like CIBAFI, promoting economic integration and knowledge sharing.

Q10. How does this program align with Saudi Vision 2030?

A10. It supports Vision 2030 by advancing digital transformation, building human capital, and enhancing the Islamic financial sector, which are key pillars of the Kingdom’s economic diversification strategy.

Q11. What are the key challenges in adopting AI in Islamic finance?

A11. Challenges include ensuring Sharia compliance, managing risks, developing governance frameworks, and building technological infrastructure and expertise within Islamic financial institutions.

Q12. How can AI improve risk management in Islamic banks?

A12. AI can analyze vast data sets to identify risks, predict market trends, and automate compliance checks, thereby enhancing risk management and operational efficiency in Islamic banks.

Q13. What is the significance of virtual training programs?

A13. Virtual programs increase accessibility, reduce costs, and allow participants from diverse locations to engage, fostering international collaboration and knowledge exchange.

Q14. What are the expected outcomes of the program?

A14. Expected outcomes include a strategic implementation plan, enhanced understanding of AI applications, and improved capabilities of Islamic financial institutions to adopt AI technologies.

Q15. How does Islamic finance contribute to sustainable development?

A15. Islamic finance promotes ethical investment, risk-sharing, and social justice, aligning with sustainable development goals by funding projects that benefit society and the environment.

Q16. What role do regulatory institutions play in this context?

A16. Regulatory institutions ensure that AI adoption complies with legal and Sharia standards, and they provide oversight to maintain stability and trust in the financial system.

Q17. How can AI enhance customer experience in Islamic wealth management?

A17. AI enables personalized advice, efficient service delivery, and innovative products like robo-advisors that adhere to Sharia principles, improving customer satisfaction.

Q18. What is the global outlook for Islamic finance?

A18. Islamic finance is growing globally, with increasing assets and acceptance in both Muslim and non-Muslim countries, driven by demand for ethical and sustainable financial solutions.

Q19. How does this program foster international cooperation?

A19. By bringing together representatives from various OIC member states, the program facilitates the exchange of best practices and collaborative efforts to advance Islamic finance.

Q20. What is the next step after this training program?

A20. Participants are expected to implement the 90-day strategic plan within their institutions, driving the adoption of AI and contributing to the modernization of Islamic finance.

---