The 20th Islamic Banking and Finance Conference has commenced in Manama, Bahrain, marking a significant milestone in exploring the intersection of Islamic finance and artificial intelligence. The two-day event, organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in collaboration with the Islamic Development Bank Group (IsDB), brings together global experts to address the theme ‘Islamic Finance in the Era of Artificial Intelligence: Present Potentials and Future Prospects.’
Context and Background
This landmark conference arrives at a crucial moment when financial institutions worldwide are grappling with the transformative potential of artificial intelligence. Islamic finance, which manages assets exceeding $2.7 trillion globally, stands at the forefront of incorporating technological innovations while maintaining strict adherence to Sharia principles. The gathering in Bahrain, a leading hub for Islamic finance, demonstrates the sector’s commitment to embracing digital transformation.
Conference Agenda and Objectives
The comprehensive program features five specialized panel discussions led by prominent scholars and industry experts. These sessions will explore critical areas including AI integration in Islamic financial operations, regulatory frameworks, and the development of Sharia-compliant AI-driven solutions. A particular focus will be placed on supporting micro, small, and medium-sized enterprises (MSMEs) through innovative Islamic financial instruments.
Distinguished speakers will address key challenges facing the Islamic finance sector, including the need to balance technological advancement with religious compliance, data security concerns, and the development of skilled professionals capable of managing AI-driven financial systems.
Innovation and Future Impact
The conference serves as a platform for sharing best practices and identifying opportunities for collaboration between Islamic financial institutions. Participants will examine how AI technologies can enhance risk assessment, improve customer service, and streamline Sharia compliance processes. The discussions will also explore the potential for AI to expand access to Islamic financial services across developing markets.
Vision 2030 Alignment
This prestigious gathering aligns closely with Saudi Arabia’s Vision 2030 objectives of establishing the Kingdom as a global hub for Islamic finance and financial technology. The conference’s focus on AI integration and support for MSMEs reflects Saudi Arabia’s commitment to developing a diverse, technology-driven economy while maintaining Islamic principles. As the region’s largest economy, Saudi Arabia’s leadership in promoting innovative Islamic financial solutions continues to drive sector growth and development.