Manama: Mahmood Rafique, Editor: Bahrain Islamic Bank (BisB), a Bahrain-based Islamic digital banking services major, announced the launch of the first Artificial Intelligence (AI) platform for Islamic banking sharia fatawa issued by the bank’s Sharia Supervisory Board.
The bank in a statement, on the opening day of two-day AAOFI-IsDB Annual Islamic Banking and Finance Conference on Wednesday, said the initiative is a testimony of its focus on a continuous innovation, strong corporate governance and risk management, employee development, and the use of state-of-the-art technology to deliver superior customer service, has bolstered Bahrain Islamic Bank’s position as the leading Sharia’a–compliant major in the realm of the Islamic banking.
The platform will leverage the power of AI technology to provide easy and quick access to a comprehensive repository of Islamic banking Sharia Fatawa and decisions, utilizing over 1,800 Fatawa and Sharia decisions issued by BisB’s Sharia Supervisory Board.
“This platform represents our dedication to providing cutting-edge solutions in line with Sharia principles,” Shaikh Dr. Hamad Farooq Al-Shaikh, Secretary of the Sharia Supervisory Board and Head of Sharia Coordination and Implementation at BisB, adding that the bank’s Sharia Supervisory Board, along with the Sharia Coordination and Implementation Department and with the support of the Executive Management, has developed seventeen publications that are widely utilized within the industry. These publications include fatwa books on transactions, introductions to Islamic transactions, and other valuable resources.
“We take pride in contributing to the industry by developing and issuing materials and publications that serve as references for the Islamic banking sector.”
Dr Hamad expressed the Bank’s unwavering commitment to delivering Sharia-compliant banking services through innovation. He emphasized that the platform would rely on BisB Sharia Supervisory Board Fatawa, which has been instrumental since the bank’s establishment in 1979.
BisB’s Sharia Supervisory Board Fatwa holds immense significance as a global reference for the Islamic banking industry, as it adheres to the rigorous standards set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAIOFI) since its establishment in 1990.
Incorporated in 1979 as the first Islamic bank in the Kingdom of Bahrain, and the fourth in the GCC. Bahrain Islamic Bank (BisB) has played a pivotal role in the development of the Islamic banking industry and the Kingdom’s economy.
A steadfast focus on continuous innovation, strong corporate governance and risk management, employee development, and the use of state-of-the-art technology to deliver superior customer service, has cemented Bahrain Islamic Bank’s position as the leading Sharia’a – compliant Bank.
The Bank operates under an Islamic Retail Bank license from the Central Bank of Bahrain and is listed on the Bahrain Bourse.
