• Recitation of verses from the Holy Quran
• Conference host’s keynote speech: H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa,
  Chairman, AAOIFI Board of Trustees, Kingdom of Bahrain
•  Special speech:
• Conference co-host’s keynote speech: Dr. Sami Al Suwailem, Acting Director General,
  Islamic Development Bank Institute, Kingdom of Saudi Arabia
• Welcome address: Mr. Omar Mustafa Ansari, Secretary General, AAOIFI, Kingdom of Bahrain

• Token of appreciation for guests of honour and sponsors of the conference
• Agreements / MoUs signing ceremony
• Launch of the IsDBI Traps Report

Artificial intelligence (AI) has emerged as a transformative force for Islamic finance,
particularly through its potential to drive innovation and improve operations across
different sectors within the industry. This session aims to explore the key venues of
utilising its potential in terms of economic impact and contribution to the broader
economy. Particularly, improving operations is expected to eventually help in enhancing
efficiency and Shari’ah compliance, among others. On the other hand, improving services
would allow the industry to play its rightful role in the domain of financial inclusion and
economic development.

Main topics

• Integrating AI in IFIs’ business operations and identifying the main areas and avenues for improvement (big data analytics, machine learning, automated processes, etc.).
• The role of AI in business operations such as credit evaluation of customers, risk management, internal credit ratings and fraud detection.
• The impact of AI on financial services provision and how services can be improved by integrating the same therein.
• How AI can improve interaction with customers and evaluation of customer key prospects (spending and inventing solution, etc.)
• How can AI be implemented in Shari’ah related operations and controls (example: improving Shari’ah compliance by the use of AI) and the use of AI in Shari’ah audits
• Cost and efficiency considerations and fiscal efficiency of AI in application in Islamic financial institutions.
• The challenge of embracing AI and its impact on all relevant areas including operations, human resources, financial technology, Shari’ah compliance, etc.

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With increasing presence of Artificial Intelligence in every walk of life, Islamic finance
industry is also going through a pivotal moment in the shared evolution of global finance
and business. AI is reshaping the world, revolutionising decision-making, automating
processes and unlocking new opportunities from algorithmic trading to smart risk
management and personalised banking. Yet, with these advancements come critical
ethical questions: How do we ensure fairness, transparency and accountability in AIdriven finance? How can we harness this technology to promote inclusive and sustainable
economic growth that aligns with Maqasid Al Shari’ah? This session seeks to explore these
and other pressing questions while highlighting AI’s potential role in shaping the future of
Islamic finance industry.

Main topics

• Changes in the technological environment and how Islamic finance industry shall deal
  with the same?
• Major sectors of the technological environment liable for change and the shift to real
  sector
• Potential benefits of AI (cost effectiveness, seamless operations, redundancy reduction,
  better integration, automated customer services, etc.).
• Challenges of AI taking over the service sector and its impact on general economic
  development including employment (or potential unemployment)
• The need to create economic development opportunities in light of the impact of AI on
  unemployment.
• Improving customer interaction and financial inclusion.
• Tools that Islamic finance can provide for the potential role.
• The impact of AI on financialisation / definancialisation (moving from service sector to
  real sectors).

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In an era where financial systems are rapidly evolving, the need for a deep, practical
understanding of Islamic finance, for different age groups, has never been more critical.
It is often argued that capacity building within the financial industry remains insufficient,
irrespective of the programs and academic qualifications on offer. The broader issue of
financial literacy among customers, stakeholders, and shareholders of banks is largely
overlooked. Compared to industry-focused capacity building, general financial literacy
is significantly unaccounted for. In other words, and notwithstanding certain structured
efforts and initiatives aimed at capacity building, financial literacy for the wider public
receives little attention, not to mention lack of focus.
While traditional financial literacy programs focus on basic knowledge and skills,
empowering individuals and professionals to not only comprehend Islamic finance but
to embrace its ethical principles and integrate them into daily decision-making and to
capitalise on its transformative potential. This session is set to explore strategies to elevate
Islamic financial awareness and learning beyond its classic role for the next generation
professionals and the way technology can bridge the gaps in learning accessibility. It
also discusses the means by which Islamic financial literacy and awareness can surpass
traditional capacity building initiatives and individual learning.

Main topics:

• Demystifying Islamic financial literacy.
• Why capacity building of IFIs’ human resources (those working within the Islamic
  finance sector) is not enough?
• Role of Islamic financial literacy in entrepreneurship and skill development.
• Islamic Financial literacy as a prerequisite towards financial inclusion and eventually
  towards economic development.
• Enabling adaptive learning and real-time customisation of knowledge sources.
• Islamic Financial literacy for customers and stakeholders as a means for ensuring
  Shari’ah compliance in Islamic finance.
• Significance of financial literacy for developing entrepreneurship and business startups.
• Possible tools, techniques and delivery methods for enhancing Islamic financial literacy
  for stakeholders of Islamic finance and public at large.
• Use of storytelling for real life Islamic financial literacy.
• Integrating and deployment of Islamic financial literacy at official education systems.
• The role of AAOIFI and other Islamic finance infrastructure bodies in promoting Islamic
  financial literacy.
• Conceptualisation of a practicable curriculum for mass scale Islamic financial literacy.

With Islamic banking claiming the lion’s share in terms of the financing provided to
different economic sectors, the need for enhancing awareness of the value proposition
of Islamic finance, through its other venues, by providing financing to MSMEs as a cost
effective and affordably accessible alternative to the traditional financial intermediation.
This session aims to discuss the access that can be provided to MSMEs by Islamic
capital markets through a variety of products and services, as well as, the main Shari’ah
compliant financing solutions offered to MSMEs for promoting and strengthening of
their activities. Furthermore, the session will highlight the key business and regulatory
challenges hindering a wider deployment of these techniques.

Main topics

• Shari’ah compliant MSME financing solutions: products, structures, respective benefits
  and challenges

• Why MSME finance is not a mainstream business avenue for Islamic commercial banks
  and what are the business and regulatory challenges for the same?

• Unique need and expectations of Islamic finance stakeholders regarding sustainability

• How to enhance awareness of Islamic finance among MSMEs and their access to
  finance?

•  Bridging the gap between Islamic finance and MSME financing.

• Providing MSME access to Islamic capital markets through innovative products and
  fintech (including crowdfunding and P2P financing)

• Potential outcomes of entrepreneurship development in improving private sector
  development (in particular, rural areas and agriculture / agri-based sectors).

• The need for integrated value chains and ecosystem and its impact on entrepreneurship development.

Deferred delivery sales and development contracts based on Salam and Istisna are
amongst the unique products of Islamic finance, having a significant proportion in the
Islamic finance transactions in different markets. Due to multiple unique transaction
structures based on Salam and Istisna, and certain Shari’ah compliance issues in
their implementation, this session seeks to discuss the role of these transactions as
contributors to the economic growth and development of Islamic finance market and the
broader economy. In so doing, the session strives to explore certain practicality issues and
existing market realities and challenges faced by Islamic financial institutions in catering
the financial reporting requirements for the same.

Main topics

•  Unique transaction structures of Salam and Istisna and market needs.

• Role of Salam and Istisna transactions in promoting economic development and
  spurring economic growth.

• Market applications and practices and the use of Salam and Istisna to support and
  finance the trading and export activities.

• Country experiences and application of Istisna for infrastructure projects and accompanying challenges.

• Revising existing financial accounting standards on Salam and Istisna taken into
  consideration newer market practices and updates in generally accepted accounting
  principles.

• Financial reporting challenges regarding certain essential aspects including profit
  distribution, revenue recognition over a period of time, fixed price contracts and so on.