BisB's Sharia Supervisory Board Fatawa to Power the first AI Platform for Islamic Banking Sharia Fatawa

29-November-2023

Bahrain Islamic Bank (BisB), the leading provider of Islamic digital banking services, has announced that its Fatawa, issued by the bank's Sharia Supervisory Board, will be utilized in the development of the first AI platform for Islamic Banking Sharia Fatawa.

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.

Sh. Dr. Hamad Farooq Al-Shaikh, Secretary of the Sharia Supervisory Board and Head of Sharia Coordination and Implementation at BisB, has expressed the Bank's unwavering commitment to delivering Sharia-compliant banking services through innovation. He emphasized that the platform will rely on BisB Sharia Supervisory Board Fatawa, which have been instrumental since the bank's establishment in 1979.

"This platform represents our dedication to providing cutting-edge solutions in line with Sharia principles," stated Dr. Hamad. "We take pride in contributing to the industry by developing and issuing materials and publications that serve as references for the Islamic banking sector."

Furthermore, Dr. Hamad highlighted that BisB's Sharia Supervisory Board, along with the Sharia Coordination & Implementation Department and with the support of the Executive Management, has developed 17 publications that are widely utilized within the industry. These publications include fatwa books on transactions, introductions to Islamic transactions, and other valuable resources.

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.