As Part of its Participation as Gold Sponsor of AAOIFI Conference 2024 BisB Launches “BisB Sharia’a AI “for Islamic Fatwas

03-November-2024

Bahrain Islamic Bank (BisB), the leading provider of innovative Islamic financial solutions for simplifying money matters in the Kingdom of Bahrain, announced the launching the trial version of its specialised Artificial Intelligence “BisB Sharia’ AI” for Islamic fatwas at the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Conference.

The solution will offer seamless access to Sharia’a rulings on Islamic financial transactions, built on more than 1,800 fatwas and verdicts issued by the Bank’s Sharia’a Supervisory Board since 1979 till now.

The launch announcement comes in parallel with BisB’s participation as the Gold Sponsor of AAOIFI Conference, which is scheduled to take place on the 3rd and 4th of November. The event will gather prominent industry figures, decision-makers, scholars, and policymakers to explore ways to enhance Sharia’a governance, financial reporting standards, and innovation in Islamic finance.

Ms. Fatema AlAlawi, Acting Chief Executive Officer of BisB said, “We are delighted to be the Gold Sponsor of the AAOIFI conference and launch the trial version of “BisB Sharia’a AI “for Fatwa solution at this important forum, which we believe will be a turning point for our sector. This platform provides precise and immediate guidance to students and researchers. By merging AI technology with Islamic jurisprudence, it empowers the industry by simplifying access to complex laws, enhancing institutional cooperation, and promoting greater awareness of Islamic financial practices.

“BisB Sharia’a AI “is designed to provide interactive and convenient Sharia’a consultations to specialists and general users alike. Through a range of tools, including project-specific templates, team collaboration capabilities, and advanced query functionalities, it aims to facilitate unhindered availability of rulings governing Islamic banking.

BisB’s introduction of this cutting-edge solution underscores its dedication to strengthening the Islamic financial services sector through modernisation and impactful partnerships, reinforcing Bahrain’s position as a regional hub for excellence.