Knowledge Solutions

The Institute leverages its intellectual capital and collaborations to develop knowledge-based and innovative solutions guided by the principles of Islamic economics, to enable sustainable development in Member Countries. The Knowledge Solutions (KS) Team is engaged with the activities of the Institute geared towards developing knowledge-based and innovative solutions.

The mandate of the KS Team is to develop and implement knowledge-based and innovative solutions covering financial technologies, Islamic finance grants, and knowledge management solutions. The Team facilitates the Institute’s objective of providing the IsDB Group and its MCs with knowledge-based and innovative cutting-edge digital solutions to address economic and financial challenges and contribute towards the achievement of the SDGs.

Th​e key responsibilities of the KS Team include:

  • Leading the design and structuring of knowledge-based and innovative solutions to development challenges of MCs in line with the principles of Islamic economics and finance.​
  •  Synergizing knowledge technologies with Islamic finance using emerging technologies like blockchain, artificial intelligence, etc.
  •  Serving as a focal point and knowledge hub for knowledge management and innovative technologies for the IsDB Group & MCs.
  •  Overseeing and coordinating the provisioning of intellectual property protection for the Institute’s knowledge-based and innovative solutions by way of patents and similar means, and to capitalize on these patents to ensure the financial sustainability of the Institute.​​

Islamic Fintech Industry-focused Grants

The Islamic Finance Grants (IFG) Program is aimed at supporting the development of an enabling environment for the provision of Islamic financial services. IsDBI is providing grants in cross-cutting areas among the different IsDBI teams.

The KS Team is engaged in areas related to fintech and digital transformation of the Islamic finance industry, and the digital economy.

The KS Team is currently engaged in the following IFG projects which capitalize on the IsDBI patents:

  • Digital Postal Islamic Financial Services
  • Awqaf Free Zones
  • Digital Transformation of the Islamic Financial Industry
  • Smart Countertrade System

Islamic Finance Knowledge Pavilion

The Islamic Finance Knowledge Pavilion Marketplace project aims to streamline, optimize and automate the Islamic finance grant program. It also seeks to create an Islamic finance marketplace to connect clients in need of Islamic finance, fintech and development services and suppliers (institutions, consultants and experts) providing these services.

Patent Application and Management

IsDBI is seeking to partner with technology organizations to commercialize its patents. IsDBI has obtained three fintech patents, granted by the Singapore Intellectual Property Office. A fourth patent application is pending. Here is a brief description of the products:

  1. Smart Credit Management System

This is a blockchain-based system that integrates:

‣ Credit information and history

‣ Credit rating

‣ Credit insurance

‣ Credit incentives (pecuniary and non-pecuniary) to debtors to pay on time

‣ Verification incentives of the blockchain network.

SCMS integrates these components seamlessly and efficiently. The integration provides synergies that would not be possible if each component were implemented separately.

  1. Smart Voucher

This blockchain-based voucher allows a regulatory authority to authorize selected goods and/or service providers (e.g., privatized enterprises, schools, and hospitals) to provide selected goods and/or services to eligible parties (e.g. beneficiaries). This can be funded through sales tax proceeds to provide such goods and/ or services to disadvantaged groups or individuals, which makes SV serve as a tax-credit receipt, and subsequently, as a social impact bond.

  1. Proof-Of-Use

This is a method and system for transaction validation in a Distributed Ledger Technology (DLT) such as a blockchain network. The method is based on reciprocity: members validate the transactions of other members in return for others validating theirs. In this manner, only members who use the network to validate their transactions will have the right to validate others’ transactions, and members are incentivized to offer reciprocal verification services in order for the DLT system to be sustainable, hence the name: Proof-of-Use.

  1. Smart Stabilization System (Patent Pending)

The Smart Stabilization System (SSS) is an algorithm to maintain the financial stability of organized financial markets in MCs. The algorithm also helps in establishing stable coins in a sustainable and efficient manner. The Patent for the SSS is still pending.

Islamic Finance Emerging Technology-based Knowledge Solutions

The KS Team is working on implementing emerging technologies for the IsDBG and the Islamic finance industry to transfer knowledge into learning using the latest innovative AI technologies such as using a Large Language Models to build an AI Assistant for IsDBG Knowledge.

The KS Team is engaged in managing several corporate knowledge solutions initiatives including but not limited to:

  • Project Management Centers for the IsDBI

The PM Centers within the IsDBI aims to facilitate the management of the effective implementation of projects to ensure meeting client requirements. It is used to enable the Project Management processes (project creation, management, and closing).

  • IsDB Prize Platform

The IsDB Prize platform provides the general public with the service to register an account and submit a nomination. Furthermore, the platform provides the IsDB and external-related Committees with access to evaluate the nominations and award the winners.

Information on the IsDB Prize can be accessed on this link:https://prize.isdbinstitute.org/

  • Back to Office Report Center

​​IsDB Group (IsDBG) Back-To-Office Report Center (BTOR) provides IsDBG staff with a collaborative knowledge platform to create BTORs in relation to their conducted missions. It also​ allows the staff to explore the captured knowledge during these missions in terms of Lessons Learned, Recommendations, Follow-up Actions, Issues, and more​.

We would be pleased to hear from you with any questions, comments, or suggestions you may have. Email us at: [email protected]

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