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LoginAwqaf General Directorate, Wahed MENA Seal MoU to Develop AI Platform for Sharia-Compliant Equity Analysis
Doha, June 10 (QNA) - The General Directorate of Endowments at the Ministry of Endowments (Awqaf) and Islamic Affairs signed a memorandum of understanding (MoU) with the global pioneering Qatar-based Wahed MENA LLC operating in Islamic fintech.
The MoU intends to advance and launch a pilot project for a smart platform that leans on AI-powered technologies to unpack Sharia-compliant equities, supporting the development of the endowment investment system and fostering the efficiency of investment decision-making.
The move is part of Awqaf's efforts to leverage cutting-edge technologies and digital innovations in developing its works and projects, in alignment with the Ministry's Strategic Plan (2025-2030), which focuses on digital transformation, leveraging AI technologies, institutional innovation, as well as improving performance efficiency and sustainability.
This collaboration combines the Sharia and investment expertise of the General Directorate of Endowments in managing endowment assets and overseeing their investments based on Islamic Sharia ethos and the regulatory frameworks in force in the State of Qatar, with the global technical expertise of "Wahed MENA " in the field of Islamic fintech.
The objective is to develop an advanced system to classify and analyze shares that are incorporated into the Qatar Stock Exchange (QSE) and evaluate their alignment with the Sharia provisions by utilizing state-of-the-art AI applications.
Overall, the platform aims to build a smarter, more efficient mechanism to unpack and classify shares, to help reinforce the accuracy of verification operations and Sharia compliance, upgrade governance and transparency in managing endowment investments, and have advanced tools in place that support investment decision-making in accordance with accurate Sharia and financial foundations.
The platform will rely on a set of modern technologies, including AI, natural language processing (NLP), and financial indicators and ratio analysis.
It will likewise feature a bilingual user interface (Arabic and English). It will also provide several advanced functionalities, including dividend screening, tracking the Sharia compliance of equities over different time periods, analyzing investment risks, and an intelligent assistant to support internal Sharia-based analysis processes.
During the signing ceremony, the Director of the Investment Department at the General Directorate of Endowments, Mohammed Abdullah Al Harmi, said the move is a crucial step in the path toward advancing endowment work.
This signing demonstrates the pivot toward leveraging cutting-edge technologies to foster endowment investment efficiency and achieve sustainability, Al Harmi suggested, noting that the coming period will require enhancing investment tools to keep up with the rapid mutations in financial markets.
As such, he added, this collaboration is intended to harness AI potential in classifying shares based on Islamic Sharia, thereby strengthening investment decisions, as well as competency and credibility in terms of evaluation and Sharia compliance screening.
Al Harmi pointed out that this partnership with Wahed MENA LLC is a consequential strategic addition, as the latter possesses global expertise and advanced technological solutions that would further foster governance and transparency, in addition to generating enduring returns that support the purposes of endowment and help deepen its development and societal impact.
This initiative, Al Harmi underlined, ushers in a new era of endowment operations that combines Sharia authenticity with technological innovation.
For his part, the Executive Chairman of Wahed MENA, Khalid Al Jassim, said this partnership underscores the company's commitment to harnessing technology in pursuit of serving Islamic funding principles.
This collaboration is a critical step toward enhancing more accurate and efficient tools to analyze investments that are compliant with Islamic Sharia, Al Jassim added.
Al Jassim further shared that the platform would contribute to providing more reliable, expandable, and seamless investment information that supports investment decisions based on advanced Sharia and technological foundations, which ultimately strengthen the leveraging of AI applications in the Islamic funding sector.
This project is a significant opportunity to assess the platform's capabilities and explore avenues for leveraging AI in supporting verification processes and Sharia analysis in sync with the State of Qatar's aspirations in the domain of digital transformation, Al Jassim said.
Notably, this project falls within the institutional development pathway adopted by Awqaf to build a smart operating framework based on emerging technologies, data, and advanced analytics to support decision-making and improve performance efficiency, in alignment with its strategic plan objectives.
It aligns with the nation's pivot toward digital transformation and a knowledge-based economy in realization of Qatar National Vision 2030.
The project also aligns with the Ministry's approach to developing endowment assets and enhancing their financial sustainability through pursuing innovative digital solutions that help achieve optimal returns for endowment beneficiaries and maximize their social impact. (QNA)
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