IsDBI and IFE Lab Announce Winners for Best Agent-Based Simulation Application in Islamic Finance
The Institute of the Islamic Development Bank (IsDBI) (www.IsDBInstitute.org) and the Islamic Financial Engineering Laboratory (IFE Lab) announced the winners of the second edition of the International Award for Best Agent-Based Simulation (ABS) Application in Islamic Economics and Finance.
The awards, announced at an online event on December 23, 2021, aim to encourage the use of new technologies in Islamic economics and finance, in particular the use of agent-based modeling. In the second edition of the award, entries combining blockchain technology and / or smart contracts were strongly encouraged.
The first place prize went to Yousef Lamrani Alaoui for his project on Islamic crowdfunding as an alternative means of doing microfinance; Yahya Hanine and Mohamed El Moktar Malick received the second prize for their group financing project based on smart contracts; and the third prize went to Ahmed Mouad El Haloui for his work on how Islamic finance can help prevent and mitigate market distortions.
During this time, Khadija El-Hachami received the fourth prize for his contribution to an agent-based Islamic macroeconomic simulation, while Aissam Mansouri, Yassine El Idrissi, and Najlae Yacho received the fifth prize for their work on diminishing partnership for housing finance and social impact.
The ABS Prize is expected to stimulate innovation and creativity in the field of Islamic economics and finance and encourage young scholars to contribute to the advancement of the field for the benefit of their communities and IDB member countries. This year’s prizes were intended for young researchers, including current doctoral students. candidates and doctorate 2019 graduates.
Speaking at the opening session of the event, Prof. Moulay Larbi Abidi, director of the Mohammadia School of Engineering at Muhammad V University in Rabat, where the IFE laboratory is located, expressed his appreciation for the fruitful collaboration between IsDBI and Muhammad V University.
Dr Sami Al-Suwailem, The Acting Director General of IsDBI also praised the efforts of both parties to make the IFE laboratory a unique experience in the use of ABS models in the field of Islamic finance. “ABS has been applied successfully in many areas, including pandemics and other commercial applications. PhD applicants should capitalize on the potential utility of this important tool in today’s complex economies, ”added Dr Al-Suwailem.
Dr Rajae Aboulaiche, Director of IFEL, thanked the IDB for its support to the IFE Lab, and expressed confidence that the achievements of the students of the Lab will be an important contribution to research in the field of financial engineering in relation to Islamic finance.
Before the awards ceremony, Dr Kaouther Toumi, associate professor of finance at the University of Toulouse 3, France, made a presentation on the selection process of the laureates. The awards were also preceded by technical presentations on the latest developments in new technologies and their impacts on financial engineering in relation to Islamic finance.
Presentations were made by Dr Sami Al-Suwailem; Dr Anis Ben Khedher, Senior Information Solutions Specialist at IsDBI; Dr Mahmoud Sami Nabi, professor of economics at the University of Carthage, Tunisia; and Dr Boujemâa Achchab, Director of the Higher School of Education and Training, Berrechid, Morocco.
The IFE Lab is a one-of-a-kind research laboratory established in 2013 with the aim of modeling complex problems and the structuring of innovative Islamic financial products, using high performance simulation approaches such as agents and adopting new technologies such as blockchain.
Distributed by APO Group on behalf of the Islamic Development Bank Group (IsDB Group).