UAE-based Islamic bank DIB has entered into a strategic collaboration with HCLTech to support the adoption of AI across its ecosystem.
By teaming up with HCLTech, DIB supports its commitment to further improving Islamic finance through responsible modernisation. As part of this initiative, DIB is set to utilise HCLTech’s Advanced AI capabilities, including AI Advisory, and global partnerships with technology providers to effectively launch AI.
Embedding AI in Islamic finance
Integrating intelligence across its operations will enable DIB to offer tailored customer experiences, improve decision-making, simplify processes, and solidify risk and compliance frameworks. The move underlines the bank’s mission to support innovation across the sector through integrity and ensuring that AI adoption within Islamic finance is responsible, transparent, and in compliance with Shariah principles. Talking about the partnership, representatives from DIB emphasised that the collaboration with HCLTech advances the financial institution’s vision of an AI-powered future that, in addition to augmenting the customer experience, also solidifies its governance frameworks.
Adding to this, they stated that the move reflects the bank’s certainty that AI, when used responsibly, can reinvent banking into a more inclusive and future-ready ecosystem. Utilising HLCTech’s full-stack AI portfolio and domain expertise will allow DIB to scale operational efficiency and offer solutions that meet the needs, demands, and preferences of its customers.
Moreover, as the two organisations start working on their strategic plans, they intend to redefine ways in which AI is embedded within Islamic banking, where technology and trust lead to the development of a more inclusive and sustainable financial landscape.
AI applied to the banking sector
According to recent data from IBM, AI’s significance in the banking industry is rapidly scaling, with the technology being leveraged to support international operations and customer-facing applications. Through it, financial institutions are optimising a variety of capabilities across the front, middle, and back office, such as customer service, fraud detection, wealth management, and regulatory compliance.
Traditionally, financial service providers have not been open to innovation; however, the rapid expansion of the fintech sector and the need to remain competitive, led them to embrace technology across their operations. They’ve started to apply AI to improve digital banking experiences, which customers now expect. Additionally, AI enables customers to optimise decision-making about financial matters, with the likelihood of them staying with banks that leverage AI technology being higher.
Considering industry regulations, banks and financial services providers need to implement a strategy for approaching AI, as utilising it requires a plan and framework that can maximise business value while reducing risk.
