Doha: The General Directorate of Endowments at the Ministry of Endowments (Awqaf) and Islamic Affairs has entered into a memorandum of understanding (MoU) with Qatar-based Wahed MENA LLC, a leader in Islamic fintech, to develop a pioneering AI platform for Sharia-compliant equity analysis.
According to Qatar News Agency, the MoU aims to initiate a pilot project that will utilize AI technologies to evaluate Sharia-compliant equities, supporting the endowment investment system and enhancing investment decision-making efficiency. This collaboration is a part of Awqaf's strategy to integrate digital innovations and cutting-edge technologies into its operations, aligning with the Ministry's Strategic Plan (2025-2030) which emphasizes digital transformation and AI utilization.
The partnership merges the Sharia and investment expertise of the General Directorate of Endowments in managing assets with Wahed MENA's global technical expertise in Islamic fintech. The goal is to create an advanced system to classify and analyze stocks within the Qatar Stock Exchange (QSE) for Sharia compliance using AI applications.
The platform is designed to offer a smarter mechanism for share classification, ensuring accuracy in Sharia compliance verification, and enhancing governance and transparency in managing endowment investments. It will also provide advanced tools to support investment decision-making in line with Sharia and financial principles.
The technological framework of the platform will include AI, natural language processing (NLP), and financial ratio analysis, featuring a bilingual interface and functionalities like dividend screening and investment risk analysis. An intelligent assistant will support internal Sharia-based analysis processes.
Mohammed Abdullah Al Harmi, the Director of the Investment Department at the General Directorate of Endowments, highlighted the importance of this initiative for advancing endowment work. He emphasized the necessity of adopting cutting-edge technologies to boost investment efficiency and sustainability, given the rapid changes in financial markets.
Al Harmi noted that this strategic partnership with Wahed MENA LLC, known for its global expertise and advanced solutions, will enhance governance, transparency, and yield sustainable returns, fortifying the impact and development of endowments.
Khalid Al Jassim, the Executive Chairman of Wahed MENA, reiterated the company's commitment to leveraging technology to support Islamic funding principles. He emphasized that the collaboration will enhance tools for Sharia-compliant investment analysis, contributing to reliable and seamless investment information that supports decision-making.
Al Jassim also pointed out that the project is a significant opportunity to assess the platform's capabilities, aligning with Qatar's aspirations for digital transformation. It supports Awqaf's strategic objectives of building a smart operating framework based on emerging technologies to improve decision-making and performance efficiency.
This initiative underlines the Ministry's commitment to developing endowment assets and financial sustainability through innovative digital solutions, in line with Qatar National Vision 2030, aiming to maximize the social impact and returns for endowment beneficiaries.