Centre for AI Innovation (CEAI) Introduces ContrackAI (Shariah Edition)
: A Revolutionary Solution for Shariah Compliance in the Financial Sector
Singapore, 21 Feb 2024 – Centre for AI Innovation (CEAI), a premier research institution at the forefront of artificial intelligence (AI) advancement, is proud to announce the launch of ContrackAI (Shariah Edition), a groundbreaking technology poised to redefine Shariah compliance within the financial sector. This innovative solution marks a significant milestone in CEAI’s mission to harness AI for societal progress and industry transformation.
ContrackAI (Shariah Edition) represents a paradigm shift in the realm of Shariah compliance, offering financial institutions a state-of-the-art tool to navigate the complex landscape of regulatory requirements with unparalleled efficiency and accuracy. Leveraging cutting-edge AI algorithms and machine learning capabilities, ContrackAI (Shariah Edition) streamlines the process of reviewing extensive security prospectuses, enabling institutions to identify and address Shariah-related issues swiftly and effectively.
Prof. M Nazri, Chairman of CEAI, expressed his enthusiasm for the launch of ContrackAI (Shariah Edition), stating, “We are thrilled to introduce ContrackAI (Shariah Edition), a revolutionary solution designed to revolutionize Shariah compliance in the financial sector. At CEAI, we are committed to pushing the boundaries of AI innovation to drive positive change, and ContrackAI (Shariah Edition) exemplifies our dedication to this mission.”
At the heart of ContrackAI (Shariah Edition) lies a sophisticated AI-powered platform that analyzes and distills complex security prospectuses into concise documents, highlighting over 30 key Shariah-related issues relevant for compliance assessment. This advanced technology empowers financial institutions to ensure adherence to Islamic principles while navigating the intricate regulatory landscape seamlessly.
Prof. Nazri underscored the collaborative nature of CEAI’s approach, emphasizing the symbiotic relationship between AI technology and human expertise. “While ContrackAI (Shariah Edition) enhances efficiency and accuracy in compliance assessment, human judgment remains indispensable in interpreting Shariah guidelines and making informed decisions,” he remarked.
The launch of ContrackAI (Shariah Edition) represents a significant step forward in CEAI’s ongoing efforts to advance AI-driven solutions for societal benefit. By bridging the gap between technological innovation and ethical compliance, CEAI aims to set new standards for Shariah compliance in the financial industry.
Key Features of ContrackAI (Shariah Edition):
1. Advanced AI Algorithms: ContrackAI (Shariah Edition) leverages state-of-the-art AI algorithms to analyze and distill extensive security prospectuses into concise documents, facilitating efficient compliance assessment.
2. Machine Learning Capabilities: The platform’s machine learning capabilities enable it to identify and highlight over 30 key Shariah-related issues, empowering financial institutions to ensure adherence to Islamic principles.
3. Streamlined Compliance Process: By automating the review process, ContrackAI (Shariah Edition) streamlines compliance assessment, allowing institutions to navigate regulatory complexities with ease and accuracy.
4. Collaborative Approach: ContrackAI (Shariah Edition) complements human expertise with AI technology, combining the analytical power of machines with the discernment of Shariah advisors to achieve comprehensive compliance.
CEAI invites financial institutions and industry stakeholders to experience the transformative potential of ContrackAI (Shariah Edition) in advancing Shariah compliance and ethical standards in the financial sector.
For media enquiries, contact samantha@ceaiglobal.com.
About Centre for AI Innovation (CEAI)
Centre for AI Innovation (CEAI) Global is a leading global company that was established in 2019 with dual-headquarters in Singapore and Malaysia. The company has established strategic partnerships with organizations in more than 20 countries worldwide. The purpose of CEAI Global is to promote inclusivity in knowledge, education, adoption, creation, venturing into AI investments and implementation of AI solutions.
The main goal of CEAI Global is to provide a platform for individuals and organizations to learn, engage and develop skills related to artificial intelligence (AI) and machine learning (ML). The company aims to target 95% of the workforce who are not skilled in AI and ML and non-technical personnel.
About ContrackAI
ContrackAI, an AI startup in AI Venture Portfolio (known as “AIV50”) and MyFinB Group’s venture program. ContrackAI – Business agreements and legal contracts can now undergo extensive review leveraging advanced technologies. AI-driven contract review offers a comprehensive approach to analyzing business agreements and legal contracts. By automating the identification of risks, predicting breaches, suggesting mitigation strategies, recommending clauses, and providing strategic insights, these technologies enhance efficiency, accuracy, and risk management in contract management processes.
