This study examines the opportunities and challenges presented by the incorporation of artificial intelligence (AI) technology into the Islamic finance industry. In terms of research methods, literature review and conceptual analysis are employed. The results indicate that the incorporation of AI technology into Islamic finance and presents both significant opportunities and obstacles that must be surmounted. Among these obstacles are adherence to Islamic law, ethical concerns, risk mitigation, and the possibility of bias in decision-making. The contribution of this study is to cover a gap in the literature regarding the incorporation of AI technology in Islamic finance and to provide practitioners, policymakers, and academics with valuable insights. The findings of this study could aid them in investigating the potential of AI technology in Islamic finance and formulating solutions to overcome the obstacles associated with AI adoption. In addition, this research has the potential to contribute to a larger body of literature on the general application of AI in finance.
This research aims to investigate the role of Islamic financial institutions in supporting green finance and facilitating the transition to sustainable energy. With a focus on Sharia principles, such as the prohibition of riba and adherence to risk, profit, and loss sharing, Islamic financial institutions are considered ethical and socially responsible entities that have the potential to drive positive change in the global financial landscape. Through a layered methodology that includes an in-depth literature review, case studies of sustainable energy projects supported by Islamic finance, and analysis of regulatory frameworks, the research provides a holistic understanding of the dynamics taking place. The results highlight the unique creativity and innovation of Islamic financial institutions in supporting green finance, with a particular focus on financial instruments such as green sukuk and other financing products.
Fraudulent activities have increased along with the new prospects of the digital economy's quick growth for both consumers and enterprises. Conventional techniques of fraud detection are insufficient to keep up with these ever-evolving fraudulent strategies. In this sense, machine learning (ML) and artificial intelligence (AI) have become potent instruments to prevent and detect fraud and guarantee the safety of online transactions. This study examines the function of AI and ML and shows how these technologies can spot irregularities and intricate patterns that would be challenging to find with conventional methods. The study includes various methods of AI-based fraud detection and analyses important ethical issues related to these practices. Furthermore, the study looks at developing technology and trends that will probably influence fraud detection in the future. In conclusion, the revolutionary potential of AI and ML in building a safer digital economy is analysed.
The purpose of this research is to examine risk mitigation strategies in Islamic finance, specifically fintech, in depth. The research methodology for this conceptual chapter consists of an exhaustive examination of the existing literature, academic papers, industry reports, and case studies that pertain to fintech innovation and risk mitigation strategies in Islamic Finance. By means of synthesising and analysing pre-existing information, this chapter endeavours to furnish an all-encompassing comprehension of the subject matter. This study is anticipated to make a valuable contribution to the growth of an Islamic finance industry characterised by safety, stability, innovation, and adherence to Islamic principles.
The study investigates the convergence of digital transformation, artificial intelligence (AI), and Islamic finance. In particular, it examines the ethical consequences that may arise from the integration of Generative AI in the sustainable development of Islamic financial services and products. This research fills a void in the current body of knowledge by examining the ethical consequences of generative AI in the context of Islamic finance. Using an interdisciplinary framework that integrates Islamic finance and technological ethics, the study seeks to make scientific and practical contributions. At the intersection of AI technology and Islamic finance, it is anticipated that new theories will emerge, as well as ethical principles that will serve as a guide for technology developers, policymakers, and Islamic financial institutions. The study has the potential to lead in creating a sustainable and inclusive Islamic finance ecosystem by ethically integrating Generative AI.
This research investigates the complex and ever-changing relationship between sustainable practices and the halal food industry. Global economic growth has been driven by the expansion of culinary tourism, but concerns have been raised regarding its long-term effects on ecosystems, cultural heritage, and society. Given the substantial expansion of the halal industry, this study seeks to examine the long-term consequences of sustainability on the community, ecosystem, cultural heritage, and food industry. It is anticipated that the results of this study will make a significant contribution to the travel and hospitality sector by promoting the sustainable viability of ethical and sustainable practices in the halal food industry amid its accelerated growth.