Revolutionizing Islamic Finance

Abstract

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.