Strategic Studies of Jurisprudence and Law

Strategic Studies of Jurisprudence and Law

Application of artificial intelligence in financial systems from the perspective of Islamic economics

Document Type : research

Authors
1 Masters Student, Department of Accounting, Dilijan Branch, Islamic Azad University, Dilijan, Iran.
2 Assistant professor of the Department of Economics, Naraq branch, Islamic Azad University, Naraq, Iran
10.22034/ejs.2023.385433.1379
Abstract
Background and Purpose: The purpose of this article is to investigate the use of artificial intelligence in financial systems from the perspective of Islamic economics.
Materials and Methods: This paper is descriptive and analytical method.
Ethical Considerations: In this paper, the originality of the text, honesty, and trustworthiness are respected.
Results: Results showed From.
The point of view of Islam and Islamic economy, it is accepted to use knowledge and what is known today as technology and artificial intelligence in financial systems. The use of artificial intelligence in financial systems has various functions. Reducing risk and making more realistic decisions, as well as creating a platform to combat money laundering and phishing, are among the most important applications of artificial intelligence in financial systems, which are considered from the perspective of Islam. Because the Islamic economy basically aims for greater predictability and reducing risk in financial systems, and on the other hand, money laundering is not compatible with the foundations of Islamic economy.
Conclusion: According to the approach of Islamic economy in using knowledge and information and communication technology, it is necessary to provide platforms for the use of artificial intelligence in the Islamic financial system.
Keywords
Subjects

  •  

    • Grossman, G. and E. Helpman, Innovation and Growth in the Global Economy, Cambridge: MIT Press, chapter 1991.
    • Isabel Canhoto, Ana, “Leveraging machine learning in the global fight against money laundering and terrorism financing: An affordances perspective”, Journal of Business Research, 2020.
    • Milosevic, N. Equity forecast: Predicting long term stock price movement using machine learning. arXiv. preprint arXiv 2016..
    • Quah, D.. Technology Dissemination and Economic Growth: Some lessons for the New Economy. In Technology and the New Economy, ed. Chong –En Bai and ChiWa Yuen Cambridge: MIT Press Chapter 3,2002.
    • Romer, P. Endogenous Technological Change, Journal of Political Economy, Vol 13, No 5,1990.
    • Shanmugam K., Khairunnisha Zainal, N., & Gnanasekaren, Ch. Technology Foresight In The Virtual Learning Environment in Malaysia. Journal of Physics: Conference Series,2019.
    • ValeroJo, ElenaBadal. Alvarez, jose. Pavi, sé, “Combining Benford’s Law and machine learning to detect money laundering. An actual Spanish court case”, Forensic Science International,Vol 282,2018.