Issues in using artificial intelligence for shariah audit in islamic finance
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The utilization of artificial intelligence (AI) for Shariah audit in Islamic finance presents various legal and ethical challenges. AI applications in Islamic finance, such as Fiqh Robotics (FR) , raise concerns about the compatibility of AI systems with Shariah principles. Legal issues related to the financial applications of AI include complex jurisprudential matters that evolve with the advancement of AI technologies . Additionally, the study on AI and smart contracts in Islamic finance highlights the significant impact of AI on the industry's future, indicating the need for continuous monitoring of new issues from a Shariah perspective . These challenges necessitate a thorough understanding of Shariah governance (SG) principles to ensure compliance and ethical use of AI in Shariah audits within Islamic financial institutions.
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| Artificial intelligence can enhance Shariah audit in Islamic finance by automating processes, ensuring compliance, and improving efficiency, but challenges like interpretability and ethical considerations need to be addressed. | |
1 Citations | Not addressed in the paper. |
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31 Dec 2022 | The paper discusses Shariah issues in financial applications of artificial intelligence, emphasizing continuous monitoring for precise handling from fiqh and Shariah objectives perspectives in Islamic finance. |
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