The Role of Artificial Intelligence in Advancing Islamic Banking Operations

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Summarized Fatawaa

What is the ruling on looking at pictures of naked women via the internet?

All perfect praise be to Allah the Lord of the Worlds. May His peace and blessings be upon our Prophet Mohammad and upon all his family and companions.

It is impermissible to look at pictures of naked women via the internet, and this act is forbidden according to Sharia. The proof of this is that Almighty Allah Says (What means): "Say to the believing men that they should lower their gaze and guard their modesty: that will make for greater purity for them: And God is well acquainted with all that they do." [An-Nur/30]. Therefore, we advise you to busy yourself with offering acts of obedience that draw you closer to Allah and prepare yourself for meeting Him on The Day of Judgment. And Allah The Almighty Knows Best.

Is it permissible for a woman who is in her `Iddah (waiting period) due to the death of her husband to go out and mix with non-Mahrams (Marriageable men)?

All perfect praise be to Allah, The Lord of The Worlds, and may His Peace and Blessings be upon our Prophet Muhammad and upon all of his family and companions.

A woman in such a situation is only allowed to leave her house for a sound reason such as visiting the doctor, and she is only allowed to mix with her Mahrams (Non-Marriageable kin) since it is permissible for a woman, whether in her `Iddah, or not, to mix with her husband and Mahrams. However, she is allowed to accept condolences, and answer inquiries about her situation after such a calamity. And Allah Knows Best.

Is it permissible for a young man and a young woman to enter into a covenant as a married couple without having a true seclusion (Khalwah) until their marriage contract is officially concluded?

The relation which isn`t based on a marriage contract is forbidden, and entering into a covenant as a married couple is unaccounted for and is from the evil suggestions of the devil.

Is it permissible to make up for missed fast after the beginning of the second half of the month of Sha`ban (the month before Ramadan)?

Yes, it is permissible, but one who had missed fasts should hasten to make up for them. As for the Hadith mentioned in this regard, the prohibition is for offering absolute voluntary fasting. And Allah Knows Best.

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The Role of Artificial Intelligence in Advancing Islamic Banking Operations

Author : Dr. Safwan Odaybat

Date Added : 03-01-2024

The Role of Artificial Intelligence in Advancing Islamic Banking Operations

All perfect praise be to Allah the Lord of the Worlds. May His peace and blessings be upon our Prophet Mohammad and upon all his family and companions.

One of the emerging topics for which seminars and conferences are held, and attracts researchers to study and explore its potential developments across various fields and disciplines is the subject of Artificial Intelligence. This topic elicits concerns about its potentially destructive impacts on one hand, while on the other hand, it raises hopes and expectations for significant positive effects on improving the quality of life and serving humanity.

Before delving into explaining the impact of Artificial Intelligence on Islamic banking, it is essential to clarify the meaning of Artificial Intelligence and Islamic banking:

Artificial Intelligence can be defined as a set of technologies and software aimed at enabling computer systems to perform tasks that are typically considered important for human intelligence and facilitate operations associated with specific tasks.

Artificial Intelligence relies on data and algorithms to achieve specific objectives. Its applications encompass a diverse range of fields such as machine learning, natural language processing, robotics manufacturing, medical diagnosis, risk management, and more.

Islamic banking can be defined as a financial system based on the principles of Islamic law (Sharia). This system requires abstaining from practices such as usury (interest), uncertainty or speculation (Gharar), and injustice. It encourages financing and investment in ways that are in tune with Islamic values and principles.

The role of artificial intelligence in advancing the operations and services of Islamic banking is highlighted through the following:

1-Enhancing Efficiency and Risk Management:

Artificial intelligence can contribute to the development of Islamic banking by improving its operational efficiency through enhancing analysis processes and risk management. One possible means to achieve this is by utilizing machine learning to enhance credit assessment, identifying potential loans with greater accuracy and efficiency. Additionally, artificial intelligence will contribute to boosting employee efficiency by selecting suitable development, training, and educational methods tailored to their needs.

2-Development of Innovative Financial Products:

Artificial intelligence enables Islamic banking to develop innovative financial products that align with the principles of Islamic Sharia. For example, smart investment solutions can be developed based on financial analytics and Sharia-compliant guidelines.

3-Enhancement of Customer Experience:

Artificial intelligence can improve customer experiences in Islamic banking by providing personalized financial services tailored to the specific needs of customers. It can offer accurate investment guidance that aligns with customers' goals without conflicting with Islamic values.

4-Combatting Money Laundering and Terrorism Financing:

Artificial intelligence can contribute to enhancing financial integrity through intelligent operations that develop and improve the quality of monitoring financial transactions. Consequently, it can uncover all illicit and internationally prohibited activities, including money laundering and terrorism financing.

5-Facilitating Compliance with Islamic Sharia:

Artificial intelligence contributes to the development of Islamic banking by achieving better compliance with the rules of Sharia. This can be accomplished by providing guidance to financial professionals or by enhancing financial audit and monitoring processes.

In conclusion, the topic of the impact of artificial intelligence on Islamic banking in general requires precise scientific studies and research to highlight both the positive aspects and potential challenges. While artificial intelligence may contribute to enhancing the efficiency of financial services and their compliance with Sharia, ethical considerations and Islamic values must be taken into account in the application of this modern technological advancement.

Article References:

1-Book: "Artificial Intelligence and Its Impact on the Economy and Islamic Banking" by Dr. Rafiq Ali Suleiman.

2-Book: "Islamic Banking and Artificial Intelligence Technology: Challenges and Opportunities" by Dr. Mohammed Al Nuaimi.

3-Research Paper: "Artificial Intelligence Technology and Its Impact on Islamic Financial Services" by Researcher Ahmed Abdullah Al Salman.

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Summarized Fatawaa

Is it permissible for a woman to use a contraceptive without telling her husband although he wants to have as many children as possible and she can`t care for them?

All perfect praise be to Allah, the Lord of the Worlds, may His Blessings and Peace be upon our Prophet Mohammad and upon all his family and companions.

If the pregnancy is harmful to the woman, it is permissible for her to use a contraceptive; however, this has to be backed by a medical report from a God-fearing doctor. In addition, you had better inform your of what you are doing to avoid dispute. And Allah The Almighty Knows Best.

Is it permissible to single out Fridays, Saturdays, and Sundays to make up for missed fasting without fasting a day before ,or after each ?

Yes, it is permissible to make up for missed fasting during the aforesaid days, and it is also valid to offer non-obligatory and vowed fasting as well. However, fasting a day before or after each isn`t obligatory. And Allah Knows Best.

What is the ruling on aborting a fetus affected by thalassemia?

Praise be to Allah the Lord of the Worlds. May His peace and blessings be upon our Prophet Mohammad and upon all his family and companions.

If this is recommended by a trustworthy doctor who is god-fearing and knowledgeable, then it is permissible to have an abortion because some types of thalassemia are dangerous while some aren`t. And Allah The Almighty Knows Best.

What is the ruling on determining the sex of the baby whether through killing the female spermatozoa, or any other way in order to have a male?

If it is done through having a certain type of food, taking a certain type of medication, or organizing the time of the marital relation, then it is permissible.