The Role of Artificial Intelligence in Advancing Islamic Banking Operations

| | عربي

Contact Us
Articles
- Ramadan and the Economy
  Date Added: 03-11-2024
- The Arabic Language: The Honor of the Arabs and the Unifier of the Muslims
  Date Added: 30-10-2024
- Studying the Qur'an with Gabriel "Peace be Upon Him"
  Date Added: 23-10-2024
- Competence and Merit are Fundamental Criteria for Appointments
  Date Added: 23-10-2024
Articles
Resolutions of Iftaa' Board
Iftaa' Board

Islamic Studies and Research:

The Ifta’ Law number (60) of the year 2006, and the modifying Law number (4) of the year 2009 state that a Board is to be established in the Kingdom and called “Board of Iftaa’, Islamic Studies and Research,” and that the General Mufti (who is now Shaikh Abdel Kareem El-Khasawneh) is the Head of the Board. The following are members: ... Read More
All Resolutions
- Resolution No.(325): "The Amount of Zakat-ul-Fitr and Saum Fidyah for the Year ...
  Date Added: 21-03-2024
- Resolution No.(324) (2/2024): "Sighting the Crescent of Ramadan, 1445 AH"
  Date Added: 21-03-2024
- Resolution No.(321) "Sighting the Crescent of Ramadan, 1444 AH"
  Date Added: 23-03-2023
- Resolution No.(320): "Entitlement to Financial Benefits of Solidarity Funds is ...
  Date Added: 17-01-2023
- Resolution No. (319): "Ruling on Combining Wakalah for a Fee and a Loan in one ...
  Date Added: 11-01-2023
- Resolution No.(318): "Ruling when the Donor Stipulates Replacing the Waqf with ...
  Date Added: 08-01-2023
Fatawaa
Search Fatawaa
Read More
Summarized Fatawaa
Read More
Iftaa' Department
Iftaa' Department

About the General Fatwa Department

The Fatwa Department of the Hashemite Kingdom of Jordan was founded in 1921. Since its formation, it has relied upon Hanafi fatwas which were in use during the Ottoman era, and the Mufti has answered the questions of members of the public, whether they relate to worship or financial transactions or personal statutes, and it has assigned a mufti to each judge in cities both large and small. The judge seeks the mufti's assistance in solving social problems, just as the mufti refers to the judge matters which are not within the mufti's jurisdiction and which require evidence and witnesses....
Read More

Home

Articles

Summarized Fatawaa

Is it Permissible to lighten the eyebrows (I.e. Dye them blond)?

All perfect praise be to Allah, the Lord of the worlds. I testify that there is none worthy of worship except Allah and that Muhammad, sallallahu ‘alayhi wa sallam, is His slave and Messenger.

Lightening the eyebrows is applying dye to them, and it is permissible to dye hair with other than black. The proof of this is the Hadith related by Muslim on the authority of Jabir told that when Abu Quhafa (Abu Bakr’s father) was brought on the day of the Conquest of Mecca with his head and beard white like hyssop, the Prophet (PBUH) said: "Change this with something, but avoid black."

However, it isn`t permissible for a Muslim woman to show her ornament (Zeenah) in the presence of non-Mahram men (Men permissible for a woman to marry). And Allah The Almighty Knows Best.

Is it a condition that one should offer two sacrifices for a male newborn?

It is desirable to offer two sheep for a male newborn, and one for a female newborn. Offering one sheep for the male newborn is also permissible as it observes the Prophet`s Sunnah in this regard.

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 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.

Send Your Question

Zakaat Account

Articles

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.

Article Number [ Previous | Next ]

Read for Author

• The Higher Objectives of Sharia (Maqasid) are a Shield Protecting Islamic Banking

• Revering the Prophet Muhammad (peace be upon him)

• The Importance of Cleanliness in Hajj

• The State of the Righteous during Ramadan

• Halal Economy: Encyclopedia of the Halal Industry

• Worship is the Road to Allah

• Objectives of Financial Transactions (2)

• Development of the Islamic Economics

• The Emergence of the Islamic Economy

• The Islamic Economy and its Connection with the Project of Civilizational Islam: The Malaysian Experience

>>> 1 2 <<<

Comments

Name

E. mail Address

Country

Comment Title

Comment

Enter the number shown on the image

Warning: this window is not dedicated to receive religious questions, but to comment on topics published for the benefit of the site administrators—and not for publication. We are pleased to receive religious questions in the section "Send Your Question". So we apologize to readers for not answering any questions through this window of "Comments" for the sake of work organization. Thank you.

Summarized Fatawaa

Is it permissible for a woman to swear a false oath by the Holy Quran to please her distrustful husband?

It is forbidden for a person to do so since this is considered a false oath (Yamaan Ghamoos) which dips (Yaghmos) its taker in Hellfire if he/she doesn`t seek repentance, and he/she has to expiate for that oath. You should avoid any doubtful acts so that your husband`s chest remains clear from the evil suggestions of the devil.

Is it permissible to go to the bathroom wearing a necklace that has the word "Allah" inscribed on it?

All Perfect Praie 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.

Anything that contains words pertaining to Allah, The Almighty, is desired to be left outside when going to the bathroom, or to be hidden for fear of losing it. And Allah Knows Best.

What is the ruling of Sharia on a Muslim woman who committed Zina with a Christian and became pregnant as a result?

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

Abortion is forbidden in Islam as it entails taking the life of a soul unjustly. Rather, it is one of the major sins; however, it is permissible only when there is well-established danger on the mother`s life; in which situation scholars gave priority to her life over that of the foetus, since this is, according to Sharia: "The lesser of two evils". In case a Muslim woman committed Zina (Adultery) with a Christian and got pregnant, if this did happen, then this question should be presented to the Iftaa` Committee with the presence of the questioner herself. She could also ask a reliable scholar face to face or via phone. If she gives birth to the baby, then he/she is a Muslim and takes the name of his mother; not the name of the man who was a reason for its conception. And Allah The Almighty Knows Best.

What is the ruling of Sharia on marrying the maternal niece of one`s wife?

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.

One may not combine in marriage a woman and her paternal aunt, or a woman and her maternal aunt, as stated the Prophet (PBUH). And Allah The Almighty Knows Best.