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Financial applications of artificial intelligence: Shariah issues and maqasid considerations

In: Islamic Finance in the Digital Age

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  • Abdulazeem Abozaid

Abstract

The chapter addresses various Shariah issues related to the financial applications of artificial intelligence (AI), which have entered an advanced stage following their widespread acceptance and increasing complexity. The chapter begins with an introduction that clarifies the concept of AI, explaining its levels and challenges. It approaches the discussion topics from both Fiqh and Maqasid perspectives, i.e., from a Shariah macroeconomic perspective that considers the implications and overall benefits or harms of these applications. However, the issues related to Fiqh and Maqasid considerations extend beyond what this chapter covers. There are additional concerns that require attention, especially given the unceasing development and updates of these applications. This necessitates continuous follow-up to evaluate and assess new applications from a Shariah perspective.

Suggested Citation

  • Abdulazeem Abozaid, 2024. "Financial applications of artificial intelligence: Shariah issues and maqasid considerations," Chapters, in: Syed Nazim Ali & Zul H. Jumat (ed.), Islamic Finance in the Digital Age, chapter 10, pages 165-189, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:22863_10
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035322954.00020
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    Keywords

    Economics and Finance;

    Statistics

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