IDEAS home Printed from https://ideas.repec.org/h/wsi/wschap/9789811222313_0004.html
   My bibliography  Save this book chapter

Smart Islamic Asset And Wealth Management

In: BEYOND FINTECH Technology Applications for the Islamic Economy

Author

Listed:
  • Hazik Mohamed

Abstract

Artificial Intelligence (AI) is a highly-evolved area of computer science that strives to create intelligent machines that can replicate certain human behavior without its irrationalities for better predictability and consistency. Advanced AI that utilizes machine learning makes it possible for machines to learn from previous data (experience), adjust to new inputs (instructions), and perform tasks through updated algorithms. Through sophisticated algorithms, modern AI systems can be trained to accomplish specific tasks by processing large amounts of data, and obtaining insights and recognizable patterns in the data to act upon. As such, AI has become a hot topic, with much interest on its advantages to the highly regulated financial services industry.Similarly, blockchain technology also has the potential to both enrich and improve financial processes and asset management systems, and progressive corporations have invested and devoted resources to utilize and incorporate blockchain into their businesses. The use of distributed ledgers or blockchains has been explored in areas such as compliance and securities settlement, and these technologies could also be used to improve efficiencies in asset management.In this chapter, we provide a short discussion of AI and blockchain applications in asset management, understand the benefits and the shift in processes, as well as the challenges that need to be overcome for practical applications for AI and blockchain and how to approach such innovations.

Suggested Citation

  • Hazik Mohamed, 2020. "Smart Islamic Asset And Wealth Management," World Scientific Book Chapters, in: BEYOND FINTECH Technology Applications for the Islamic Economy, chapter 4, pages 69-88, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811222313_0004
    as

    Download full text from publisher

    File URL: https://www.worldscientific.com/doi/pdf/10.1142/9789811222313_0004
    Download Restriction: Ebook Access is available upon purchase.
    File URL: https://www.worldscientific.com/doi/abs/10.1142/9789811222313_0004
    Download Restriction: Ebook Access is available upon purchase.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Keywords

    Ethics and Technology; Digital Transformation; Regional Development; Customer Behaviour; Evolution of FinTech; Global Landscape; Payments; Asset under Management; InsurTech; Investments; Cloud Computing; Big Data Analytics; Blockchain; Internet of Things (IoT); Robo Advisors; Artificial Intelligence; Machine Learning; Islamic Finance; Endowment; Intellectual Property; Fraud Detection; Risk Mitigation; Cost-Effective; Increased Productivity; Immutable; Know Your Client (KYC); Media Rights; Coordination ; Efficiency; Consensus-building; Agility; Scalability; Innovation; Cybersecurity; Collaboration; Venture Capital; Enterprise Solutions; Era of Digitization; Digital Ecosystem; Disruptive Models; Market Insights; Predictive Analytics; Insurance; Takaful; Capital Markets; Distributed Ledgers (DLT); Wealth Management; Islamic Markets; Sharing Economy; Trust Mechanism; Open Platforms; Web and Mobile; Cloud Computing; Trades and Settlements; Regulatory Controls; User Defined; Institutional Economics; Cryptocurrency (Tokens); Public Registries; Smart Contracts; Securities Clearing; Automation; Enforceability; Claims Processing;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G2 - Financial Economics - - Financial Institutions and Services
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wsi:wschap:9789811222313_0004. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tai Tone Lim (email available below). General contact details of provider: http://www.worldscientific.com/page/worldscibooks .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.