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- Title
The Potential and Challenges of Decision Support Systems for Islamic Banking and Finance.
- Authors
bin Abdullah, Othman; bin Shaharuddin, Amir; bin Wahid, Muhamad Azhari; bin Harun, Mohd. Shukor
- Abstract
A Decision Support System (DSS) is a computer system designed to help with decision-making processes. DSS usage is now commonplace in personal and commercial decisionmaking - including decisions related to the Islamic faith. Simple Applications (Apps) that help with simple decisions - such as ascertaining the halal status of products and proprietors are prevalent. To what extent can DSS facilitate more complicated Islamic decision-making, such as fiqh rulings, Hadith classifications, and zakat or faraid computations? This paper aims to review DSS initiatives (academic and commercial) intended for these more complicated Islamic or Shariah decisionmaking processes, and to identify the potential and challenges - particularly in the contemporary ijtihad of reviewing and certifying Shariah-compliant status for Islamic finance products and services. The new digital mindset incited by IR 4.0, and accelerated by the Covid-19 pandemic, has paved the way for the potential for Islamic DSS - particularly for the Islamic Banking and Finance industry. Artificial Intelligence (AI) technology makes it possible to represent Islamic knowledge in a computerprocessable format and to enable complex Shariah decisionmaking. The main challenge is getting a human Shariah expert who can translate his/her knowledge into said computable format. This has thus far led to a lack of Islamic DSS in the market, which can be utilized to support Shariah-related decision-making.
- Subjects
ISLAMIC finance; DECISION support systems; FAITH; COVID-19 pandemic; ARTIFICIAL intelligence
- Publication
European Journal of Islamic Finance, 2022, Vol 9, Issue 3, p21
- ISSN
2421-2172
- Publication type
Article
- DOI
10.13135/2421-2172/6901