Artificial Intelligence In Islamic Finance: An Outlook Based On Maqasid Al-Shariah
Authors
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Dr. Muhammad Izzul Syahmi
Department of Shariah, Economics and Governance, Academy of Islamic Studies, Universiti Malaya, 50603, Kuala Lumpur, Malaysia
https://orcid.org/0000-0003-3520-1761
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Dr. Muhammad Safwan Harun
Department of Fiqh – Usul and Applied Science, Academy of Islamic Studies, Universiti Malaya, 50603, Kuala Lumpur, Malaysia
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Associate Professor Dr. Muhammad Ikhlas
Department of Fiqh – Usul and Applied Science, Academy of Islamic Studies, Universiti Malaya, 50603, Kuala Lumpur, Malaysia
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Dr. Suffian Haqiem
Department of Shariah, Economics, and Governance, Academy of Islamic Studies, Universiti Malaya, 50603, Kuala Lumpur, Malaysia
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Dr. Muhammad Hazim Mohd Azhar
Department of Usuluddin and Dakwah, Academy of Islamic Studies, Universiti Malaya, 50603, Kuala Lumpur, Malaysia
DOI:
https://doi.org/10.33102/jfatwa.vol31no2.780Keywords:
Artificial Intelligence, islamic finance, maqasid al-shariah, shariah complianceAbstract
The advancement of Artificial Intelligence (AI) has significantly influenced global financial systems, including the Islamic finance sector. AI technologies such as robo-advisors, RegTech, and automated Shariah screening systems have enhanced efficiency and decision-making. However, their application requires critical evaluation to ensure alignment with Islamic ethical and legal principles. Despite the growing adoption of AI in Islamic finance, limited studies have explored its implementation from the perspective of maqasid al-Shariah (objectives of Islamic law). The absence of a clear ethical and jurisprudential framework raises concerns regarding transparency, algorithmic bias, and Shariah compliance. This study addresses how AI can serve as a wasilah (means) to realize the general and specific objectives of Shariah while minimizing potential harms. This study employs a qualitative research design based on library and interpretive analysis. This study found that AI can support the realization of maqasid al-Shariah by promoting transparency, justice, and public welfare in Islamic finance operations. Applications such as AI-driven credit scoring, robo-advisory services, and compliance automation contribute to financial inclusion, equitable wealth distribution, and risk mitigation. Nonetheless, ethical challenges such as privacy violations, data misuse, and opacity in algorithmic decision-making must be carefully addressed to prevent contradictions with Shariah principles. This study contributes to the emerging discourse on ethical AI integration within Islamic finance by proposing a maqasid al-Shariah-based evaluative framework. It highlights the importance of developing Shariah-oriented AI governance and ethical policies to guide Islamic financial institutions and regulators. The findings provide a foundation for future empirical research and policy formulation aimed at harmonizing technological innovation with Islamic ethical objectives.
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