The Iranian Association of Islamic Finance held an international webinar on “The Future of Ethical Finance: How AI is Transforming Islamic Banking and Investment”, on August 17 at 2 PM Iran Standard Time.

Speaker:

Dr. Ijaz A. Qureshi, President, JFK Institute of Technology and Management, Lahore, Pakistan

Former Dean of Management Sciences Faculty, University of Lahore, Pakistan

Dr. Qureshi shared that Sharia compliance is a cornerstone for Islamic financial institutions and AI has played a dynamic role in this matter. Traditionally, ensuring adherence to Islamic principles has been labor-intensive as staff would look into the compliance resources manually in different print or online databases. Now, AI-driven automation is streamlining compliance processes within the Islamic banking sector, paving the way for more accurate and cost-effective monitoring in the financial institutions.
The emergence of fintech has been a disruptive force, and Islamic finance is no exception. AI-driven fintech is paving the way for new, fully digital Islamic banks (neo-banks) offering smart, innovative financial solutions while upholding Sharia compliance to the global community.
Customer experience is at the forefront of digital transformation in the Islamic Banking and finance. Leveraging AI, Islamic banks are reinventing themselves how they engage customers by providing 24/7 support and tailored financial solutions to be competitive in the industry.
While the role of information technology is increasing in the Islamic Banking and Finance, the increasing sophistication of cyber threats requires equally advanced security measures to ensure the consumer data is protected. AI is proving instrumental in safeguarding financial services through multiple layers of security and verification for access to services.
Ethical values are at the forefront of any business. Businesses can’t stay sustainable without adopting ethical values in the operations. Inappropriate business practices or approach to non-compliance would simply close the doors for the businesses.