How can AI-driven solutions enhance compliance with religious principles and customer engagement in Islamic finance institutions: A literature review (By the Interfaith Youth Team)

Abstract:

This literature review looks at the possible connection between two promising sectors, artificial intelligence (AI) and Islamic Finance, for eager startups or existing financial institutions to enhance compliance with religious principles and customer engagement, two important factors that could drive growth. By analyzing papers that suggest possible applications of AI technologies in this space of Islamic finance, this paper looked to find the best and most efficient ways of integration that could. The paper found multiple possible solutions for implementing AI, including the use of large language models like chatbots and machine learning technologies. Additionally, the paper also recognizes the constraints to the industry, like the difference of opinion between Islamic scholars and possible failures of AI technologies, which are important to take into account for those willing to take the suggestions proposed in this paper.

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