The Use of Artificial Intelligence (AI) and Artificial Intelligence (AI) in Islamic Banking and Investment for Sustainable Economic Development
Keywords:
artificial intelligence, Malaysia, Islamic investment system, Robots in investmentAbstract
This considers the utilization of fake insights (AI) in Islamic contributing. AI innovation is exceptionally well known among conventional banks and Islamic banks, which is obvious within the commitment of AI to Islamic ventures. This innovation permits financial specialists to analyze their stocks based on their stock cost, the position of each stock, and future prices based on stock costs and data. The consideration could be a conceptual discourse on the utilization of AI in Islamic contributing, centering on the part of bots in mining, algorithmic trading, stock buying and contributing, counting robo-advisors, robo-Islamic advisors (RIAs), and robo-financial advisors (RFAs) operating within the Islamic venture show. The conference centered on the application of information and compliance within the venture and money-related administration businesses. The results of this study are given in a diagram of the impacts, confinements, and future investigation.
References
Agrawal, A., Gans, J., & Goldfarb, A. (2019). The economics of artificial intelligence. Chicago: The University of Chicago Press.
Ahmed, F., Ali, Z., Khan, M. S., & Mullazai, M. (2023). A syntactic analysis of compound noun phrase of Balochi within the perspective of X-bar theory. International Research Journal of Management and Social Sciences, 4(3), 289-304.
Ahmed, H. E. (2018). AI Advantages and disadvantages. International Journal of Scientific Engineering and Applied Science (IJSEAS), 4(4), 22–25.
Bach, M.P., Krsti?, Z., Seljan, S., & Turulja, L. (2019). Text mining for big data analysis in financial sector :
Beketov, M., Lehmann, K., & Wittke, M. (2018). Robo advisors: quantitative methods inside the robots.
Beltramini, E. (2018). Human vulnerability and robo-advisory: an application of Coeckelbergh’s vulnerability to the machine-human interface. Baltic Journal of Management, 13(2), 250–263.
Bendtsen, M., & Peña, J. M. (2016). Gated Bayesian networks for algorithmic trading. International Journal of Approximate Reasoning, 69, 58–80.
Brandt, J. (2017). Artificial intelligence applications in financial markets forecasting. a systematic mapping. Retrieved November 12, 2020, from https://www.diva-
Buchanan, B. G. (2019). Artificial intelligence in finance. Retrieved November 12, 2020, from http://doi.org/10.5281/zenodo.2612537
Carey, B. Y. T. W. (2019). Robo-advisors 2019: still waiting for the revolution. Retrieved October 15, 2019, from https://www.investopedia.com/robo-advisors-2019-where-have-all-the-assets-gone-4767826
Dahlan, H. A. (2018). Future interaction between man and robots from Islamic perspective. International Journal of Islamic Thought, 13(1), 44–51.
DinarStandard. (2018). Islamic fintech report 2018: current landscape & path forward. 1–38. Retrieved November 12, 2020, from https://www.dinarstandard.com/wp-content/uploads/2018/12/Islamic-Fintech- Report-2018.pdf
Fazmi, F. (2019). Role of robo-advisors in Islamic financial institutions. Retrieved November 12, 2020, from https://journal.wahedinvest.com/role-of-robo-advisors-in-islamic-financial-institutions/
Friedberg, B. A. (2019). Wahed Invest: a look at the new islamic robo-advisor. Retrieved November 12, 2020, from https://www.investopedia.com/articles/personal-finance/112516/wahed-invest-peek-new- islamic- roboadvisor.asp#:~:text=Both%20access%20and%20investments%20are,risk%E2%80%94than%20their
Gil, Y., Selman, B., Desjardins, M., Forbus, K., Mckeown, K., Weld, D., & Drobnis, A. S. (2019). A 20-Year Community Roadmap for Artificial Intelligence Research in the US Roadmap Co-chairs: Workshop Chairs: Steering Committee. Retrieved October 15, 2019, from https://bit.ly/2ZNVBVb
Global Islamic Finance Report. (2017). Islamic Finance in the Digital Age, 282–290. Hussain, M. S. (2015). An overview of Islamic finance. IMF Working Paper.
International Journal of Emerging Research in Management and Technology, 3(2), 49–54.
Jiao, Y. (2018). Applications of artificial intelligence in e-commerce. Retrieved October 15, 2019, from https://tel.archives-ouvertes.fr/tel-01892576/
Journal of Asset Management, 19(6), 363–370.
Kang, M., Ahn, J., & Lee, K. (2018). Opinion mining using ensemble text hidden Markov models for text classification. Expert Systems with Applications, 94, 218–227.
Khan, M. S., Ali, Z., Burlea-Sciopiu, A., Ilyas, M., Shaikh, M. A., & Malik, M. K. (2024). Integrative Approaches To Complex Optimization: Stochastic Simulation, Multi-Criteria Fuzzy Decision Making, Super Economics, And The Interface Of Mathematical Economics And Nanotechnology. Kurdish Studies, 12(3), 311-325.
Khan, M. S., Rahpoto, M. S., & Mangnejo, G. M. (2020). The effect of the financial crisis on corporal well-being: Apparent impact matters: Assessment of contagion to developing economies. Research Journal of Social Sciences and Economics Review, 1(3), 232-238.
Khan, M. S., Rahpoto, M. S., & Talpur, U. (2021). The effect of the financial crisis on corporal well-being: Apparent impact matters. In Internet of Everything and Big Data (pp. 25-34). CRC Press.
Khoso, A. A. K., Pathan, M. S. K., & Ahmed, M. (2022). Exploring the impacts and aftershocks of COVID-19 on Islamic banking and conventional banking in Pakistan. International Research Journal of Management and Social Sciences, 3(1), 179-192.
Khoso, A. A., & Pathan, M. S. K. (2021). The role of Islamic banking industry in the perspective of global financial sector and its impact in Pakistan's economic growth. International Research Journal of Education and Innovation, 2(2), 81-91.
Khoso, A. A., & Pathan, M. S. K. (2023). The mediating role of job satisfaction in the relationship between organizational culture and employee commitment in Islamic banking. International Research Journal of Management and Social Sciences, 4(2), 13-30.
Khoso, A. A., Ahmed, M., & Pathan, M. S. K. (2022). Customer satisfaction standards according to Islamic and conventional banking system in Pakistan. International Research Journal of Education and Innovation, 3(2), 185-194.
Khowaja, I. A., Talpur, U., Soomro, S. H., & Khan, M. S. (2021). The non-banking financial institutions in perspective of economic growth of Pakistan. Applied Economics Letters, 28(8), 701-706.
Knowledge-Based Systems, 114, 128-147.
Kumar, B. S., & Ravi, V. (2016). A survey of the applications of text mining in financial domain.
Lakshmi, R. (2017). Survey of algorithmic trading strategies in equities and derivatives. International Journal of Mechanical Engineering and Technology (IJMET), 8(12), 817–825.
Margin, G. (2019). Robo-advisor market trends 2019 growth by top companies. Retrieved October 15, 2019, from https://wheelchronicle.com/2019/10/14/robo-advisor-market-trends-2019-growth-by-top-companies- betterment-futureadvisor-personal-capital/
Mat Rahim, S. R., Mohamad, Z. Z., Abu Bakar, J., Mohsin, F. H., & Md Isa, N. (2018). artificial intelligence, smart contract and Islamic finance. Asian Social Science, 14(2), 145.
Memon, A., & Khan, M. S. (2019). Industry academia linkages of Jamshoro universities: The case of University of Sindh, Mehran University of Engineering and Technology & Liaquat University of Medical and Health Sciences. Mediterranean Journal of Basic and Applied Sciences (MJBAS), 3(3), 13-52.
Mijwel, M.M. History of artificial intelligence. Comput. Sci. Coll. Sci., 1–6.
Mookerjee, I. (2017). Shariah compliant robo advisor to use AI. Retrieved October 20, 2019, from https://citywireasia.com/news/shariah-compliant-robo-advisor-to-use-ai/a1064772
Muhammad, S. K. P. (2023). The influence of organizational culture on employee commitment and turnover intentions: A study of the importance of positive culture for retaining employees. Global Research Journal of Management and Social Sciences (GRJMSS), 1(1), 85-94.
Mullazai, M., Ali, Z., Khan, M. S., & Ahmed, F. (2023). Agent and theme theta roles in Balochi: A morphosemantic analysis. International Research Journal of Management and Social Sciences, 4(3), 332-347.
MyFinB. (2019). Picking strong Shariah compliant stocks with. Retrieved November 12, 2020, from https://myfinb.com/press-release/picking-strong-shariah-compliant-stocks-with-a-i/
Pathan, M. S. K. (2022). The impact of emotional intelligence on leadership effectiveness. International Research Journal of Management and Social Sciences, 3(3), 1-7.
Pathan, M. S. K. (2022). The influence of organizational culture on employee commitment and turnover intentions. International Research Journal of Management and Social Sciences, 3(4), 34-43.
Pathan, M. S. K. (2023). Assessing the mediating role of job satisfaction in the relationship between organizational culture and employee commitment. International Research Journal of Education and Innovation, 4(1), 1-11.
Pathan, M. S. K., & Khoso, A. A. (2023). Misfortune tragedy findings in Pakistan: A public learning perspective on virtue of economic recovery mindset. International Research Journal of Management and Social Sciences, 4(2), 1-12.
Pathan, M. S. K., Khoso, A. A., & Ahmed, M. (2022). Digital model anecdotes through artificial intelligence in socioeconomic and Islamic investments. International Research Journal of Education and Innovation, 3(2), 195-209.
Pathan, M. S., Ahmed, M., & Khoso, A. A. (2022). Islamic banking under vision of green finance: The case of development, ecosystem and prospects. International Research Journal of Management and Social Sciences, 3(1), 193-210.
portal.org/smash/record.jsf?pid=diva2%3A1168746&dswid=5846
Rahat, S., & Pathan, M. S. K. (2021). Sustainable climate approach and in context of environment economy: A classical analyze matters. Neutron, 21(1), 40-45.
Rahman, A. (2019). Opportunities and threats of Shariah-compliant robo advisory. the case of Wahed Invest.
Ramaswamy, S. (2017). How companies are already using AI. Retrieved October 15, 2019, from https://hbr.org/2017/04/how-companies-are-already-using-ai
Reid, S. G. (2019). Algorithmic trading system. Retrieved from, https://www.investopedia.com/terms/a/algorithmictrading.asp
Retrieved October 15, 2019, from, https://www.grin.com/document/540407
Schmelzer, R. (2019). 5 benefits of AI in the banking industry. Retrieved October 14, 2019, from https://searchenterpriseai.techtarget.com/feature/AI-in-banking-industry-brings-operational-improvements Tabash, M. I., & Dhankar, R. S. (2018). The relevance of Islamic finance principles in economic growth.
Tan, X., Chng, C. B., Duan, B., Ho, Y., Wen, R., Chen, X., & Chui, C. K. (2017). Cognitive engine for robot- assisted radio-frequency ablation system. Acta Polytechnica Hungarica, 14(1), 129–145.
Times, N. S. (2019). Ethical code needed for AI. Retrieved November 12, 2020, from https://www.nst.com.my/opinion/columnists/2018/11/435928/ethical-code-needed-ai
Tuomi, I. (2018). The impact of artificial intelligence on learning, teaching, and education. Policies for the future. JRC Science for Policy Report. Retrieved October 14, 2019, https://publications.jrc.ec.europa.eu/repository/bitstream/JRC113226/jrc113226_jrcb4_the_impact_of_arti ficial_intelligence_on_learning_final_2.pdf
Wahed Invest. (2017). The halal investing guide. Retrieved October 4, 2019, from https://journal.wahedinvest.com/the-halal-investing-guide/
Wang, P. (2014). What do you mean by “Artificial Intelligence”? Frontiers in Artificial Intelligence and Applications, 171(1), 362–373.
Zavadskaya, A. (2017). Artificial intelligence in finance : forecasting stock market returns using artificial neural networks. Retrieved October 14, 2019, from https://helda.helsinki.fi/dhanken/bitstream/handle/123456789/170154/zavadskaya.pdf?sequen