Speakers
Description
This study seeks to examine the ethical dilemmas associated with the implementation of Islamic principles in the governance and automation of Islamic digital financial systems. This study employs a critical literature review methodology to analyze dozens selected scholarly publications pertinent to the subjects of Islamic ethics, maqāṣid al-sharīʿah, Islamic work ethics (IWE), and the advancement of digital technologies, including AI and blockchain, within the context of Islamic finance. The primary findings reveal that Islamic ethical concepts, including amanah (trust), adl (justice), ihsan (goodness), and mas’uliyyah (property), have not been effectively integrated into the design and functioning of Islamic digital financial systems. The majority of Islamic financial technology applications are confined to formal compliance, without the capacity to integrate Islamic transcendental concepts. This study offers a thematic synthesis of critical themes encompassing the spirituality of labor, algorithmic fairness, data privacy, and threats to maqāṣid (objectives of Islamic work ethics) within the digital ecosystem. The conclusion emphasizes the necessity of establishing a framework for Islamic technology design rooted in Islamic ethics and advocates for an interdisciplinary collaboration between Shariah and technology. The findings are anticipated to enhance modern Islamic economic literature and provide a foundation for the creation of an ethical and maqāṣid-oriented digital financial system.
