Paper

Transforming Islamic Asset Servicing With AI, Oracles, and Blockchain Technology

The evolution of Islamic finance from its traditional roots to its current global presence represents one of the most significant developments in modern financial history. The establishment of the Mit Ghamr Savings Bank in Egypt in 1963 marked the beginning of modern Islamic banking by offering interest-free loans and profit-sharing investment accounts. Since then, the industry has experienced remarkable growth, expanding from a niche market to a global financial force.

However, the Islamic finance industry faces unique challenges in asset servicing due to the complexity of Shariah-compliant financial instruments and the need for continuous compliance monitoring. This paper explores the transformative potential of artificial intelligence, oracle networks, and blockchain technology in Islamic asset servicing. It addresses longstanding inefficiencies while maintaining unwavering adherence to Shariah principles.

About this Publication

By Kasturi Sharma
Published