scholarly journals Artificial Intelligence, Smart Contract and Islamic Finance

2018 ◽  
Vol 14 (2) ◽  
pp. 145 ◽  
Author(s):  
Siti Rohaya Mat Rahim ◽  
Zam Zuriyati Mohamad ◽  
Juliana Abu Bakar ◽  
Farhana Hanim Mohsin ◽  
Norhayati Md Isa
Keyword(s):  
Artificial Intelligence ◽  
Computer Code ◽  
Islamic Finance ◽  
Human Intelligence ◽  
Human Beings ◽  
Finance Industry ◽  
Smart Contract ◽  
Huge Impact ◽  
Block Chain

This study examines the two important aspect of latest technology issues in Islamic finance that related to artificial intelligence (AI) and smart contract. AI refers to the ability of machines to understand, think, and learn in a similar way to human beings, indicating the possibility of using computers to simulate human intelligence. Smart contract is a computer code running on top of a block-chain containing a set of rules under which the parties to that smart contract agree to interact with each other. The main objectives of this article are to evaluate the operations of AI and smart contract, to make comparison between the operations of AI and smart contract. This article concludes that AI and smart contract will have a huge impact in future for Islamic Finance industry.

scholarly journals Research on How Human Intelligence, Consciousness, and Cognitive Computing Affect the Development of Artificial Intelligence

Complexity ◽  
2020 ◽  
Vol 2020 ◽  
pp. 1-10
Author(s):  
Yanyan Dong ◽  
Jie Hou ◽  
Ning Zhang ◽  
Maocong Zhang
Keyword(s):  
Artificial Intelligence ◽  
Human Brain ◽  
Tacit Knowledge ◽  
Brain Computer Interface ◽  
Computer Interface ◽  
Human Intelligence ◽  
Cognitive Computing ◽  
Human Beings ◽  
Intelligent Machines ◽  
Value Rationality

Artificial intelligence (AI) is essentially the simulation of human intelligence. Today’s AI can only simulate, replace, extend, or expand part of human intelligence. In the future, the research and development of cutting-edge technologies such as brain-computer interface (BCI) together with the development of the human brain will eventually usher in a strong AI era, when AI can simulate and replace human’s imagination, emotion, intuition, potential, tacit knowledge, and other kinds of personalized intelligence. Breakthroughs in algorithms represented by cognitive computing promote the continuous penetration of AI into fields such as education, commerce, and medical treatment to build up AI service space. As to human concern, namely, who controls whom between humankind and intelligent machines, the answer is that AI can only become a service provider for human beings, demonstrating the value rationality of following ethics.

Fintech and Shariah Principles in Smart Contracts

2019 ◽  
pp. 207-220 ◽  
Author(s):  
Norafni Farlina Rahim ◽  
Mohammed Hariri Bakri ◽  
Siti Norbaya Yahaya
Keyword(s):  
Early Stage ◽  
Emerging Technology ◽  
Islamic Finance ◽  
Disruptive Technology ◽  
Smart Contracts ◽  
Financial Transaction ◽  
Finance Industry ◽  
Faith Based ◽  
Smart Contract ◽  
Financial Technology

FinTech, or financial technology, is an emerging technology in financial transaction. It is disruptive technology which is changing the banking behavior for stakeholders. The thriving emergence of FinTech not only affects the conventional finance industry but also Islamic finance industry, as Islamic finance sector is also embracing FinTech as part of financial revolution. Thus, the Islamic FinTech emerges as faith-based FinTech. This is because Islamic FinTech claimed to comply with Shariah principle in their mechanism and smart contract. There is limited discussion on smart contract and Islamic FinTech and its Shariah principles. Hence, the Shariah principle in smart contract of Islamic FinTech need to be addressed. This chapter tries to delve into the smart contract concept in Islamic FinTech and Shariah principles in the mechanism. The review found that smart contract is currently in the early stage and so is Islamic FinTech. The scholars agreed that FinTech is a Maslahah (interest) to mankind's benefit. However, the smart contract is still in discussion and review.

scholarly journals An Efficient Distributive Framework for Preserving Data Privacy through Block Chain

2019 ◽  
Vol 8 (2) ◽  
pp. 5236-5239
Keyword(s):  
Artificial Intelligence ◽  
Deep Learning ◽  
Data Privacy ◽  
Learning Models ◽  
Smart Contract ◽  
Block Chain

Deep Learning Models has gained much attention to perform various artificial intelligence tasks. The accuracy of the models relies on the availability of data. Privacy and auditability has become the major concern for data providers. First issue is the centralised server which may become malicious causing break in privacy. Second is no incentives are given for data providers and trainers. Block chain is the most emerging innovation as of late. Decentralised connectivity of block chains gives another approach to interface information without the overheads of security, trust and controls. To address the above issues we propose an algorithm where clients send the model to the block chain for training where the honest trainers are incentivized for training, sharing weights. The weights are averaged; parameters are updated by a smart contract that resides on block chain which guarantees privacy and audit ability Keywords — Block chain, Network,Privacy

General Takaful claims: An experience of Takaful operator in Malaysia

2017 ◽  
Vol 5 (4) ◽  
pp. 18
Author(s):  
Amirul Afif Muhamat ◽  
Mohamad Nizam Jaafar ◽  
Sharifah Faigah Syed Alwi
Keyword(s):  
Life Insurance ◽  
Islamic Finance ◽  
Rigorous Analysis ◽  
Finance Industry ◽  
General Insurance ◽  
Bright Side ◽  
Main Components ◽  
Islamic Insurance ◽  
Gathering Data ◽  
Observation Period

Takaful is interchangeably referred as Islamic insurance. In Malaysia, the takaful sector is part of the main components for Islamic finance industry. The business can be divided into two: general and family takaful. To ease understanding on this niche sector; general takaful is comparable to general insurance while family takaful is akin to life insurance with special reference needs to be given on the requirement of the business to adhere to the Islamic precepts. The main business in general takaful is motor takaful and this line of business is faced with high takaful claims. This study appraised the factors which affect the general takaful claims based on the experience of one takaful operator in Malaysia (the name of takaful operator is not disclosed due to confidentiality). The factors are: number of claims; fraud; and coverage for protection. The limitation of this study is that the observation period is only 10 years which limits rigorous analysis to be done. Nevertheless, previous studies in this area depict the same limitation – constraint in gathering data that has long observation period. On the bright side, the data in this study is still capable to produce meaningful results to be referred with regards to this issue – general takaful claims.

Intelligence, Artificial and Otherwise

2019 ◽  
Vol 24 (2) ◽  
pp. 241-258
Author(s):  
Paul Dumouchel
Keyword(s):  
Artificial Intelligence ◽  
Human Intelligence

The idea of artificial intelligence implies the existence of a form of intelligence that is “natural,” or at least not artificial. The problem is that intelligence, whether “natural” or “artificial,” is not well defined: it is hard to say what, exactly, is or constitutes intelligence. This difficulty makes it impossible to measure human intelligence against artificial intelligence on a unique scale. It does not, however, prevent us from comparing them; rather, it changes the sense and meaning of such comparisons. Comparing artificial intelligence with human intelligence could allow us to understand both forms better. This paper thus aims to compare and distinguish these two forms of intelligence, focusing on three issues: forms of embodiment, autonomy and judgment. Doing so, I argue, should enable us to have a better view of the promises and limitations of present-day artificial intelligence, along with its benefits and dangers and the place we should make for it in our culture and society.

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