Artificial Intelligence (AI) through the Lens of Islamic Economics – V

We can take comfort with the forecast that AI will firmly stay within human control and conveniently, trash the forecast of some that machines will become incomprehensibly smarter than humans with artificial super intelligence (ASI). However, in the event ASI materializes, it will be beyond our control. We can only hope that, before the inevitable…

Artificial Intelligence (AI) through the Lens of Islamic Economics – IV

Text analysis may be useful, for instance, for a waqf organization to know what the neighborhood feels about the public goods (education, healthcare, orphan care etc.) it provides. An association of zakat organizations in a country concerned about a high rate of “donor attrition” may feel the need for a “feel-good analysis” of donors. A…

Artificial Intelligence (AI) through the Lens of Islamic Economics – III

When a poor and needy individual (faqir/ miskeen) is wrongly classified as non-poor and deprived of zakat (a case of false-negative) or a rich is wrongly classified as poor and receives zakat (a case of false-positive), it involves ethical dilemmas of varying order. Of course, there are in-built mechanisms within the classification models to address…

Artificial Intelligence (AI) through the Lens of Islamic Economics – II

Algorithms are essential building blocks of AI. In this blog I introduce the notions of data, algorithms and machine learning against the backdrop of the zakat and Islamic micro finance sectors. A few responses to my introductory blog on AI seemed to suggest a good-natured attempt to confer human-ness on Sophia. Some wondered (in a…

Artificial Intelligence (AI) through the Lens of Islamic Economics – I

Intelligence, intellect, rationality may be subsumed under the notion of Aql in Islamic economics. However, when intelligence is artificial, it raises new issues and challenges. This is the first in a series of blogs that touches upon this issue and sets the stage for further discussion on application of AI in Islamic finance. Let me…

Kafalah (Guarantee) for Shariah-compliant SMEs in the UK

Kafalah (guarantee) is assurance, its original meaning relates to joining and commitment. Technically Muslim jurists differed about the definition of guarantee. The majority of Hanafis defined it as joining the debts or material assets. The second definition of theirs: joining the liability of the warrant or to the liability of the principal for a debt.…