Islamic Finance, Artificial Intelligence, and the Debt Embedded in the Ex Nihilo Monetary Creation System
Journal Title: International Journal of Multidisciplinary Research and Analysis - Year 2025, Vol 8, Issue 02
Abstract
The aim of this study is to shed light on a relationship that has not been explored until now. This is the relationship between the world of Islamic finance that of AI, and the debt embedded in the ex nihilo monetary creation system induced by bank loans with ribā. As a result, by making excessive use of AI under the pretext of the need to adopt disruptive innovations that generate exponential growth, Islamic finance feeds this system. This raises a paradox: Islamic finance, which is reputed to be ribā-free, uses AI, which feeds on ribā, to grow exponentially in a context of chip war between the United States, China, and Europe that intensifies day by day. This cognitive trap into which Islamic finance has fallen also applies to Islamic economics. The reason is that AI, as well as finance and economics, could not be part of the debt system if they were not disembedded from society by disintegrating traditional social structures. Hence the importance of the quadriptych rizq, waqf, maʿāsh, and ʿumrān, which opens the field to local practices that create social connections, and help people live better. It is then a question of using AI to satisfy local needs when necessary, and not to increase the power of digital giants through a race for stock market capitalization, which artificially inflates profitability. Against this backdrop, investors may demand clearer monetization roadmaps, which could burst the AI bubble.
Authors and Affiliations
Abderrazak Belabes
Keywords
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- EP ID EP759701
- DOI 10.47191/ijmra/v8-i02-08
- Views 19
- Downloads 0
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