The Islamic Robo-advisor (IRA) an I-FinTech Fostering the Islamic Finance Development  “Global Applied Evidence”

Amine Aouıssı; Zohir Bendaas

Makale detayları

The Islamic Robo-advisor (IRA) an I-FinTech Fostering the Islamic Finance Development “Global Applied Evidence”

Yazarlar:

Amine Aouıssı | Zohir Bendaas

Yayıncı:

Mus Alparslan University

Ana Başlıklar:

İslam Finansı

Dergi:

Din ve Bilim - Muş Alparslan Üniversitesi İslami İlimler Fakültesi Dergisi Vol.8 Issue 1, pp.35-49

Belge Tipi:

Makale

Yayın Tarihi:

6/2025

Belge Dili:

Arapça

Document ID (Org No.):

2001351983

pISSN:

2667-7717

Anahtar kelimeler:

Özet:

 This research paper aims to analyze the role of Islamic robo-advisor technology in the development of Islamic finance by studying its historical development, global applications, and the challenges facing its spread. The study discusses how this technology has contributed to achieving financial inclusion by providing Sharia-compliant, low-cost, and scalable investment advisory services, which contribute to promoting Islamic finance globally. The paper also reviews the impact of artificial intelligence, blockchain technology, and decentralized finance DeFi in improving the performance of these platforms and ensuring their compliance with Islamic principles. The paper relies on a historical analysis approach to understand the development of the Islamic robo-advisor from its emergence until 2024. Its development stages are analyzed regarding technical and regulatory innovation, with an assessment of the factors that helped its spread in Islamic and global financial markets. In addition, descriptive analysis is used to review the spread of the Islamic robo-advisor, identify the most prominent leading companies that have adopted this technology, and explore the extent of its compatibility with environmental, social, and governance ESG standards. The results showed that Islamic robo-advisors have played a pivotal role in promoting financial inclusion, especially in underbanked Muslim communities, with an estimated 1.7 billion people worldwide unbanked, and Islamic fintech is an innovative solution to bridge this gap. Technology has also reduced the cost of financial advisory services by 30-50 compared to traditional advisors, making it more attractive to individual investors and small-cap investors. In addition, it has provided investment opportunities that are compatible with Islamic values, attracting the interest of Muslim and non-Muslim investors interested in ethical investing. The study revealed that leading companies such as Wahed Invest, with a market cap of 562 million in 2024, and Sarwa Digital Wealth, with a market cap of 57-85 million in 2021, have been able to expand the scope of Islamic financial services across borders, helping to popularize the concept of halal investing globally. The spread of these platforms was not limited to Islamic countries but extended to include major markets in the United States, the United Kingdom, and Canada, reflecting the growing global interest in investment solutions that are compatible with Islamic law. Despite these benefits, Islamic robo-advisor technology faces key challenges, including the need to develop unified regulatory frameworks to ensure compliance with Sharia law, challenges related to data analysis and ensuring that algorithms are not biased, and the need to raise awareness of the technology to ensure its widespread adoption. Standardization across different markets is also an obstacle to its global expansion, which calls for cooperation from regulatory bodies in Muslim and non-Muslim countries to achieve broader consensus. The paper suggests the need to launch awareness campaigns on the benefits of Islamic robo-advisors, emphasizing their importance in promoting financial inclusion and ethical investing. It also recommends enhancing cooperation between Islamic and international regulatory bodies to develop a unified legal framework that supports the growth of this technology globally. Moreover, Islamic banks can integrate these digital tools into their investment services, which will help improve customer experience and expand the investor base interested in Shariah-compliant financial solutions. This paper enriches the scientific literature on Islamic fintech and provides a strategic vision to support the spread of Islamic robo-advisors as an innovative tool capable of radically transforming the Islamic finance sector.

 This research paper aims to analyze the role of Islamic robo-advisor technology in the development of Islamic finance by studying its historical development, global applications, and the challenges facing its spread. The study discusses how this technology has contributed to achieving financial inclusion by providing Sharia-compliant, low-cost, and scalable investment advisory services, which contribute to promoting Islamic finance globally. The paper also reviews the impact of artificial intelligence, blockchain technology, and decentralized finance DeFi in improving the performance of these platforms and ensuring their compliance with Islamic principles. The paper relies on a historical analysis approach to understand the development of the Islamic robo-advisor from its emergence until 2024. Its development stages are analyzed regarding technical and regulatory innovation, with an assessment of the factors that helped its spread in Islamic and global financial markets. In addition, descriptive analysis is used to review the spread of the Islamic robo-advisor, identify the most prominent leading companies that have adopted this technology, and explore the extent of its compatibility with environmental, social, and governance ESG standards. The results showed that Islamic robo-advisors have played a pivotal role in promoting financial inclusion, especially in underbanked Muslim communities, with an estimated 1.7 billion people worldwide unbanked, and Islamic fintech is an innovative solution to bridge this gap. Technology has also reduced the cost of financial advisory services by 30-50 compared to traditional advisors, making it more attractive to individual investors and small-cap investors. In addition, it has provided investment opportunities that are compatible with Islamic values, attracting the interest of Muslim and non-Muslim investors interested in ethical investing. The study revealed that leading companies such as Wahed Invest, with a market cap of 562 million in 2024, and Sarwa Digital Wealth, with a market cap of 57-85 million in 2021, have been able to expand the scope of Islamic financial services across borders, helping to popularize the concept of halal investing globally. The spread of these platforms was not limited to Islamic countries but extended to include major markets in the United States, the United Kingdom, and Canada, reflecting the growing global interest in investment solutions that are compatible with Islamic law. Despite these benefits, Islamic robo-advisor technology faces key challenges, including the need to develop unified regulatory frameworks to ensure compliance with Sharia law, challenges related to data analysis and ensuring that algorithms are not biased, and the need to raise awareness of the technology to ensure its widespread adoption. Standardization across different markets is also an obstacle to its global expansion, which calls for cooperation from regulatory bodies in Muslim and non-Muslim countries to achieve broader consensus. The paper suggests the need to launch awareness campaigns on the benefits of Islamic robo-advisors, emphasizing their importance in promoting financial inclusion and ethical investing. It also recommends enhancing cooperation between Islamic and international regulatory bodies to develop a unified legal framework that supports the growth of this technology globally. Moreover, Islamic banks can integrate these digital tools into their investment services, which will help improve customer experience and expand the investor base interested in Shariah-compliant financial solutions. This paper enriches the scientific literature on Islamic fintech and provides a strategic vision to support the spread of Islamic robo-advisors as an innovative tool capable of radically transforming the Islamic finance sector.

 This research paper aims to analyze the role of Islamic robo-advisor technology in the development of Islamic finance by studying its historical development, global applications, and the challenges facing its spread. The study discusses how this technology has contributed to achieving financial inclusion by providing Sharia-compliant, low-cost, and scalable investment advisory services, which contribute to promoting Islamic finance globally. The paper also reviews the impact of artificial intelligence, blockchain technology, and decentralized finance DeFi in improving the performance of these platforms and ensuring their compliance with Islamic principles. The paper relies on a historical analysis approach to understand the development of the Islamic robo-advisor from its emergence until 2024. Its development stages are analyzed regarding technical and regulatory innovation, with an assessment of the factors that helped its spread in Islamic and global financial markets. In addition, descriptive analysis is used to review the spread of the Islamic robo-advisor, identify the most prominent leading companies that have adopted this technology, and explore the extent of its compatibility with environmental, social, and governance ESG standards. The results showed that Islamic robo-advisors have played a pivotal role in promoting financial inclusion, especially in underbanked Muslim communities, with an estimated 1.7 billion people worldwide unbanked, and Islamic fintech is an innovative solution to bridge this gap. Technology has also reduced the cost of financial advisory services by 30-50 compared to traditional advisors, making it more attractive to individual investors and small-cap investors. In addition, it has provided investment opportunities that are compatible with Islamic values, attracting the interest of Muslim and non-Muslim investors interested in ethical investing. The study revealed that leading companies such as Wahed Invest, with a market cap of 562 million in 2024, and Sarwa Digital Wealth, with a market cap of 57-85 million in 2021, have been able to expand the scope of Islamic financial services across borders, helping to popularize the concept of halal investing globally. The spread of these platforms was not limited to Islamic countries but extended to include major markets in the United States, the United Kingdom, and Canada, reflecting the growing global interest in investment solutions that are compatible with Islamic law. Despite these benefits, Islamic robo-advisor technology faces key challenges, including the need to develop unified regulatory frameworks to ensure compliance with Sharia law, challenges related to data analysis and ensuring that algorithms are not biased, and the need to raise awareness of the technology to ensure its widespread adoption. Standardization across different markets is also an obstacle to its global expansion, which calls for cooperation from regulatory bodies in Muslim and non-Muslim countries to achieve broader consensus. The paper suggests the need to launch awareness campaigns on the benefits of Islamic robo-advisors, emphasizing their importance in promoting financial inclusion and ethical investing. It also recommends enhancing cooperation between Islamic and international regulatory bodies to develop a unified legal framework that supports the growth of this technology globally. Moreover, Islamic banks can integrate these digital tools into their investment services, which will help improve customer experience and expand the investor base interested in Shariah-compliant financial solutions. This paper enriches the scientific literature on Islamic fintech and provides a strategic vision to support the spread of Islamic robo-advisors as an innovative tool capable of radically transforming the Islamic finance sector.

 Bu araştırma makalesi, İslami robo-danışman teknolojisinin İslami finansın gelişimindeki rolünü, tarihsel gelişimini, küresel uygulamalarını ve yayılmasının karşı karşıya olduğu zorlukları inceleyerek analiz etmeyi amaçlamaktadır. Çalışmada, bu teknolojinin, İslami finansın küresel çapta yaygınlaşmasına katkı sağlayan, Şeriat uyumlu, düşük maliyetli ve ölçeklenebilir yatırım danışmanlık hizmetleri sunarak finansal kapsayıcılığa ulaşmaya nasıl katkıda bulunduğu incelenmektedir. Makalede ayrıca yapay zekanın, blok zinciri teknolojisinin ve merkezi olmayan finansın DeFi bu platformların performansını iyileştirme ve İslami ilkelere uyumunu sağlamadaki etkisi de inceleniyor. Makale, İslami robo-danışmanın ortaya çıkışından 2024e kadar gelişimini anlamak için tarihsel bir analiz yaklaşımı benimsiyor. Gelişim aşamaları, İslami ve küresel finans piyasalarında yayılmasına yardımcı olan faktörlerin değerlendirilmesiyle teknik ve düzenleyici yenilik açısından analiz ediliyor. Ayrıca, İslami robo-danışmanların yaygınlaşmasını incelemek, bu teknolojiyi benimseyen en önemli öncüleri belirlemek ve bunların çevresel, sosyal ve yönetişim ESG kriterleriyle uyumunu araştırmak için tanımlayıcı analiz kullanılmıştır. Sonuçlar, İslami robo-danışmanların, özellikle dünya çapında yaklaşık 1,7 milyar insanın bankacılık hizmetlerinden faydalanamadığı yetersiz bankacılık hizmeti alan Müslüman topluluklarda finansal katılımı teşvik etmede önemli bir rol oynadığını ve İslami fintechin bu açığı kapatmak için yenilikçi bir çözüm olduğunu gösterdi. Teknoloji ayrıca, geleneksel danışmanlara kıyasla finansal danışmanlık hizmetlerinin maliyetini 30-50 oranında azaltarak, onu bireysel yatırımcılar ve küçük ölçekli yatırımcılar için daha cazip hale getirdi. Ayrıca, etik yatırımla ilgilenen Müslüman ve Müslüman olmayan yatırımcıların ilgisini çekerek İslami değerlerle uyumlu yatırım fırsatları sağladı. Çalışma, 2024te 562 milyon dolarlık piyasa değerine sahip Wahed Invest ve 2021de 57-85 milyon dolarlık piyasa değerine sahip Sarwa Digital Wealth gibi önde gelen şirketlerin, İslami finansal hizmetlerinin kapsamını sınır ötesi genişletebildiğini ve helal yatırım konseptinin küresel olarak popülerleşmesine yardımcı olduğunu ortaya koydu. Bu platformların yayılımı sadece İslam ülkeleriyle sınırlı kalmadı; ABD, İngiltere ve Kanada gibi büyük pazarları da kapsayacak şekilde genişledi ve bu durum İslam hukukuna uygun yatırım çözümlerine yönelik küresel ilginin arttığını gösteriyor. Bu faydalarına rağmen, İslami robo-danışman teknolojisi, Şeriata uyumu garanti altına almak için birleşik düzenleyici çerçeveler geliştirme ihtiyacı, veri analizi ve algoritmaların taraflı olmamasını sağlama ile ilgili zorluklar ve bu teknolojinin yaygın olarak benimsenmesini sağlamak için farkındalığı artırma ihtiyacı gibi önemli zorluklarla karşı karşıyadır. Farklı pazarlardaki standartların birleştirilmesi aynı zamanda küresel genişlemelerinin önünde bir engel teşkil ediyor. Bu durum, daha geniş bir mutabakat sağlamak için Müslüman ve Müslüman olmayan ülkelerdeki düzenleyici kurumlar arasında iş birliğini gerektiriyor. Çalışmada İslami robo-danışmanların faydaları konusunda farkındalık kampanyaları başlatılması gerektiği, finansal katılımın ve etik yatırımı teşvik edilmesinin önemi vurgulanmıştır. Ayrıca, bu teknolojinin küresel çapta büyümesini destekleyen birleşik bir yasal çerçeve geliştirmek amacıyla İslam ve uluslararası düzenleyici kuruluşlar arasındaki iş birliğinin artırılması öneriliyor. Ayrıca İslami bankalar bu dijital araçları yatırım hizmetlerine entegre ederek müşteri deneyimini iyileştirmeye ve Şeriat uyumlu finansal çözümlerle ilgilenen yatırımcı tabanını genişletmeye yardımcı olabilir. Bu makale, İslami finans teknolojisine ilişkin bilimsel literatüre katkıda bulunmakta ve İslami finans sektörünü kökten değiştirebilecek yenilikçi bir araç olarak İslami robo-danışmanların yayılmasını desteklemek için stratejik bir vizyon sunmaktadır.

Makale detayları

The Islamic Robo-advisor (IRA) an I-FinTech Fostering the Islamic Finance Development “Global Applied Evidence”

Yazarlar:

Amine Aouıssı | Zohir Bendaas

Yayıncı:

Mus Alparslan University

Ana Başlıklar:

İslam Finansı

Dergi:

Din ve Bilim - Muş Alparslan Üniversitesi İslami İlimler Fakültesi Dergisi Vol.8 Issue 1, pp.35-49

Belge Tipi:

Makale

Yayın Tarihi:

6/2025

Belge Dili:

Arapça

Document ID (Org No.):

2001351983

pISSN:

2667-7717

Islamic Robo-Advisor (IRA)

Islamic Fintech

Islamic Financeİslami robo-danışman

İslami finans teknolojisi

İslami finans

Sayı

Makale detayları

The Islamic Robo-advisor (IRA) an I-FinTech Fostering the Islamic Finance Development “Global Applied Evidence”

Yazarlar: Amine Aouıssı | Zohir Bendaas

Yayıncı: Mus Alparslan University

Ana Başlıklar: İslam Finansı

Dergi: Din ve Bilim - Muş Alparslan Üniversitesi İslami İlimler Fakültesi Dergisi Vol.8 Issue 1, pp.35-49

Belge Tipi: Makale

Yayın Tarihi: 6/2025

Belge Dili: Arapça

Document ID (Org No.): 2001351983

pISSN: 2667-7717

Islamic Robo-Advisor (IRA)

Islamic Fintech

Islamic Financeİslami robo-danışman

İslami finans teknolojisi

İslami finans

Sayı

Yazarlar:

Amine Aouıssı | Zohir Bendaas

Yayıncı:

Mus Alparslan University

Ana Başlıklar:

İslam Finansı

Dergi:

Din ve Bilim - Muş Alparslan Üniversitesi İslami İlimler Fakültesi Dergisi Vol.8 Issue 1, pp.35-49

Belge Tipi:

Makale

Yayın Tarihi:

6/2025

Belge Dili:

Arapça

Document ID (Org No.):

2001351983

pISSN:

2667-7717