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Digital transformation in Islamic banks
Economical 01/04/2024
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Ihsan Al-Shammari
said that adopting a digital transformation strategy by Islamic banks is an acceptable trend, and comes in harmony with government trends in this direction, and it is desirable in the Islamic economy, but this acceptance is conditional on several controls, so that it does not deviate from its goal, and the situation does not lead to Access to spoilers.
One of the necessary controls when purchasing or employing financial technology is to ensure its suitability for the Islamic finance system. It is best to develop an internal technology that suits the needs and specificity of Islamic banks. Therefore, financial sums should be allocated to establish a subsidiary of Islamic banks, with the aim of innovating products internally, and not relying on financial technology. Foreign companies that do not take into account the privacy of Islamic banks and the required legal sequence when carrying out operations.
Here, digital transformation should not be a trick or an excuse to reach illegal transactions. If digital transformation is intended for anything forbidden, such as installing a device to calculate interest, then it is forbidden, and the applications of digital transformation and digital Islamic finance should not result in violating a text of Sharia.
Reality requires that the digital transformation be disciplined in terms of establishing contracts with financial technology companies and the three parties, so as not to lead to contracts with forbidden companies that are not permissible to deal with. Likewise, the installation of modern systems and technologies must be accompanied by a careful review that includes all their aspects, and not be satisfied with what they promote. Companies have the strength of their systems and their advantages, as they must be controlled from the Sharia aspects, and the Sharia burden falls on the Sharia bodies, represented by their Sharia management in the bank, to ensure the integrity of those systems before installing them in the specific bank.
A major role must be created for the Sharia Board in supervising and following up on the digital transformation strategy, due to its absence having negative effects and Sharia risks on the performance of digital banking operations on the grounds that it is a technical issue.
We conclude that what is required is that all digital finance transactions and digital transformation contracts are subject to continuous Sharia auditing, in the form of an independent Sharia audit mission specialized in digital finance, in order to follow up on the discipline of digital finance products and services, to prevent the entry of illicit profits into the bank, and to control the product in the event of any technical or technical failure. Legal, legal or accounting.
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