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All Journal Mazahibuna: Jurnal Perbandingan Mazhab Journal of Central Banking Law and Institutions
Aysan, Ahmet Faruk
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Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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Usury-Free Capital through Sharia Fintech: Insights from Hanafi, Maliki, al-Shafi'i, and Hanbali Madhhabs Syarif, Muhammad Fazlurrahman; Aysan, Ahmet Faruk
Mazahibuna: Jurnal Perbandingan Mazhab VOLUME 6 ISSUE 2, DECEMBER 2024
Publisher : Universitas Islam Negeri Alauddin Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24252/mazahibuna.vi.51543

Abstract

Sharia fintech (Financial Technology) is an important alternative to overcome the problem of usury prohibited by Islamic law. Therefore, this study aimed to analyze Sharia fintech as a solution for capital without usury based on the perspectives of four madhhabs, namely Hanafi, Maliki, al-Shafi'i, and Hanbali. A qualitative study was conducted with a comparative Islamic law method. Empirical data were collected from classical fiqh literature and contemporary studies related to fintech and usury. The collected data were analyzed through the stages of reduction, presentation, editing, and drawing conclusions from tracing the suitability of Sharia fintech with the principles held by each school. The results showed that there was significant difference between the four schools in interpreting whether Sharia fintech was truly free from usury. The Hanafi and Hanbali madhhabs were more careful in accepting the Sharia fintech model because of the potential for hidden usury elements. However, the Maliki and al-Shafi'i madhhabs were more open, provided that fintech contracts adhere to Sharia principles. The originality of this study was in the comprehensive and simultaneous analysis of the four madhhabs perspectives, which has not been widely investigated in the context of Sharia fintech. The implications of this study include the importance of stricter regulation to ensure full compliance with Sharia principles. Furthermore, this study contributed to financial institutions and regulators in developing Sharia fintech products that were more inclusive and in accordance with the provisions of various madhhabs. More opportunities were also opened for further studies on the implementation of Sharia fintech in multiple countries with different madhhab backgrounds.
Navigating the Future of Finance: The Transformative Role of Generative AI Ali, Hassnian; Aysan, Ahmet Faruk
Journal of Central Banking Law and Institutions Vol. 5 No. 1 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v5i1.431

Abstract

Generative Artificial Intelligence (GenAI) has the potential to transform the financial services sector by advancing financial modelling, risk assessment, fraud detection, and customer service. This study employs Structured Topic Modelling (STM), a machine learning-based method for analysing unstructured text, to uncover key themes from academic and grey literature. Academic discourse focuses on technical applications, including portfolio optimisation and financial forecasting, while grey literature emphasises ethical risks, regulatory challenges, and operational concerns. The findings reveal that GenAI enhances operational efficiency, optimises risk management, and personalises services. However, challenges related to data security, algorithmic bias, and robust ethical governance persist. Policymakers must develop regulatory frameworks that balance innovation and consumer protection, ensuring privacy, transparency, and accountability. The study identifies five key areas for future research: ethical governance, blockchain integration, employment impacts, AI-driven risk management, and personalised financial services. These insights offer a roadmap for financial institutions, policymakers, and technology providers, highlighting GenAI’s transformative potential while addressing ethical considerations for its responsible deployment.
Co-Authors Ali, Hassnian Syarif, Muhammad Fazlurrahman