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INDONESIA
Journal of Central Banking Law and Institutions
Published by Bank Indonesia Institute
ISSN : 28277775     EISSN : 28099885     DOI : https://doi.org/10.21098/jcli.v2i1
Core Subject : Economy, Humanities, Science, Social,
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences
Journal of Central Banking Law and Institutions (JCLI) is an international peer-reviewed journal. ​​JCLI publishes triannually. JCLI focuses on a range of topics examining the intersection of central banking law and institutions on the monetary, financial system, and payment systems that include regulations, governance (including transparency & accountability), credibility, institutional politics, institutional arrangements, and institutional communication. The JCLI’s scope is global, and the journal endeavours to publish high-quality research that contributes to the literature and/or impacts macro-economic policy aimed at enhancing social & economic welfare. Research papers are welcome from central and non-central bank practitioners, academics, and policymakers, regardless of their institutional affiliation and geographic location.
Arjuna Subject : Ilmu Sosial - Hukum
Articles 84 Documents
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DATA GOVERNANCE FOR ARTIFICIAL INTELLIGENCE IMPLEMENTATION IN THE FINANCIAL SECTOR: AN INDONESIAN PERSPECTIVE Damaris, Regina; Rosadi, Sinta Dewi; Bratadana, I Made Diyosena
Journal of Central Banking Law and Institutions Vol. 4 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i3.430

Abstract

The fast-evolving landscape of Artificial Intelligence (AI) is transforming industries worldwide, including Indonesia’s financial sector. While AI presents immense opportunities for innovation and efficiency, it also poses complex challenges in data governance. This paper explores the need for Indonesia to establish a comprehensive and forward-thinking data governance framework tailored to AI implementation in the financial sector. Using a literature review method and drawing on global and local regulatory developments, the paper outlines key principles for AI-related data governance, including transparency, accountability, specificity, enforceability, and adaptability. By reimagining its approach to data governance, Indonesia can mitigate the risks of data misuse, enhance personal data protection, and foster an environment conducive to responsible AI innovation. The research addresses the foregoing issues by offering a conceptual foundation for policymakers, regulators, and financial institutions in Indonesia to develop better rules and practices for managing AI-related data to strengthen Indonesia’s technological sovereignty, particularly in the financial sector. The study finds that Indonesia’s current data governance framework in the financial sector is not yet optimal for supporting AI implementation. Indonesia’s data governance framework requires adjustments in key areas, namely specificity, enforceability, and adaptability, while also promoting stronger cooperation among stakeholders.
THE AI PARADOX IN CENTRAL BANKING: NEW POWERS, NEW VULNERABILITIES Koroye, Tamarakemiebi; Alaekwe, Sydney
Journal of Central Banking Law and Institutions Vol. 4 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i3.441

Abstract

The integration of artificial intelligence into central banking disrupts the traditional bank regulator relationship, creating asymmetries that private institutions exploit. This paper examines how AI-driven market surveillance and predictive risk modelling erode private banks’ informational advantages, compelling them into a Schumpeterian race for survival in which innovation becomes imperative. Using a qualitative analysis of regulatory developments and financial market adaptations, this study argues that enhanced central bank AI capabilities paradoxically accelerate the emergence of opaque financial segments designed to evade oversight. The findings indicate that this shift transforms regulatory dynamics, positioning central banks as real-time market participants while private institutions develop increasingly sophisticated methods of regulatory evasion. This evolution generates systemic risks that existing regulatory frameworks struggle to address, necessitating adaptive oversight mechanisms. The study concludes that the imperative progressively drives financial innovation to maintain opacity in response to algorithmic supervision, underscoring the need for regulatory models that balance AI’s benefits with emerging vulnerabilities.
REVOLUTIONISING THE SHARIAH SECRETARIAT FUNCTION THROUGH ARTIFICIAL INTELLIGENCE: PROSPECTS AND CHALLENGES FOR MALAYSIA’S ISLAMIC BANKING SECTOR Bin Abdul Rahim, Mohamad Syafiqe
Journal of Central Banking Law and Institutions Vol. 4 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i3.444

Abstract

This paper examines the potential and challenges of integrating artificial intelligence (AI) as a transformative approach to revolutionising the Shariah Secretariat function in Malaysia’s Islamic banking sector. The Shariah Secretariat, as outlined by Bank Negara Malaysia’s Shariah Governance Policy Document, plays a vital role in facilitating and supporting the secretarial and administrative matters of the Shariah Committee. This study examines the potential of AI to significantly enhance the effectiveness of the Shariah Secretariat, particularly through process automation, document management, regulatory reporting, and decision-making processes. However, AI integration poses critical challenges regarding the clarity of accountability, liability, and ethical considerations due to the autonomous nature of AI-driven processes. The research underscores substantial gaps in Malaysia’s existing legal and regulatory frameworks governing the application of AI in Islamic banking. To address these challenges, the study suggests specific legislative changes and recommends that Malaysia’s National Guidelines on AI Governance and Ethics principles be made binding to ensure transparent, ethical, and accountable AI practices within Islamic banking. Drawing on international frameworks, including the European Union’s AI Act and the OECD AI Principles, this paper recommends a holistic approach to regulatory refinement in Malaysia, aiming to sustain technological innovation while safeguarding Shariah compliance, ethical standards, and public trust.
AI IN FATWA FORMULATION: TRANSFORMING SHARIA-COMPLIANT FINANCE Priantina, Anita; Mimma Maripatul Uula; Aufa; Evania Herindar
Journal of Central Banking Law and Institutions Vol. 4 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i3.446

Abstract

Fatwas play a pivotal role in Islamic jurisprudence, serving as legal instruments to ensure that financial practices align with Shariah principles. For Islamic financial institutions, timely and accurate fatwas are essential to maintain compliance, operational clarity, and stakeholder trust. However, the fatwa development process is often time intensive. This study examines how artificial intelligence (AI) can be leveraged to enhance the efficiency and responsiveness of fatwa formulation. Using the Analytic Network Process (ANP), Shariah advisors and members of the Shariah Supervisory Board of Islamic Financial Institutions assessed the benefits, costs, opportunities, and risks associated with AI adoption. AI’s capacity for comprehensive data analysis is found to be the most weighted benefit. Key concerns include the cost of scientific verification, the risk of automating sacred decision-making, and the weakening of istinbath (legal reasoning) by scholars. To harness AI’s potential while preserving the integrity of Islamic jurisprudence, it is essential to have appropriate tools, training, and governance frameworks in place. AI has the potential not only to streamline the issuance of fatwas but also to transform the responsiveness and scalability of Shariah-compliant financial services. This study contributes to the literature on AI and Islamic jurisprudence by presenting an evidence-based framework for the responsible integration of AI in Shariah governance.

Page 9 of 9 | Total Record : 84

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