Promise of IRSHAD: The Intelligent Robo Shariah Advisor

In one of my earlier blogs, I had proposed a model on the use of artificial intelligence to undertake a valuation of waqf assets based on publicly available information. I am glad to note that IBF DigiLabs has now operationalized this model for India and plans to repeat the same for Indonesia. It is also…

IBFx: The Future Currency of Islamic DeFi

IBFx is being designed as the crypto currency of IBF Net: The Islamic Business and Finance Network. With the introduction of this currency, the network would witness a shift from an exchange of “views” to an exchange of “values” among its members. It is a landmark development for IBF Net, which is the oldest online…

Islamic DeFi: Back to Basics – V

In the first and second blogs dedicated to the subject of Islamic Decentralized Finance (DeFi) we attempted to trace the trajectory of what we know as mainstream Islamic finance. We discussed the entire range of adoptions and adaptations of classical contracts adding up to constitute the Islamic financial system. With the benefit of hindsight, we…

Islamic DeFi: Back to Basics – IV

Simplicity is not just a virtue. It is an imperative in Islamic finance. Let us keep the game simple and comprehensible. Let us play the game differently. Part I | Part II | Part III Now-a-days I receive at least one headline pertaining to the crypto world among many others, as I click on Google,…

Islamic DeFi: Back to Basics – III

In the current whirlpool of speculation at Digital Asset Exchanges, speculative cryptos will drive out non-speculative ones from circulation. Click here for Part 1 of this series | Click here for Part 2 of this series Paper money was introduced almost four Centuries after the birth of the first Islamic state in Madinah. I presume…

Islamic DeFi: Back to Basics – II

DeFi, we should. Disrupt, we must. (Click here for Part 1 of this series) The positive contribution of Islamic microfinance to Islamic finance in general was the dichotomy it presented. There were the Grameen-type Islamic replications. There were also the indigenously born Baitul Maals and Qard Funds. Islamic microfinance was also practiced by Islamic non-profit…

Islamic DeFi: Back to Basics – I

The trajectory of the mainstream Islamic financial services sector, as we understand, has never been smooth. The maiden experiments in Islamic banking and finance perhaps started with the birth of institutions like the Dubai Islamic Bank and the Islamic Development Bank in the mid-1970s. A new breed of scholars, known as Islamic economists, dominated all…

Multi-Level Marketing (MLM): Is it an Ethical Game? – II

From our archives: IBF Review – Vol 1, No.16-17 September 2004 Pyramid or endless-chain distributor schemes ask people to make an investment and, in return, grant them a license to recruit others who, in turn, recruit still others into the scheme. In essence, the investor pays for the opportunity to receive compensation when his or…

Multi-Level Marketing (MLM): Is it an Ethical Game? – I

From our archives: IBF Review – Vol 1, No.16-17 September 2004 If you haven't been approached so far by someone from Amway or Gold Quest or Herbalife or Biznas, you have reasons to feel bad. This perhaps means that you still have a long way to go before you are perceived as someone with good…

Identifying Waqf Assets with Development Potential Using AI

Introducing Project Deliverance, I try to demonstrate here how public and private data sources that are commonly available can be used to create artificial intelligence for classification of awqaf assets in terms of their potential for development and address the twin challenges of preservation and development. The term “deliverance” implies the act of rescue or…