Developing Adaptive Islamic Law Business Processes Models for Islamic Finance and Banking by Text Mining the Holy Quran and Hadith.
Global Islamic finance assets grew from $200 billion to $1.8 trillion (IMF 2015) and is growing faster than the conventional banking sector. A large number of conventional financial institutions, especially banks are moving to an Islamic financial model that's comply with the Shari'a Law with little change to current conventional practices (reverse eningineer current business processes) to accommodate the new situation. In this study we will design and develop the business processes for the Islamic financial institutions' (IFIs) products by investigating and collecting information through Islamic literature, surveys and interviews of experts in Islamic jurisprudence, regulators, academic and Islamic finance and banking practitioners. Then we will assess and evaluate the findings by using a Qur'anic Financial Corpus and use computational and analytical approaches to mine the Qur'an (the Muslim Holy book) and the Hadith (actions and words of the prophet Muhammad peace be upon him) to uncover hidden knowledge on Islamic financial business processes. The knowledge acquired from this investigation will be translated into an Islamic financial process model to be adapted by Islamic and non-Islamic financial institutions. The outcome of this research will influence the future development, growth and diversification of Islamic Financial Services worldwide
Majdalawieh, Munir; Marir, Farhi; and Tiemsani, Issam, "Developing Adaptive Islamic Law Business Processes Models for Islamic Finance and Banking by Text Mining the Holy Quran and Hadith." (2017). Working papers. 4.