المستشار الآلي الإسلامي كتكنولوجيا مالية إسلامية داعمة لتطوير المالية الإسلامية "دلائل تطبيقية دولية"

Yıl 2025, Cilt: 8 Sayı: 1, 35 - 49, 30.06.2025

Amine Aouıssı , Zohir Bendaas

https://doi.org/10.47145/dinbil.1636231

Öz

تهدف هذه الورقة البحثية إلى تحليل دور تكنولوجيا "المستشار الآلي الإسلامي" في تطوير المالية الإسلامية، وذلك عبر دراسة تطورها التاريخي، وتطبيقاتها العالمية، والتحديات التي تواجه انتشارها. تتناول الدراسة كيف ساهمت هذه التكنولوجيا في تحقيق الشمول المالي من خلال تقديم خدمات استشارية استثمارية متوافقة مع الشريعة الإسلامية، منخفضة التكلفة، وقابلة للتوسع، مما يسهم في تعزيز التمويل الإسلامي عالميًا. كما تستعرض الورقة تأثير الذكاء الاصطناعي، تقنية سلسلة الكتل (Blockchain)، والتمويل اللامركزي (DeFi) في تحسين أداء هذه المنصات، وضمان امتثالها للمبادئ الإسلامية.
تعتمد الورقة على منهج التحليل التاريخي لفهم تطور المستشار الآلي الإسلامي منذ ظهوره وحتى عام 2024. يتم تحليل مراحل تطوره من حيث الابتكار التقني والتنظيمي، مع تقييم العوامل التي ساعدت على انتشاره في الأسواق المالية الإسلامية والعالمية. بالإضافة إلى ذلك، استخدم التحليل الوصفي لاستعراض انتشار المستشار الآلي الإسلامي، وتحديد أبرز الشركات الرائدة التي تبنّت هذه التكنولوجيا، إلى جانب استكشاف مدى توافقها مع المعايير البيئية والاجتماعية والحوكمة.
أظهرت النتائج أن المستشار الآلي الإسلامي لعب دورًا محوريًا في تعزيز الشمول المالي، لا سيما في المجتمعات الإسلامية التي تعاني من ضعف الخدمات المصرفية، حيث تشير التقديرات إلى أن أكثر من 1.7 مليار شخص حول العالم لا يمتلكون حسابات مصرفية، وتأتي التكنولوجيا المالية الإسلامية كحل مبتكر لسد هذه الفجوة. كما ساهمت هذه التكنولوجيا في خفض تكاليف الاستشارات المالية بنسبة 30-50% مقارنة بالمستشارين التقليديين، مما جعلها أكثر جاذبية للمستثمرين الأفراد وأصحاب رؤوس الأموال الصغيرة. بالإضافة إلى ذلك، وفّرت فرص استثمارية متوافقة مع القيم الإسلامية، مما جذب اهتمام المستثمرين المسلمين وغير المسلمين المهتمين بالاستثمار الأخلاقي.
كشفت الدراسة أن الشركات الرائدة مثل Wahed Invest، التي بلغت قيمتها السوقية 562 مليون دولار في عام 2024، وSarwa Digital Wealth، التي تراوحت قيمتها بين 57 و85 مليون دولار في عام 2021، استطاعت توسيع نطاق الخدمات المالية الإسلامية عبر الحدود، مما ساعد في تعميم مفهوم الاستثمار الحلال عالميًا. كما أن انتشار هذه المنصات لم يقتصر على الدول الإسلامية، بل امتد ليشمل أسواقًا كبرى في الولايات المتحدة، والمملكة المتحدة، وكندا، مما يعكس تزايد الاهتمام العالمي بالحلول الاستثمارية المتوافقة مع الشريعة الإسلامية.
على الرغم من هذه الفوائد، تواجه تكنولوجيا المستشار الآلي الإسلامي تحديات رئيسية، منها الحاجة إلى تطوير أطر تنظيمية موحدة لضمان الامتثال للشريعة الإسلامية، والتحديات المتعلقة بتحليل البيانات وضمان عدم تحيز الخوارزميات، بالإضافة إلى ضرورة تعزيز الوعي بهذه التكنولوجيا لضمان تبنيها على نطاق واسع. كما أن توحيد المعايير عبر الأسواق المختلفة يشكّل عقبة أمام توسعها عالميًا، ما يستدعي تعاون الجهات التنظيمية في الدول الإسلامية وغير الإسلامية لتحقيق توافق أوسع.
تقترح الورقة ضرورة إطلاق حملات توعوية حول فوائد المستشار الآلي الإسلامي، مع التأكيد على أهميته في تعزيز الشمول المالي والاستثمار الأخلاقي. كما توصي بتعزيز التعاون بين الهيئات التنظيمية الإسلامية والدولية لتطوير إطار قانوني موحّد يدعم نمو هذه التكنولوجيا عالميًا. علاوة على ذلك، يمكن للبنوك الإسلامية دمج هذه الأدوات الرقمية في خدماتها الاستثمارية، مما يساعد في تحسين تجربة العملاء وتوسيع قاعدة المستثمرين المهتمين بالحلول المالية المتوافقة مع الشريعة.
تساهم هذه الورقة في إثراء الأدبيات العلمية حول التكنولوجيا المالية الإسلامية، وتوفر رؤية استراتيجية لدعم انتشار المستشار الآلي الإسلامي كأداة مبتكرة قادرة على تحقيق تحول جذري في قطاع المالية الإسلامية.

Anahtar Kelimeler

المستشار الآلي الإسلامي , التكنولوجيا المالية الإسلامية , المالية الإسلامية

İslami Finansın Gelişimini Destekleyen İslami Finans Teknolojisi Olarak İslami Robo-Danışman "Uluslararası Başvuru Kılavuzu"

Öz

Bu araştırma makalesi, İslami robo-danışman teknolojisinin İslami finansın gelişimindeki rolünü, tarihsel gelişimini, küresel uygulamalarını ve yayılmasının karşı karşıya olduğu zorlukları inceleyerek analiz etmeyi amaçlamaktadır. Çalışmada, bu teknolojinin, İslami finansın küresel çapta yaygınlaşmasına katkı sağlayan, Şeriat uyumlu, düşük maliyetli ve ölçeklenebilir yatırım danışmanlık hizmetleri sunarak finansal kapsayıcılığa ulaşmaya nasıl katkıda bulunduğu incelenmektedir. Makalede ayrıca yapay zekanın, blok zinciri teknolojisinin ve merkezi olmayan finansın (DeFi) bu platformların performansını iyileştirme ve İslami ilkelere uyumunu sağlamadaki etkisi de inceleniyor. Makale, İslami robo-danışmanın ortaya çıkışından 2024'e kadar gelişimini anlamak için tarihsel bir analiz yaklaşımı benimsiyor. Gelişim aşamaları, İslami ve küresel finans piyasalarında yayılmasına yardımcı olan faktörlerin değerlendirilmesiyle teknik ve düzenleyici yenilik açısından analiz ediliyor. Ayrıca, İslami robo-danışmanların yaygınlaşmasını incelemek, bu teknolojiyi benimseyen en önemli öncüleri belirlemek ve bunların çevresel, sosyal ve yönetişim (ESG) kriterleriyle uyumunu araştırmak için tanımlayıcı analiz kullanılmıştır. Sonuçlar, İslami robo-danışmanların, özellikle dünya çapında yaklaşık 1,7 milyar insanın bankacılık hizmetlerinden faydalanamadığı yetersiz bankacılık hizmeti alan Müslüman topluluklarda finansal katılımı teşvik etmede önemli bir rol oynadığını ve İslami fintech'in bu açığı kapatmak için yenilikçi bir çözüm olduğunu gösterdi. Teknoloji ayrıca, geleneksel danışmanlara kıyasla finansal danışmanlık hizmetlerinin maliyetini %30-50 oranında azaltarak, onu bireysel yatırımcılar ve küçük ölçekli yatırımcılar için daha cazip hale getirdi. Ayrıca, etik yatırımla ilgilenen Müslüman ve Müslüman olmayan yatırımcıların ilgisini çekerek İslami değerlerle uyumlu yatırım fırsatları sağladı. Çalışma, 2024'te 562 milyon dolarlık piyasa değerine sahip Wahed Invest ve 2021'de 57-85 milyon dolarlık piyasa değerine sahip Sarwa Digital Wealth gibi önde gelen şirketlerin, İslami finansal hizmetlerinin kapsamını sınır ötesi genişletebildiğini ve helal yatırım konseptinin küresel olarak popülerleşmesine yardımcı olduğunu ortaya koydu. Bu platformların yayılımı sadece İslam ülkeleriyle sınırlı kalmadı; ABD, İngiltere ve Kanada gibi büyük pazarları da kapsayacak şekilde genişledi ve bu durum İslam hukukuna uygun yatırım çözümlerine yönelik küresel ilginin arttığını gösteriyor. Bu faydalarına rağmen, İslami robo-danışman teknolojisi, Şeriata uyumu garanti altına almak için birleşik düzenleyici çerçeveler geliştirme ihtiyacı, veri analizi ve algoritmaların taraflı olmamasını sağlama ile ilgili zorluklar ve bu teknolojinin yaygın olarak benimsenmesini sağlamak için farkındalığı artırma ihtiyacı gibi önemli zorluklarla karşı karşıyadır. Farklı pazarlardaki standartların birleştirilmesi aynı zamanda küresel genişlemelerinin önünde bir engel teşkil ediyor. Bu durum, daha geniş bir mutabakat sağlamak için Müslüman ve Müslüman olmayan ülkelerdeki düzenleyici kurumlar arasında iş birliğini gerektiriyor. Çalışmada İslami robo-danışmanların faydaları konusunda farkındalık kampanyaları başlatılması gerektiği, finansal katılımın ve etik yatırımı teşvik edilmesinin önemi vurgulanmıştır. Ayrıca, bu teknolojinin küresel çapta büyümesini destekleyen birleşik bir yasal çerçeve geliştirmek amacıyla İslam ve uluslararası düzenleyici kuruluşlar arasındaki iş birliğinin artırılması öneriliyor. Ayrıca İslami bankalar bu dijital araçları yatırım hizmetlerine entegre ederek müşteri deneyimini iyileştirmeye ve Şeriat uyumlu finansal çözümlerle ilgilenen yatırımcı tabanını genişletmeye yardımcı olabilir.
Bu makale, İslami finans teknolojisine ilişkin bilimsel literatüre katkıda bulunmakta ve İslami finans sektörünü kökten değiştirebilecek yenilikçi bir araç olarak İslami robo-danışmanların yayılmasını desteklemek için stratejik bir vizyon sunmaktadır.

Anahtar Kelimeler

İslami robo-danışman , İslami finans teknolojisi , İslami finans

The Islamic Robo-advisor (IRA) an I-FinTech Fostering the Islamic Finance Development “Global Applied Evidence”

Öz

This research paper aims to analyze the role of "Islamic robo-advisor" technology in the development of Islamic finance by studying its historical development, global applications, and the challenges facing its spread. The study discusses how this technology has contributed to achieving financial inclusion by providing Sharia-compliant, low-cost, and scalable investment advisory services, which contribute to promoting Islamic finance globally. The paper also reviews the impact of artificial intelligence, blockchain technology, and decentralized finance (DeFi) in improving the performance of these platforms and ensuring their compliance with Islamic principles. The paper relies on a historical analysis approach to understand the development of the Islamic robo-advisor from its emergence until 2024. Its development stages are analyzed regarding technical and regulatory innovation, with an assessment of the factors that helped its spread in Islamic and global financial markets. In addition, descriptive analysis is used to review the spread of the Islamic robo-advisor, identify the most prominent leading companies that have adopted this technology, and explore the extent of its compatibility with environmental, social, and governance (ESG) standards. The results showed that Islamic robo-advisors have played a pivotal role in promoting financial inclusion, especially in underbanked Muslim communities, with an estimated 1.7 billion people worldwide unbanked, and Islamic fintech is an innovative solution to bridge this gap. Technology has also reduced the cost of financial advisory services by 30-50% compared to traditional advisors, making it more attractive to individual investors and small-cap investors. In addition, it has provided investment opportunities that are compatible with Islamic values, attracting the interest of Muslim and non-Muslim investors interested in ethical investing. The study revealed that leading companies such as Wahed Invest, with a market cap of $562 million in 2024, and Sarwa Digital Wealth, with a market cap of $57-85 million in 2021, have been able to expand the scope of Islamic financial services across borders, helping to popularize the concept of halal investing globally. The spread of these platforms was not limited to Islamic countries but extended to include major markets in the United States, the United Kingdom, and Canada, reflecting the growing global interest in investment solutions that are compatible with Islamic law. Despite these benefits, Islamic robo-advisor technology faces key challenges, including the need to develop unified regulatory frameworks to ensure compliance with Sharia law, challenges related to data analysis and ensuring that algorithms are not biased, and the need to raise awareness of the technology to ensure its widespread adoption. Standardization across different markets is also an obstacle to its global expansion, which calls for cooperation from regulatory bodies in Muslim and non-Muslim countries to achieve broader consensus. The paper suggests the need to launch awareness campaigns on the benefits of Islamic robo-advisors, emphasizing their importance in promoting financial inclusion and ethical investing. It also recommends enhancing cooperation between Islamic and international regulatory bodies to develop a unified legal framework that supports the growth of this technology globally. Moreover, Islamic banks can integrate these digital tools into their investment services, which will help improve customer experience and expand the investor base interested in Shariah-compliant financial solutions. This paper enriches the scientific literature on Islamic fintech and provides a strategic vision to support the spread of Islamic robo-advisors as an innovative tool capable of radically transforming the Islamic finance sector.

Anahtar Kelimeler

Islamic Robo-Advisor (IRA) , Islamic Fintech , Islamic Finance

Kaynakça

• Aaoıfı. “Accounting and Auditing Organization for Islamic Financial Institutions”, 2020. https://aaoifi.com/accounting-implications-of-the-impact-of-covid-19-pandemic/?lang=en
• Abdi, Qasim Mohamed - Aysan, Ahmet Faruk. “Landscape of Robo-Advisory Industry Challenges and Prospects: The Case of Wahed Invest”. Eurasian Business and Economics Perspectives. ed. Mehmet Hüseyin Bilgin et al. 27/491–506. Eurasian Studies in Business and Economics. Cham: Springer Nature Switzerland, 2024. https://doi.org/10.1007/978-3-031-51212-4_28
• Ahmed, Hafiz M. “What Is an Islamic Robo-Advisor? How Do They Work”. The Halal Times (blog), April 13, 2024. https://www.halaltimes.com/what-is-an-islamic-robo-advisor-how-do-they-work/
• Ahmed, Hafiz M. “What Is an Islamic Robo-Advisor? How Do They Work”. The Halal Times (blog), April 13, 2024. https://www.halaltimes.com/what-is-an-islamic-robo-advisor-how-do-they-work/
• Algebra Ltd. “Algebra - Welcome”. 2018. Accessed January 5, 2025. https://www.algebra2u.com/app/home/hello
• Ali, Hassnian et al. “Global Landscape of the Islamic Fintech: Opportunities, Challenges and Future Ahead”. COMSATS Journal of Islamic Finance 4/2 (December 25, 2019), 29–53. https://doi.org/10.26652/cjif.4201923
• Amanah. “About Amanah”. Amanah Advisors (blog), 2024. https://amanahadvisors.com/about-amanah/
• Blossom. “About Blossom Finance”. 2024. Accessed December 30, 2024. https://www.blossomfinance.com/about-us Cocoa. “Cocoa Invest - About Us - Learn More about Cocoa Invest”. Cocoa - Invest. 2024. Accessed December 26, 2024. https://cocoainvest.com/about-us/
• Cole, Stephanie et al. “What Is Historical Analysis?” https://uta.pressbooks.pub/historicalresearch/chapter/what-is-historical-analysis/.
• Cur8. “Cur8 Home | Invest in World-Class Private Funds”. 2024. Accessed December 25, 2024. https://cur8.capital/
• Eren, Berrin Arzu. “Antecedents of Robo-Advisor Use Intention in Private Pension Investments: An Emerging Market Country Example”. Journal of Financial Services Marketing 29/3 (September 2024), 683–698. https://doi.org/10.1057/s41264-023-00229-5
• Ethis. “About Us”. Ethis (blog), 2023. https://ethis.co/about-us/ Ethis. “Shariah-Compliant Robo-Advisors: Halal Islamic Robo Advisor”. July 13, 2023. https://ethis.co/blog/shariah-compliant-robo-advisors-2/
• fintel. “Shariaportfolio, Inc. Portfolio Holdings”. October 21, 2024. Accessed December 24, 2024. https://fintel.io/i/shariaportfolio-inc
• fintel. “Wahed Invest LLC Portfolio Holdings”. November 14, 2024. Accessed December 24, 2024. https://fintel.io/i/wahed-invest-llc
• Hooda, Jayant et al. “Shariah-Compliant Robo-Advisors: Exploring the Development and Implementation of Islamic Finance’s Automated Investment Solutions”. Advances in Finance, Accounting, and Economics. ed. Mohammad Irfan et al. 223–235. IGI Global, 2023. https://doi.org/10.4018/979-8-3693-1038-0.ch015
• Iman, Aldi Khusmufa Nur - Samsuri, Andriani. “Cryptocurrency; Financial Risk And Shariah-Compliant Alternative Concept”. Equilibrium: Jurnal Ekonomi Syariah 10/1 (June 21, 2022), 109. https://doi.org/10.21043/equilibrium.v10i1.13278
• Islamicly. “Halal Stocks Finder and Screener | Shariah Advisor for Your Halal Investments- Islamicly”. 2024. Accessed December 30, 2024. https://islamicly.com/
• Kamarudin, Nur Shuhada et al. “Robo-Advisor Can Play a Role in Promoting Financial Knowledge Within Society”. Journal of Advanced Research in Applied Sciences and Engineering Technology, 197–208. https://doi.org/10.37934/araset.53.1.197208
• Katterbauer, Klemens - Moschetta, Philippe. “A Robo-Advisory Framework for Islamic and Environmental, Social and Governance (ESG) Compliance – A Benchmark Study on the S&P 500 Stock Index”. The Journal of Muamalat and Islamic Finance Research, 34–46. https://doi.org/10.33102/jmifr.v19i1.408
• Manzil. “Halal Investment and Financing Solutions | Canada | Manzil”. 2024. Accessed December 25, 2024. https://manzil.ca/
• Mohammad Hatta, Mohammad Firdaus et al. “Financial Robo-Advisor Savings2u for Shariah-Compliant Savings and Investment Application”. Journal of Information System and Technology Management 7/29 (December 1, 2022), 70–85. https://doi.org/10.35631/JISTM.729006
• Munro, Lisa. “LibGuides: Historical Research Method: Home”. 2024. Accessed January 5, 2025. https://ecu.au.libguides.com/historical-research-method/home
• Ramuthi, Danesh. “Understanding Shariah-Compliant Robo-Advisory: A Guide for Ethical Investing”. Musaffa Academy (blog), December 16, 2023. https://academy.musaffa.com/shariah-compliant-robo-advisory/
• Ranin, Aki. Robo-Advisor with Python: A Hands-on Guide on How to Build and Operate Your Own Robo-Advisor. UK: Packt Publishing, 2023.
• Saad, Auwal Adam et al. “Robo-Advisory for Islamic Financial Institutions: Shari’ah And Regulatory Issues”. European Journal of Islamic Finance, First Special Issue for EJIF Workshop. https://doi.org/10.13135/2421-2172/3992
• Sarwa. “Sarwa | Invest, Trade and Save”. 2024. Accessed December 24, 2024. https://www.sarwa.co
• ShariaPortfolio. “About - ShariaPortfolio - The Halal Way to Invest.” ShariaPortfolio. 2022. Accessed December 24, 2024. https://shariaportfolio.com/about/
• Sweden Tech Ecosystem. “Manzil Company Information, Funding & Investors”. 2019. Accessed December 25, 2024. https://sweden.dealroom.co/companies/manzil
• Sweden Tech Ecosystem. “Sarwa Company Information, Funding & Investors”. 2021. Accessed December 24, 2024. https://sweden.dealroom.co/companies/sarwa_co
• Sweden Tech Ecosystem. “Zoya Company Information, Funding & Investors”. 2024. Accessed December 24, 2024. https://sweden.dealroom.co/companies/zoya_1_1
• Todorof, Maria. “Robo Advice in Islamic Finance”. SSRN Electronic Journal (September 19, 2018), 1–13. https://doi.org/10.2139/ssrn.3337712
• Valuefy. “Valuefy-About”. 2024. https://valuefy.com/about/ Virji, Naushad. “Shariah-Compliant Asset Management in North America”. ShariaPortfolio. October 15, 2020. Accessed January 5, 2025. https://shariaportfolio.com/shariah-compliant-asset-management-in-north-america/
• Wahed. “Wahed - Halal Investing Made Simple”. 2024. Accessed December 24, 2024. https://www.wahed.com/global Wellfound. “Blossom Finance Funding Information”. Wellfound. 2020. Accessed December 30, 2024. https://wellfound.com/company/blossom-finance/funding
• Yu, Shanxuan - AlSaud, Sara. “A Deep Learning Robo-Advisor Framework for Shariah-Compliant Investment into Chinese A-Shares”. Journal of Islamic Finance 10/2 (December 31, 2021), 18–25. https://doi.org/10.31436/jif.v10i2.593
• Zoya. “About Us | Zoya”. 2024. Accessed December 24, 2024. https://zoya.finance/about