Abderrazak Belabes
Islamic Economics Institute, King Abdulaziz University, Jeddah, Saudi Arabia; abelabes@kau.edu.sa
DOI : https://doi.org/10.47191/ijmra/v8-i02-08Google Scholar Download Pdf
ABSTRACT:
The aim of this study is to shed light on a relationship that has not been explored until now. This is the relationship between the world of Islamic finance that of AI, and the debt embedded in the ex nihilo monetary creation system induced by bank loans with ribā. As a result, by making excessive use of AI under the pretext of the need to adopt disruptive innovations that generate exponential growth, Islamic finance feeds this system. This raises a paradox: Islamic finance, which is reputed to be ribā-free, uses AI, which feeds on ribā, to grow exponentially in a context of chip war between the United States, China, and Europe that intensifies day by day. This cognitive trap into which Islamic finance has fallen also applies to Islamic economics. The reason is that AI, as well as finance and economics, could not be part of the debt system if they were not disembedded from society by disintegrating traditional social structures. Hence the importance of the quadriptych rizq, waqf, maʿāsh, and ʿumrān, which opens the field to local practices that create social connections, and help people live better. It is then a question of using AI to satisfy local needs when necessary, and not to increase the power of digital giants through a race for stock market capitalization, which artificially inflates profitability. Against this backdrop, investors may demand clearer monetization roadmaps, which could burst the AI bubble.
KEYWORDS:Islamic finance, AI, ribā, debt, Ex nihilo monetary creation system
REFERENCES1) Al-Jurjānī, ʿA. 1991. Asrār al-Balāghah [The Mysteries of Eloquence]. Sharikat al-Quds at Cairo.
2) Al-Jurjānī ʿA. 2022. Dalāʾil al-Iʿjāz [ The Proofs of the inimitability of words of Allah]. Sharikat al-Quds at Cairo.
3) Belabes, A. 2014. Al-Iqtiṣād al-Islāmī: Ḥafriyat Muṣtalaḥ. Islamiyat al-Maʿarifa, 20(78), 105-132.
4) Belabes, A. 2017. Mustalaḥ al-Iqtiṣād al-Siyāsī fī al-ʿĀlam al-Islāmī: Dirāsah Muqāranah Bayn al-Adabiyāt al-ʿArabiyah wa al-Turkiyah wa al-Urdiyah. Islamiyat al-Maʿarifa, vol. 22, no. 88, 79-112.
5) Belabes, A. 2022a. A New Foundation of the Phenomenon of Money through a Systemic Approach to Zakatable Assets. AZKA International Journal of Zakat & Social Finance, vol. 3, no. 2, 1-34.
6) Belabes, A. 2022b. The alternative benchmarking in reference to Taylor's rule: A critical review of a conceptual note. Researches and Applications in Islamic Finance, vol. 6, no. 1, 1-12.
7) Belabes, A. 2024a. The Grothendieck’s Toposes as the Future Mathematics of AI. Philosophy International Journal, vol. 7, no. 3, 1-8.
8) Belabes, A. 2024b. The forgotten history of the waqf: The Kaʿaba. Islamic History and Literature, vol. 2 (3), 137-149.
9) Belabes, A. 2025. The Economic Life Beyond Economists. Routledge at Abingdon, Oxon; New York, Ny.
10) Companies Market Cap 2024. Largest American companies by market capitalization. CompaniesMarketcap.com, https://companiesmarketcap.com/usa/largest-companies-in-the-usa-by-market-cap/
11) CRS. 2023. Semiconductors: U.S. Industry, Global Competition, and Federal Policy. Congressional Research Service Report R46581, at Washington, DC.
12) Hagey, K. and Fitch, A. 2024. Sam Altman Seeks Trillions of Dollars to Reshape Business of Chips and AI. The Wall Street Journal, 8 February.
13) Ibn Jinnī, ʿU. 1952. Al-Khaṣāʾiṣ [The Characteristics]. Dar al-Kutub al-Misriyya at Cairo.
14) Ibn Qayyim al-Jawziyya, M. 2003. Madārij al-Sālikīn [Ranks of the Divine Seekers]. Dar al-Kitab al-Arabi at Beirut.
15) Poincaré, H. 1908. Science et Méthode. Flammarion at Paris.
16) Polanyi, K. 1944. The great transformation: the political and economic origins of our time. Farrar & Rinehart at New York.
17) Smith, A. 1776. An Inquiry into the Nature and Causes of the Wealth of Nations. W. Strahan and T. Cadell at London.
18) Soltani, E. 2025. The Trillion-Dollar Titans: Apple, Microsoft, and NVidia in 2024’s Market Cap Race, Voronoi, 7 January.
19) Zaman, R. 2022. ASML Monopoly in Semiconductor — where is magic? The Waves, 22 March.
Volume 08 Issue 02 February 2025
There is an Open Access article, distributed under the term of the Creative Commons Attribution – Non Commercial 4.0 International (CC BY-NC 4.0) (https://creativecommons.org/licenses/by-nc/4.0/), which permits remixing, adapting and building upon the work for non-commercial use, provided the original work is properly cited.
Our Services and Policies
Authors should prepare their manuscripts according to the instructions given in the authors' guidelines. Manuscripts which do not conform to the format and style of the Journal may be returned to the authors for revision or rejected.
The Journal reserves the right to make any further formal changes and language corrections necessary in a manuscript accepted for publication so that it conforms to the formatting requirements of the Journal.
International Journal of Multidisciplinary Research and Analysis will publish 12 monthly online issues per year,IJMRA publishes articles as soon as the final copy-edited version is approved. IJMRA publishes articles and review papers of all subjects area.
Open access is a mechanism by which research outputs are distributed online, Hybrid open access journals, contain a mixture of open access articles and closed access articles.
International Journal of Multidisciplinary Research and Analysis initiate a call for research paper for Volume 08 Issue 02 (February 2025).
PUBLICATION DATES:
1) Last Date of Submission : 25 February 2025 .
2) Article published within a week.
3) Submit Article : editor@ijmra.in or Online
Why with us
1 : IJMRA only accepts original and high quality research and technical papers.
2 : Paper will publish immediately in current issue after registration.
3 : Authors can download their full papers at any time with digital certificate.
The Editors reserve the right to reject papers without sending them out for review.
Authors should prepare their manuscripts according to the instructions given in the authors' guidelines. Manuscripts which do not conform to the format and style of the Journal may be returned to the authors for revision or rejected. The Journal reserves the right to make any further formal changes and language corrections necessary in a manuscript accepted for publication so that it conforms to the formatting requirements of the Journal.