An Islamic Perspective on AI Ethics

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Abstract
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This case study examines the confluence of Islamic finance and AI ethics in the rapidly growing Robo-Advisory sector, focusing on Wahed Invest LLC (Wahed). As a frontrunner in providing Islamic-compliant financial solutions, Wahed Investments seeks to align its offerings with core Islamic ethical principles. However, recent violations of the Securities and Exchange Commission (SEC) regulations, including misleading clients and insufficient disclosures, have highlighted the urgent need to strictly comply with both Islamic ethical standards and regulatory requirements to rebuild trust and maintain its status as a Shari’ah-compliant entity advisor.

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The objectives of the study were to investigate conditions of Islamic ethics promotion and to develop learning activities to promote Islamic ethics for Muslim youth in the three Southern border provinces. Data were collected through in-depth interviews, brainstorming and critique meetings with four groups of informants: Muslim youth, parents and guardians, Muslim leaders, and Muslim academics. The data were analyzed using content analysis and presented using descriptive analysis. The results were as follows. 1) Islamic ethics promotion faced the problems of lacking experts or knowledgeable persons to carry out Islamic ethics promotion, and family did not give importance to Islamic ethics promotion. As a result, Islamic ethics promotion was not successful, Muslim youth did not receive enough Islamic ethics promotion and some of them behaved against Islamic ethical principles and neglected Islamic practice. Even though Islamic ethics promotion is needed for Muslim youth to live their lives consistent with Islamic principles, some of them wanted to have group learning activities and Islamic ethics training camps to be organized regularly so that they could appropriately apply them in their everyday life. 2) There were seven types of learning activities to promote Islamic ethics among Muslim youth that the community could apply according to the needs of the target group and community context. They were group study activities, mind-resting activities and nighttime Islamic activities, Islamic ethics training camps, Anasyid activities (singing and chanting activities to raise awareness), social reflection plays, volunteering activities, and meet the Muslim youth of new generation activities.

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