building an islamic financial information system based on policy managements

building an islamic financial information system based on policy managements

;Izzat Alsmadi;Mohammad Zarour
journal of heritage tourism 2015 Vol. 27 pp. 364-375
90
alsmadi2015journalbuilding

Abstract

For many banks and customers in the Middle East and Islamic world, the availability and the ability to apply Islamic Shariah rules on financial activities is very important. In some cases, business and technical barriers can limit the ability to apply and offer financial services that are implemented according to Shariah rules. In this paper, we discuss enforcing Shariah rules from information technology viewpoint and show how such rules can be implemented and enforced in a financial establishment. Security authorization standard XACML is extended to consider Shariah rules. In this research XACML architecture, that is used and applied in many tools and system architectures, is used to enforce Shariah rules in the banking sector rather than its original goal of enforcing security rules where policy management systems such as XACML are usually used. We developed a model based on XACML policy management to show how an Islamic financial information system can be used to make decisions for day to day bank activities. Such a system is required by all Islamic banks around the world. Currently, most Islamic banks use advisory boards to provide opinions on general activities. The gap between those high level general rules and decision for each customer business process is to be filled by Islamic financial information systems. The flexible design of the architecture can also be effective where rules can be screened and revisited often without the need to restructure the authorization system implemented. Authorization rules described here are not necessarily the perfect reflection of Shariah opinions. They are only shown as a proof of concept and a demonstration of how such rules can be written and implemented.

Citation

ID: 178367
Ref Key: alsmadi2015journalbuilding
Use this key to autocite in SciMatic or Thesis Manager

References

Blockchain Verification

Account:
NFT Contract Address:
0x95644003c57E6F55A65596E3D9Eac6813e3566dA
Article ID:
178367
Unique Identifier:
10.1016/j.jksuci.2014.11.001
Network:
Scimatic Chain (ID: 481)
Loading...
Blockchain Readiness Checklist
Authors
Abstract
Journal Name
Year
Title
5/5
Creates 1,000,000 NFT tokens for this article
Token Features:
  • ERC-1155 Standard NFT
  • 1 Million Supply per Article
  • Transferable via MetaMask
  • Permanent Blockchain Record
Blockchain QR Code
Scan with Saymatik Web3.0 Wallet

Saymatik Web3.0 Wallet