Big Data and Islamic Finance

Big Data and Islamic Finance

Egi Arvian Firmansyah (Universiti Brunei Darussalam, Brunei & Universitas Padjadjaran, Indonesia) and Budi Harsanto (Universitas Padjadjaran, Indonesia)
Copyright: © 2023 |Pages: 14
DOI: 10.4018/978-1-7998-9220-5.ch008
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Big data technologies have been adopted by various entities to expedite the decision-making process and make it more effective and efficient. Islamic financial institutions, the institutions complying with sharia rules, have also started leveraging their business operations through the big data technologies. Therefore, understanding the practices and studies focusing on big data and Islamic finance is essential to gain more insight into this matter. This article aims to portray the literature of big data in relation to Islamic finance indexed in academic databases, namely Web of Science, Scopus, and Google Scholar. The analysis was conducted using a systematic literature review on those three databases. The finding of this study reveals that four themes have been selected by researchers on big data and Islamic finance. The less researched themes discussed in this article can be the input for researchers to conduct further studies. Since the studies focusing on big data and Islamic finance are scant, this article contributes to the literature on big data and Islamic finance.
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Big data can be defined as the tremendous amount of data that can be analyzed using the advanced computer to produce particular patterns, trends, and relationships (Sagiroglu & Sinanc, 2013). Although it was born from the information and technology domain, the application of big data in the business environment has been the concern of many corporations, and it is deemed one of the sources of competitive advantage in the current era (Chen et al., 2018). Also, the studies on big data have been extensively conducted by scholars across the globe (Gandomi & Haider, 2015), both in business settings and others.

Big data technology has been well studied in various fields, such as marketing (Zhao et al., 2019), human resources (El-Kassar & Singh, 2019), operations (Choi et al., 2018; Lu & Xu, 2019), transportation systems (Ghofrani et al., 2018), Internet of Things (Plageras et al., 2018), healthcare (Batko & Ślęzak, 2022; Dash et al., 2019) and Covid-19 case (Awotunde et al., 2021; Wang et al., 2020) The universal purpose of big data has clearly inspired many people in any field to embrace this technology to improve the effectiveness and efficiency of any organization, either profit oriented or non-profit oriented ones. Furthermore, many previous studies have also been recently conducted using a systematic literature review approach on big data. Those studies relate big data to many other aspects, such as tourism (Li et al., 2018; Mariani et al., 2018), supply chain management (Mishra et al., 2018; Nguyen et al., 2018; Rejeb et al., 2022) manufacturing (Cui et al., 2020; Ren et al., 2019), disaster management (Akter & Wamba, 2019; Yu et al., 2018), healthcare (Mehta & Pandit, 2018; Pashazadeh & Navimipour, 2018), text mining in financial sector (Pejić Bach et al., 2019), firm performance (Maroufkhani et al., 2019), transportation research (Kaffash et al., 2021; Neilson et al., 2019), and organization dynamic capabilities (Rialti et al., 2019).

Very few big data studies have been sufficiently published in various journals focusing on Islamic finance. In fact, the general nature of big data can be used either by Islamic or non-Islamic business entities because big data can be considered a religious-neutral application. Therefore, this study aims to review the studies that relate big data and Islamic finance published in the journals indexed in Web of Science, Scopus, and Google Scholar. The two indexes, as mentioned earlier, were selected because they are the most well-known and trusted indexing databases in which many scholars are pursuing to have their papers indexed by them. While the third one, namely, Google Scholar, was selected to enhance the results of the review conducted on Web of Science and Scopus indexes.

Key Terms in this Chapter

SDGs: It stands for Sustainable Development Goals, which are a set of 17 interconnected global goals providing a blueprint for a better and more sustainable future for all. The United Nations General Assembly established these goals in 2015, with the goal of achieving them by 2030.

Hadith: The record consisting of the sayings and traditions of the Prophet Muhammad.

Islamic Finance: Financial transactions that are compliant with Islamic teachings and law.

Quran: The holy book of Muslims and the primary source of law in Islam. The Quran contains history, sciences, and laws that must be adopted by Muslim life.

Big Data Main Features: Volume, variety, velocity, and veracity.

Artificial Intelligence (AI): Digital computer or a computer-controlled robot’s ability to accomplish tasks typically associated with intelligent beings.

Islamic Big Data: Is a term referring to data storing and disseminating activities that are not against Islamic laws (Sharia).

Big Data: A numerous amount of information available on the internet, which can be utilized to figure out the problem in various fields.

Murabaha: A contract in Islamic finance which is equivalent to a buying-selling contract.

Islamic (Sharia) Banks: Banks that operate based on Islamic law.

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