Scholars' Views on the Use of Robo-Advisors in Sharia Investment: A Study of Fatwa and Its Application
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Abstract
The rapid advancement of digital technology has transformed the global financial landscape, introducing robo-advisors as a prominent innovation in investment management, including within Islamic finance. However, the adoption of robo-advisors by Muslim investors raises critical questions regarding their compliance with Shariah principles, particularly concerning the avoidance of riba, gharar, and maysir. This study aims to examine the perspectives of Islamic scholars on the use of robo-advisors in Shariah-compliant investments through a qualitative literature review of contemporary fiqh sources, academic journals, and official fatwas. The findings reveal that most scholars cautiously permit the use of robo-advisors, provided that certain conditions are met, such as the validity and transparency of the system, the absence of prohibited elements, and the presence of human oversight in complex decision-making. The regulatory framework in Indonesia, while guided by DSN-MUI and AAOIFI standards, remains in development and requires further adaptation to address the unique challenges posed by robo-advisory technology. This research contributes to the discourse on Islamic financial technology by offering a conceptual framework for the Shariah compliance of robo-advisors and highlighting the need for collaboration between regulators, scholars, and industry practitioners. The results underscore the importance of continuous innovation and regulatory development to ensure that technological advancements in investment management align with Islamic ethical and legal standards.
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