Umer chapra's Islamic Economic Philosophy and Relevance with Financial Technology

This research serves as an ethical and philosophical diagnostic at the intersection of Artificial Intelligence (AI) in Financial Technology (FinTech) and Umer Chapra’s Islamic economic philosophy. Rejecting the notion that AI is a value-neutral tool, the study establishes a critical framework rooted in the Maqasid al-Shariah to analyze the moral implications of algorithmic finance. We argue that AI-powered financial systems must be intentionally designed to uphold principles of justice, equity, and social responsibility, moving beyond mere efficiency to actively contribute to poverty reduction and collective well-being. Findings indicate that AI holds the potential to align finance with the Maqasid (preserving religion, life, intellect, lineage, and property) through improved credit fairness and fraud detection. However, this paper concludes that achieving such economic stability and social relevance hinges upon establishing robust governance frameworks to proactively mitigate algorithmic bias and ensure responsible AI development that safeguards human dignity against technological overreach.