Towards an Ontology for Islamic Finance

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© 2021 by IJCTT Journal
Volume-69 Issue-12
Year of Publication : 2021
Authors : Sione Aboubacar, Kabore Kiswendsida Kisito, Traore Yaya
DOI :  10.14445/22312803/IJCTT- V69I12P103

How to Cite?

Sione Aboubacar, Kabore Kiswendsida Kisito, Traore Yaya, "Towards an Ontology for Islamic Finance," International Journal of Computer Trends and Technology, vol. 69, no. 12, pp. 10-16, 2021. Crossref, https://doi.org/10.14445/22312803/IJCTT-V69I12P103

Abstract
Islamic finance is a close combination of conventional finance, ethics, Islamic law, and jurisprudence. It has developed in an unprecedented way over the past half-century and has attracted the attention of Western central banks. It has been adopted by several countries, including non-Muslim countries, to deal with the excesses of conventional finance. The difference between Islamic banks and conventional banks lies in its five (5) principles, namely: the prohibition of interest, speculation, and uncertainty, the prohibition of illicit investments, the principle of profit and loss sharing, and the backing of a tangible asset. According to figures from the Institut Nationale d`Etudes Démographiques (INED), the population of the African continent is expected to reach 3.6 billion by 2100. This finance, despite its success, so much observed on the other surfaces of the earth, is still struggling to gain a foothold in the world and particularly on the African continent. This is due to the fact that it is not well known by the public, as its concepts have Arabic names. It is in this perspective that we propose in this paper to build an ontology of Islamic finance. The aim of our work is to design an ontology of Islamic finance. This ontology will group the key concepts of Islamic finance, define the relevant relations between them in order to popularize this finance from a platform based on a semantic wiki.

Keywords
Islamic finance, Sharia, Banking, Halal, Haram, Riba, Ontology.

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