October 1, 2019
The research aims at objectivity review as a measure for compatibility of
digital banks as well as its nature and challenges with Islamic banking in the
context of present instance and future expectations: vis-à-vis foreseeing the
future of Islamic banking operations as required by the objectives of Shari’ah
related to the preservation of wealth. To do so, the nature of digital banks in
general is defined in addition to counting on its specifications and challenges;
thereby the objectives pertaining to preservation of wealth are elaborated, and
the extent of compatibility of such specifications and challenges with Islamic
digital banking from objectivity aspect are stated.
The paper adopted descriptive and analytical approaches to serve the purpose.
The research concluded that if the Islamic banking intends to transform entirely
to the digital arena, it shall initiate appropriate procedures and policies in
line with its monetary system, significantly by establishing an apparent legal
premise for defining the boundaries of digital operations and organizing the
relationship grid of stakeholders.
Keywords: Islamic banking, Objectivity purview, Digital banks.