Applications of Business Intelligence in the Islamic Banking and Finance

Abstract

Islamic banking financial products and services are currently applied by more than 300 Islamic financial institutions established in over 75 countries. Establishing a generic model for Islamic banking and finance requires understanding both concepts of party and control trust. Many consumers trust the electronic payment procedure of a given Website because it has the VISA logo on it, by using the Secure Electronic Transaction (SET) Protocol for electronic credit card transactions. Trust e-banking were introduced for use on Websites to create trust in on-line virtual e-banking such as Trust-e, Web Trust, and BBB online. This is done through reliable and secured payment systems based on privacy policy that says what it can and cannot do which requires collected personal data and/or specific username and password. Islamic banks must apply the SET Protocol for electronic payments through the Internet to expand on its e-banking services. Also, Islamic banking as emerging services in western countries needs to be certified by ISO certificates, and Electronic Data Processing (EDP) auditors, or accountants.