Regulatory Reconstruction of AI-Generated Risk Profiling in Murabahah Financing: Harmonizing the Personal Data Protection Act, Hifz al-M?l, and Pancasila to Prevent Data-Driven Cybercrime
Keywords:
Mur?ba?ah Financing; AI Governance; Hifz Al-M?l; Pancasila Ethics; Personal Data Protection; Islamic Banking; Algorithmic TransparencyAbstract
This research investigates the fragmented regulatory governance surrounding artificial intelligence (AI)-generated risk profiling in mur?ba?ah financing within Indonesian Islamic banking, focusing on its alignment with the Personal Data Protection Act (PDP Act), the Islamic legal objective of hifz al-m?l (protection of wealth), and the ethical foundations of Pancasila. Conducted across three Islamic banking institutions in Jakarta and Bandung, the study employs a normative–empirical legal research design and draws on in-depth interviews with twelve purposively selected respondents, including risk management officers, cybersecurity specialists, shar??ah compliance personnel, and regulatory experts. Data were analyzed using statutory interpretation, comparative regulatory review, thematic coding, and qualitative risk assessment. The findings reveal that AI-generated profiling systems operate within a regulatory vacuum, characterized by inconsistent data protection practices, opaque algorithmic processes, and limited integration of shar??ah principles and Pancasila-based ethical values. The absence of fairness audits, explainability mechanisms, and AI-specific security controls heightens institutions’ exposure to data-driven cybercrime, while simultaneously undermining Islamic obligations to prevent harm and safeguard financial wellbeing. These results demonstrate that the PDP Act alone is insufficient to govern AI profiling in Islamic finance without harmonization with Islamic legal and ideological norms. The study proposes a Tri-Axial Regulatory Reconstruction Model as a pathway for establishing a coherent, ethically grounded, and legally compliant framework for AI adoption in Islamic banking.
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