Technology Adoption in Islamic Finance: Epistemological Dissonance from Keynesian Protocols and the Architecture of Instrument-Based Innovation Models
Year: 2026
Type: article
Abstract: The global Islamic finance industry, managing assets in excess of USD 3.96 trillion and projecting sustained annualized growth rates, finds itself at a historical and structural crossroads. For decades, the intellectual and operational development of Islamic economics has been superimposed upon a globally dominant financial architecture dictated by neoclassical and Keynesian macroeconomic paradigms. This superimposition has generated profound theoretical friction. Despite stringent jurisprudential mandates prohibiting riba (interest), gharar (excessive uncertainty), and maysir (speculation or gambling), practical Islamic financial institutions have frequently engineered products that synthetically replicate conventional debt-based instruments to survive within fiat-driven, interest-bearing ecosystems. This comprehensive academic report establishes a bipartite framework to analyze technology adoption in Islamic finance. First, it constructs a theoretical framework detailing the epistemological dissonance between established Keynesian macroeconomic protocols and Islamic economic principles. Second, it presents an instrument-based innovation model, delineating the structural mechanics of specific technological interventions, namely Smart Sukuk (blockchain-based investment certificates) and digital Islamic microfinance platforms. By synthesizing user behavioral adoption models—such as the extended Unified Theory of Acceptance and Use of Technology (UTAUT) incorporating Perceived Sharia Compliance (PSC)—this analysis explores how technological innovation is facilitating a systemic decoupling from Keynesian dependencies toward an independent, Sharia-authentic digital economy. KSCCN paper (KSCCN-PAP-TECH-ADOPT-ISF-2026-10), Series on Critical AI, Digital Sovereignty and Economic Diplomacy, 11 October 2026. Dr. Syed Muntasir Mamun, ORCID 0000-0001-6845-2853. The views expressed are those of the author.
Author: Mamun, Syed Muntasir
Institution: Ministry of Foreign Affairs, Dhaka
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W7221465012
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