Modeling Islamic finance knowledge for contract compliance in Islamic banking

Online access to an evolving Islamic finance knowledge repository is crucial to all the stake holders in the Islamic finance domain, including Information Systems that utilize this knowledge for compliance verification and other type of risk management activities. This paper attempts to describe what knowledge of Islamic finance need to be modeled, and how they are modeled using the vocabulary and standards endorsed by the World Wide Web Consortium (W3C). Special attention is focused on the modeling of Islamic Finance compliance heuristics. Competing rule formalisms are considered for this purpose, and this paper reports on the strengths and weakness of each of these formalisms.