AI Insight into Islamic Finance: GPT Chatbots and the Shaping of Financial Narratives

In an era where artificial intelligence (AI) is reshaping the financial services landscape, a critical question arises: Can generative pre-trained transformer (GPT)-based chatbots truly offer unbiased insights across diverse financial systems, including Islamic finance? This study investigates the possibility of bias in GPT models, specifically GPT-based chatbots utilized in financial services, with a focus on their opinions regarding Islamic finance and economics. The concern is that these chatbots may unintentionally favour conventional financial systems, thereby perpetuating biases and impeding the advancement of Islamic finance and economics. A content analysis approach is employed to analyse the responses of ChatGPT, which is the only chatbot included in the sample. The study uses a set of 10 questions related to Islamic finance and economics, which are asked to ChatGPT in a randomized order. The responses generated by ChatGPT are recorded in a digital format for analysis. Contrary to concerns, the study reveals that ChatGPT exhibits no discernible bias towards conventional finance over Islamic finance and economics. The chatbot provides comprehensive information and insights on both conventional and Islamic finance, elucidating their respective strengths, weaknesses, opportunities, and challenges. This research contributes to the ongoing discourse surrounding the use of GPT models in financial services by specifically addressing the potential bias in GPT-based chatbots towards Islamic finance and economics. The study sheds light on the neutrality of ChatGPT in providing information, highlighting its potential to foster understanding and inclusivity in the financial services sector, particularly within the context of Islamic finance and economics.