ICT APPLICATION FOR BORROWING AND DEBT MANAGEMENT IN THE CONTEXT OF ISLAMIC FINANCE

This paper presents the concept and development of a mobile application designed to revolutionize the process of loan monitoring, especially within Islamic finance. The app allows users to track their debts against stable value assets such as gold, silver or major world currencies, mitigating the impact of inflation on financial obligations. By allowing users to select the type and quantity of goods or currency borrowed and converting each repayment into the selected reference currency, the application ensures consistent preservation of value. A key feature of this application is the inclusion of witnesses for each transaction, ensuring transparency and preserving the integrity of transaction records. Witnesses receive notifications via email, SMS, Viber or WhatsApp, with links to individual transactions, which plays a key role in preventing unauthorized changes or deletion of data. Real-time exchange rate integration further improves the app's accuracy in value conversion and debt management. This innovative solution is in line with the ethical principles of Islamic finance, emphasizing fairness, risk sharing and accurate record keeping. By providing a robust debt tracking platform and ensuring the immutability of financial data, the application supports stronger interpersonal trust and clearer financial obligations for all parties involved. This paper describes in detail the technological architecture, user roles and practical applications of the system, demonstrating its potential to set a new standard for ethical and efficient financial management.