Issues in the Development of Patent Discovery System for Islamic Finance and Banking

Abstract

This paper reports on the issues related to our work on developing patent discovery system for Islamic Finance and Banking. We aimed to identify the gaps at each stage of our system development. These gaps expanded our scope of work beyond getting the ideal performance of our patent discovery system. We explored patents on Islamic Finance and Banking as indexed in major patent databases. Patent retrieval and analysis plays an important role in determining the phases of patents using TRIZ Trend. Our findings showed that research in text analysis for Islamic Finance and Banking were rarely conducted; and that patents in Islamic Finance and Banking were facing critical issues. We found that each of these issues calls for research-based solutions and for an appropriate organization of information and patent representations. We suggested that concepts in Islamic Finance and Banking must grow in number, be appropriately organized, and experience semantic harmonization.