Introduction:
Data Encryption and Decryption are methods used to protect information during digital communication or storage. Encryption converts readable data into an unreadable code, while decryption restores it to its original form using a secret key.
Main Explanation:
- Encryption Process:
- Converts plain text into cipher text using an algorithm and key.
- Prevents unauthorized access during transmission over the internet.
- Decryption Process:
- The authorized receiver uses a secret decryption key to convert cipher text back into readable data.
- Common Encryption Techniques:
- Symmetric Encryption: Same key used for both encryption and decryption (e.g., AES, DES).
- Asymmetric Encryption: Uses two keys — public and private (e.g., RSA).
- Importance in E-Banking:
- Secures customer data such as account details, passwords, and card numbers.
- Ensures confidentiality and integrity of financial transactions.
- Regulatory Standards:
- Banks follow PCI DSS and ISO 27001 standards for encryption to ensure cybersecurity compliance.
Islamic Banking Perspective:
- Data encryption protects customer privacy — a key ethical value in Islamic finance (Amanah and confidentiality).
- Example:
- Islami Bank Bangladesh encrypts customer data through SSL/TLS protocols in its CellFin app.
- Dubai Islamic Bank applies AES-256 encryption for all online transactions and card systems.
Conclusion:
Encryption and decryption are essential pillars of secure e-banking, ensuring that Islamic financial institutions maintain trust, transparency, and Amanah (trustworthiness) in every digital transaction.