Embracing Industrial Revolution 5.0: implications for Islamic Banking Institutions

The data released by the World Economic Forum estimates that 65% of children currently attending primary school will work in jobs that do not exist today. Similarly, the United States Bureau of Labor predicts that 95% of today's jobs, such as cashiers, office clerks, secretaries, administrative assistants, receptionists, and more, will vanish due to automation. Conversely, emerging roles like data scientists, drone managers, Grab managers, and technology supervisors are poised to dominate the job market. The advent of Industrial Revolution 5.0 (IR 5.0) is driving these transformative changes, marking a significant shift in daily life across the globe. IR 5.0, the latest evolution of its predecessors-industrial revolutions 1, 2, 3, and 4-centers on the collaboration between humans and advanced technology, leveraging artificial intelligence (AI)-driven robots and the Internet of Things (IoT) to enhance workplace processes (Ziatdinov et al., 2024). This paradigm shift promises to revolutionize multiple facets of life, as emerging technologies, robotics, computers, and automation reshape the employment landscape.