Blockchains for Islamic finance: Obstacles & Challenges

Elasrag, Hussein (2019): Blockchains for Islamic finance: Obstacles & Challenges.

Abstract

This paper focuses on analyzing the innovative technology “Blockchain” and the potential of blockchain-based applications for Islamic finance. The main objectives were to define how blockchain can change the Islamic finance industry. The paper discussed the various interesting applications of blockchain in Islamic finance that can bring different benefits. The paper also shed light on the challenges facing Applying Blockchains for Islamic finance .

• Item Type: MPRA Paper
• Language: English
• Keywords: blockchain, Islamic finance,waqf,zakat,Smart Sukuk ,Takaful
• Subjects: G - Financial Economics > G2 - Financial Institutions and Services; I - Health, Education, and Welfare > I3 - Welfare, Well-Being, and Poverty; Z - Other Special Topics > Z1 - Cultural Economics ; Economic Sociology ; Economic Anthropology > Z12 - Religion

References

Abojeib, M., & Habib, F. (2019). Blockchain for Islamic Social Responsibility Institutions FinTech as a Disruptive Technology for Financial Institutions (pp. 221-240): IGI Global.

Castiglione Maldonado, F. (2018). Introduction to Blockchain and Ethereum: Packt Publishing. Drescher, D. (2017). Blockchain Basics: A Non-technical Introduction in 25 Steps, 1st edn. Apress, Frankfurt am Main (2017).

Elasrag, H. (9. April 2011). Principals of the Islamic finance: A focus on project finance. MPRA Paper No. 30197.

Gupta , L., & Alam, N. (2019). Blockchain-Driven Remittance:Opportunities for Islamic Finance. I-FIKR DIGEST SPECIAL I(SSUE 1).

Hasni bin Wan Sulaiman, W. M. (2017). Islamic Finance and the Blockchain Revolution. Paper presented at the Cryptocurrency, Blockchain & Distributed Ledger Technology: Synergizing Technology & Shariah, Kulliyyah of ICT, IIUM.

Ilias, S. (2010). Islamic finance: overview and policy concerns. Retrieved from http://www.fas.org/sgp/crs/misc/RS22931.pdf

Mohamed, H., & Ali, H. (2018). Blockchain, Fintech, and Islamic Finance: Building the Future in the New Islamic Digital Economy: Walter de Gruyter GmbH & Co KG.

Mougayar, W. (2016). The business blockchain: promise, practice, and application of the next Internet technology: John Wiley & Sons.

Rana, O., & Akinlaso, M. I. (Q3 2018). How Blockchain can impact the Muslim world: Food by I F N F i n Te c h.

Sadouskaya, K. (2017). Adoption of Blockchain Technologyin Supply Chain and Logistics.

Sultan, K., Ruhi, U., & Lakhani, R. (2018). Conceptualizing Blockchains: Characteristics & Applications. Paper presented at the 11th IADIS International Conference Information Systems

Sylvester, G. ( 2019). E-agriculture in action: Blockchain for agriculture Challenges and opportunities. Retrieved from Bangkok, Thailand:

Tan, B., Yan, J., Chen, S., & Liu, X. (2018). The Impact of Blockchain on Food Supply Chain: The Case of Walmart. Paper presented at the International Conference on Smart Blockchain.

Tieman, M., & Darun, M. R. (2017). Leveraging blockchain technology for halal supply chains. Islam and Civilisational Renewal (ICR), 8(4), 547-550.