مجلة التميز
Volume 5, Numéro 1, Pages 25-39
2023-03-15
Blockchain Technology For Islamic Finance: Use-cases And Threats
Authors : Muhammad Shehu Nasiru . Usman Kabiru .
Abstract
Blockchain as the type of a ledger in which value-exchange transactions (in the form of cryptocurrencies, tokens or information) are sequentially grouped into blocks. Each block contains a signature that is based on the exact content (string of data) of that block. Blockchain increases transparency in the banking industry by providing a clear and accessible record of transactions as it streamline and reduces the time and cost of the banking processes. It also helps financial institutions to comply with regulatory requirements, by providing a secure and verifiable record of customer identity information. Blockchain technology has the potential to make a significant impact on Islamic finance and will surely help the Islamic financial institutions (IFIs) to enhance and harness their potentials productively. This paper uses agency theory and adopted qualitative approach in analyzing the significant use-cases as well as challenges of innovative technology “Blockchain” in 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 Blockchain for Islamic finance and lastly the paper suggest that IFIs should study how blockchain works and possible way of using it in Islamic finance.
Keywords
Blockchain, Use-Cases, Islamic Finance and IFIs
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