Smart contracts and their application prospects in social banking: a Maqasid jurisprudential perspective
his research paper aims to explore aspects of smart contract technology in Islamic finance, focusing on its legitimacy, objectives, and potential applications in Islamic social finance. This study relies on comparative qualitative analysis methodology and revolves around discussing the natur...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Universiti Sains Islam Malaysia
2024
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/115491/7/115491_SMART%20CONTRACTS%20AND%20THEIR%20APPLICATION%20PROSPECTS%20IN%20SOCIAL%20BANKING%20A%20MAQASID%20JURISPRUDENTIAL%20PERSPECTIVE.pdf http://irep.iium.edu.my/115491/ https://mjsl.usim.edu.my/index.php/jurnalmjsl/article/view/599 https://mjsl.usim.edu.my/index.php/jurnalmjsl/issue/view/21 |
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| Institution: | Universiti Islam Antarabangsa Malaysia |
| Language: | English |
| Summary: | his research paper aims to explore aspects of smart contract
technology in Islamic finance, focusing on its legitimacy, objectives,
and potential applications in Islamic social finance. This study relies
on comparative qualitative analysis methodology and revolves around
discussing the nature of smart contracts, the challenges related to their
formulation and implementation, regulatory frameworks, and the
cryptocurrencies used within them. The study presents proposed
models for utilizing smart contracts in Islamic social finance and uses
comparisons between different experiences to provide in-depth
insights. This article also presents proposed models for leveraging
smart contracts in Islamic social finance, using a comparative
qualitative analysis approach. This study underscores the significance
of integrating new innovations to maintain leadership in finance, as
Islamic finance seeks to integrate its principles with Sharia-compliant
systems and develop products that combine technological excellence
with Sharia compliance. This study provides important findings and
valuable recommendations for integrating smart contracts into Islamic
social finance, contributing to enhancing innovations and developing
advanced financial tools that effectively meet market needs while
complying with Sharia principles |
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