Smart contracts and their application prospects in social banking: a Maqasid jurisprudential perspective

• Main Authors: Soualhi, Younes Soualhi, Saleh, Abdulmajid Obaid Hasan
• Format: Article
• Language: English
• Published: Universiti Sains Islam Malaysia 2024
• Subjects: BPC Science and Technology in Islam; BPH Islamic Economics; BPK Islamic law. Shari'ah. Fiqh
• 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
• Institution: Universiti Islam Antarabangsa Malaysia

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