Publication:
Blockchain use case in Islamic social finance
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Date
2024
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Abstract
This research explains and reviews two innovative solutions based on blockchain that were used for Islamic social finance (ISF) projects by two separate companies, namely Finterra and Blossom Finance. Policy implications are suggested for the future use of blockchain in innovative financial products for the Islamic finance industry. This is a qualitative research conducted through library research and semi-structured interviews with experts and founders of Finterra and Blossom Finance. Data obtained from published literature and the interviews were accordingly examined and interpreted through content analysis to present the results in this research. There is rising interest in ISF for economic revival in the aftermath of the COVID-19 pandemic. Innovation through blockchain technology seems to be the future of ISF, hence the need for relevant stakeholders to understand the technology. However, there is a regulatory gap in terms of a proper legal framework to support blockchain-related innovations in ISF and a policy gap in the management of Shari'ah and legal risks involved in ISF transactions. This research is original because it explains unique case studies from the source of innovation itself, analyses the hurdles that were present, and offers recommendations for future use of innovative technology in the Islamic financial sector.
Keywords
Blockchain technology , Blossom Finance , Finterra , Islamic social finance (ISF) , Regulatory and policy issues
Citation
Kunhibava, S., Muneeza, A., Mustapha, Z., Khalid, M., & Kiran, G. (2024). Blockchain use case in Islamic social finance. ISRA International Journal of Islamic Finance,16(1), 93-110. https://doi.org/10.55188/ijif.v16i1.659
Publisher
ISRA Research Management Centre, INCEIF University
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Blockchain_use_case_in_Islamic_social_finance_Aishath Muneeza et al.pdf
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