Shariah compliance via blockchain and smart contract - the case for Islamic credit card
Shariah compliance is the raison d'etre for the existence of the Islamic banking and finance industry. Shariah compliance is achieved by meeting not only the prerequisites of the pillars and conditions of the Shariah contract used, but ensuring that the underlying asset as well as the underlying purpose of entering into such a contract is in compliance with the Shariah. Compliance with Shariah ensures that the rights of the contractual parties are protected and contractual obligations are met out in a responsible and lawful manner. The advent of financial technology (fintech) introduces important innovative infrastructure into the realm of Islamic finance. The recent Ernst & Young report on Banking in Emerging Markets (2017) acknowledged the importance and need for the Islamic banking and finance industry to adapt and embrace the Fintech revolution. The report noted that the impact of Fintech could potentially draw an additional 150 million customers to the Islamic banking sector by 2021.
Blockchain , Smart contract , Islamic credit card , Shariah compliance
Kasri, Noor Suhaida. (2017). Shariah compliance via blockchain and smart contract - the case for Islamic credit card. Wahed Invest, (July 2017). Retrieved from https://journal.wahedinvest.com/shariah-compliance-via-blockchain-and-smart-contract-the-case-for-islamic-credit-card/