Implementing the Blockchain Technology in Islamic Financial Industry: Opportunities and Challenges

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Alaeddin Omar; Dakash Mohanad Al; Azrak Tawfik

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Journal Paper

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Journal: Journal of Information Technology Management Year:2021 | Volume:13 | Issue:3 Page(s): 99-115

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Title

Implementing the Blockchain Technology in Islamic Financial Industry: Opportunities and Challenges

Author(s)

Alaeddin Omar | Dakash Mohanad Al | Azrak Tawfik | Issue Writer Certificate

Keywords

Islamic Finance

Blockchain

Innovative technology

Fintech

Abstract

Blockchain technology is rapidly gaining the attention of financial institutions around the world, especially among decision makers in Islamic financial institutions who are planning to apply this Innovative technology into their institutions activities which could be an upright solution for their issues and challenges. This paper contributes to the emerging literature on financial technology by discussing some of the innovative applications of Blockchain in Islamic financial institutions. In addition, this paper sheds light on the main opportunities and challenges facing application of Blockchain Technology in the Islamic financial industry and highlight the way forward to address these issues. Relying on the previous literature and analysis; this paper confirms the enormous opportunities for utilizing Blockchain technology in various Islamic financial applications such as Waqf, Zakat and Sukuk. On the other hand, the main challenges towards implementing Blockchain in this industry are the complexity of Islamic Finance products added to the opacity of its application which end up with unclear regulations and lack of standards.

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APA: Copy

Alaeddin, Omar, Dakash, Mohanad Al, & Azrak, Tawfik. (2021). Implementing the Blockchain Technology in Islamic Financial Industry: Opportunities and Challenges. JOURNAL OF INFORMATION TECHNOLOGY MANAGEMENT, 13(3), 99-115. SID. https://sid.ir/paper/971147/en

Vancouver: Copy

Alaeddin Omar, Dakash Mohanad Al, Azrak Tawfik. Implementing the Blockchain Technology in Islamic Financial Industry: Opportunities and Challenges. JOURNAL OF INFORMATION TECHNOLOGY MANAGEMENT[Internet]. 2021;13(3):99-115. Available from: https://sid.ir/paper/971147/en

IEEE: Copy

Omar Alaeddin, Mohanad Al Dakash, and Tawfik Azrak, “Implementing the Blockchain Technology in Islamic Financial Industry: Opportunities and Challenges,” JOURNAL OF INFORMATION TECHNOLOGY MANAGEMENT, vol. 13, no. 3, pp. 99–115, 2021, [Online]. Available: https://sid.ir/paper/971147/en

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