The Role and Potential of Blockchain Technology in Islamic Finance

Dahdal, Andrew; Truby, Jon; Ismailov, Otabek

doi:10.54648/eulr2022005

Cited by 10 publications

(6 citation statements)

References 0 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…There is a growing level of importance for companies in various industries to understand the technology and its implications on the traditional business model. Despite the boom in the cryptocurrency market, blockchain technology can have great potential beyond the world of finance [3]. As the world continues to merge the physical and the digital space, blockchain technology can be applied in any area where visibility and traceability is important.…”

Section: Literature Review 21 Blockchain Technologymentioning

confidence: 99%

Assessing The General Sentiment of Malaysian Manufacturers in Adopting Blockchain Technology to Improve Supply Chain Processes

Bryan Teoh Phern Chern,

Teoh Bak Aun,

Elishia Loo Po-Lynn

et al. 2024

ARASET

View full text Add to dashboard Cite

The popularity of blockchain technology has seen a dramatic increase throughout the year of 2021 and 2022, with numerous use cases in various global industries. This includes the use of cryptocurrencies, non-fungible tokens, decentralized autonomous organizations, and others. In Malaysia, there is also an apparent increase in general awareness towards the technology, with Bank Negara Malaysia and Securities Commission actively participating in the Committee for Blockchain and Distributed Ledger Technology. This study specifically examined at the Malaysian manufacturing industry, attempting to assess their general sentiments towards blockchain technology and how it could help to improve various supply chain processes. The quantitative study received 114 valid responses from management level employees with Malaysian manufacturers, enabling the researchers to assess the task technology fit, perceived ease of use (PEOU), perceived usefulness (PUSE), and technology readiness index (TRI). The analysis indicated that there is indeed a high task technology fit in the Malaysian manufacturing sector. In addition, this industry showed a positive sentiment towards blockchain technology, with high scores in PEOU, PUSE, and TRI. The high TRI numbers also had a positive significant relationship on the decision to adopt this technology within the manufacturing companies to improve various supply chain processes.

show abstract

Section: Literature Review 21 Blockchain Technologymentioning

confidence: 99%

Assessing The General Sentiment of Malaysian Manufacturers in Adopting Blockchain Technology to Improve Supply Chain Processes

Bryan Teoh Phern Chern,

Teoh Bak Aun,

Elishia Loo Po-Lynn

et al. 2024

ARASET

View full text Add to dashboard Cite

show abstract

“…Dengan demikian, penelitian ini bertujuan untuk memberikan pemahaman yang holistik dan menyeluruh tentang implikasi dan konsekuensi dari penerapan teknologi blockchain dalam mendukung pertumbuhan industri keuangan syariah secara berkelanjutan dan inklusif. (Dahdal et al, 2022). Teknologi blockchain memiliki potensial besar dalam mengatasi tantangan transparansi, kesadaran risiko, dan effisiensi dalam sistem keuangan syariah.…”

Section: J-ebiunclassified

Penerapan Teknologi Blockchain Dalam Industri Keuangan Syariah : Tantangan Dan Peluang

Najibulloh,

Rahmalia

2024

j-ebi: j. ekonomi. n.a. n.a.

View full text Add to dashboard Cite

Penerapan teknologi blockchain dalam industri keuangan syariah, termasuk tantangan dan peluang yang didapatkan dari implementasinya. Metodologi penelitian melibatkan literatur review dan case study dari berbagai proyek dan pilot project yang menggunakan teknologi blockchain di bidang keuangan syariah. Hasil literatur review menunjukkan bahwa teknologi blockchain mempunyai potensial besar dalam mengatasi tantangan transparansi, kesadaran risiko, dan effisiensi dalam sistem keuangan syariah. Case studies menampilkan contoh projek yang mengintegrasikan teknologi blockchain, seperti platform suku bunga shariah, sistem rincian harga jual (price disclosure system), dan solusi pembayaran digital syariah. Hasil analisis menunjukkan bahwa penerapan teknologi blockchain dalam industri keuangan syariah memiliki potensial untuk mengurangi biaya administrasi, mempermudah transaksi, dan memperluas pasar investasi syariah. Namun, masih ada tantangan yang harus ditindak lanjuti, seperti standardisasi protokol, regulasi, dan keterbatasan teknologi saat ini. Penelitian ini memberikan dasar bagi pengembangan strategi penggunaan teknologi blockchain yang lebih efektif dalam mendukung pertumbuhan industri keuangan syariah.

show abstract

“…In this regard, SBs should have close discussions with other Shariah personnel to further investigate the new technology products or contracts. However, the majority of SBs also highlighted concerns that the strict requirement made the process slow and difficult to develop (Truby and Ismailov, 2022), as in the introduction of new FinTech products due to fatwa or Shariah interpretations requirement. This added further to the existing dilemma of the lack of competent people to handle the related issues.…”

Section: Empirical Findingsmentioning

confidence: 99%

Financial innovation in Islamic banks: evidence on the interaction between Shariah board and FinTech

Haridan

Hassan

Shah

et al. 2023

JIABR

View full text Add to dashboard Cite

Purpose This study aims to investigate the significant role of the Shariah Board (SB) in the innovation of digital finance products through SBs’ interaction with financial technology (FinTech). Design/methodology/approach By using semi-structured interviews, the paper examines 34 views and experiences of scholars and other practitioners from the FinTech and Islamic banking industries to gain an in-depth understanding of SBs’ Shariah compliance roles in FinTech inclusion in Malaysian Islamic banks (IBs). Findings Taking advantage of Malaysia’s comprehensive Shariah Governance Framework for IBs, the study highlighted the importance of SBs to better address the opportunities and challenges of financial innovation for the development of IBs with the inclusion of FinTech. The authors found that digital solutions and tools, such as Robo Advisory system and blockchain, enhance SBs’ roles by providing more effective and timely Shariah assurance regardless of the volume of data information and storage. Practical implications Given SBs significant roles in conforming to the Shariah, the study contributed significantly to assisting the regulatory and policy promulgation that enhance SBs’ integrity and credibility in response to the growth of IB infrastructures and financial innovation. Originality/value To the best of the authors’ knowledge, this is the first study to investigate the significant role of SBs in the innovation of digital finance products through their interaction with FinTech, while prior studies focused on the characteristics and structure of Islamic digital financial products.

show abstract

The Role and Potential of Blockchain Technology in Islamic Finance

Cited by 10 publications

References 0 publications

Assessing The General Sentiment of Malaysian Manufacturers in Adopting Blockchain Technology to Improve Supply Chain Processes

Assessing The General Sentiment of Malaysian Manufacturers in Adopting Blockchain Technology to Improve Supply Chain Processes

Penerapan Teknologi Blockchain Dalam Industri Keuangan Syariah : Tantangan Dan Peluang

Financial innovation in Islamic banks: evidence on the interaction between Shariah board and FinTech

Contact Info

Product

Resources

About