Waqf Led Halal Cryptocurrency Model

Beik, Irfan Syauqi; Zaenal, Muhammad Hasbi; Rizkiningsih, Priyesta

doi:10.1007/978-3-030-10749-9_18

Cited by 6 publications

(5 citation statements)

References 7 publications

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“…There have been numerous studies on blockchain application in non-Islamic sectors, but relatively few works on Islamic sectors, such as Islamic banking (Lacasse, Lambert, & Nida, 2018); halal management (Beik, Zaenal, & Rizkiningsih, 2019); Islamic finance (Alidin, Ali-Wosabi, & Yusoff, 2019;Chong, 2021;Elasrag, 2019;Oseni & Ali, 2019;Razak, Omar, Samsulbahri, Gazali, & Ishak, 2020); sukuk (Mounira, 2020), and zakat (Munshi, 2020). Research has also been conducted on blockchain application in relation to waqf, but this is also limited, especially with regard to discussion on how blockchain can address accountability and transparency challenges (see, for instance, Zulaikha & Arif Rusmita (2018), Rashid (2018), Lacasse et al (2018), Azganin (2019), Gazali & Che Ismail (2019), Razak et al (2020), andMarkom (2020)).…”

Section: Blockchain Technologymentioning

confidence: 99%

“…The technology allows transaction histories to be updated in real-time; consequently, it can be trusted to minimise human error by screening information from various sources (Deloitte, 2016b(Deloitte, , 2016a and providing reliable updates (Demirkan, Demirkan, & McKee, 2020). Furthermore, Beik et al (2019) state that anyone can see all the financial transactions made on the network in real-time, thus offering a secure and transparent charity model. Chong (2021) states that modifying one block will change the hash or unique identifiers of all past transactions (blocks) and their cryptographic validation.…”

Section: Human Errormentioning

confidence: 99%

“…This also consistent with Gazali and Che Ismail (2019), who stated that blockchain allows more complex transactions by spreading computation over the network. Beik et al (2019) also state that anyone can see all the financial transaction occurring on the network in real-time, which offers a secure non-transparent charity model. Furthermore, based on the above feedback, blockchain allows ID identifiers.…”

Section: Management Systemmentioning

confidence: 99%

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Addressing Accountability and Transparency Challenges in Waqf Management Using Blockchain Technology

Mohaiyadin

Aman

Palil

et al. 2022

JIMF

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This study identifies how blockchain technology can address accountability and transparency challenges in waqf management system by using institutional theory and Islamic institutional logic. An interpretative qualitative research approach is employed, with case studies of Malaysian public university waqf administrators, and data analysis is performed using open, axial, and selective coding. The findings suggest that in terms of coercive isomorphism there are two transparency challenges related to blockchain solutions in the waqf management system: 1) errors in the issuance of receipts (process), which are expected to be overcome by blockchain solutions in the form of individual network technology and ID identifiers; and 2) difficulties in waqf distribution (process), which are predicted to be solved by blockchain solutions in the form of controlling tools, public ledgers, and obtaining waqf distribution data. In normative isomorphism, there are two accountability challenges with blockchain solutions in the waqf management system: 1) difficulties in controlling waqf activities (process), which are expected to be overcome by blockchain solutions which allow internal control; and 2) decisions on waqf distribution (output), which should be solved by blockchain solutions which allow awareness among stakeholders of waqf distribution. In mimetic isomorphism, there is one accountability challenge in the process which has blockchain solutions in the waqf management system, namely system integration, which is predicted to be overcome by a blockchain solution related to traceability. The contributions of the study include extending institutional theory and Islamic institutional logic, and providing blockchain best practices for waqf institutions in addressing accountability and transparency challenges.

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Section: Blockchain Technologymentioning

confidence: 99%

Section: Human Errormentioning

confidence: 99%

Section: Management Systemmentioning

confidence: 99%

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Addressing Accountability and Transparency Challenges in Waqf Management Using Blockchain Technology

Mohaiyadin

Aman

Palil

et al. 2022

JIMF

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“…In the Risk sharing principle, the lender must share the risk with borrowers but the interest rate replicates the Risk sharing system in conventional financing systems and it's also guaranteed the lender an extra credit return payment but Islamic finance prohibited interest payment and works on Profit and loss sharing system. [12,38,8] , Sharia law (Tanjung et al & Mohammed, 2018) and management (Zulaikha & Arif Rusmita, 2019) [55] . Islamic financial sector welcomes technological innovations and Islamic Bank can enhance their intervention with Fintech and accelerate such Innovative actions and projects in the financial industries (Aysan & unal, 2021) [1] .…”

Section: Introductionmentioning

confidence: 99%

A study on the impact of blockchain technology on Islamic financial system: Challenges and opportunities

2024

Int. J. Finance Manage.

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The Technological innovations quietly affect the conventional and non-conventional financial sectors. Fintech revolution restructures the financial industries operations. Since 2008, the blockchain technology has been developed and rapidly gains the attention among the world especially in the Islamic finance decision makers and policymakers. The adoption of blockchain technology in Islamic Fintech is remarkable and confronts numerous challenges and questions on the basis of feasibilities and also an uptick growth rate in Islamic financial assets. Several financial institutions or organizations endeavour to implement the disruptive technologies as reducing risk and time costs through the decentralised and keeping open book ledger system. So this work is entitled as A Study on the impact of blockchain technology on Islamic Finance System; challenges and opportunities. In addition, this paper also exposes emerging literature reviews on blockchain technology in the Islamic financial system and also find out the various positive and negative impacts of Distributed ledger technology in the Islamic finance sectors, so it will literally assist the financial industrialists, academicians and policymakers to understand the processes, application and challenges of blockchain technology in the Islamic finance sectors. It will literally draw a path way towards investors, businessmen and laymen with detailed information.

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“…There are many BAZNAS and LAZ that spread in 34 provinces and 514 cities in Indonesia. Furthermore, there is a significant gap between the potential Zakat around 217 trillion rupiahs and the realization of zakat collection, only about 3.67 trillion (Beik & Zaenal, 2016). The vast gap is caused by many transaction zakat payments direct to individual amil zakat who does not register as LPZ (Sukmana et al, 2017(Sukmana et al, , 2019.…”

Section: Introductionmentioning

confidence: 99%

Building the Knowledge Graph for Zakat (KGZ) in Indonesian Language

Sukmana¹,

Muslimin²,

Firmansyah³

et al. 2021

ASMScJ

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In Indonesia, philanthropy is identical to Zakat. Zakat belongs to a specific domain because it has its characteristics of knowledge. This research studied knowledge graph in the Zakat domain called KGZ which is conducted in Indonesia. This area is still rarely performed, thus it becomes the first knowledge graph for Zakat in Indonesia. It is designed to provide basic knowledge on Zakat and managing the Zakat in Indonesia. There are some issues with building KGZ, firstly, the existing Indonesian named entity recognition (NER) is non-restricted and general-purpose based which data is obtained from a general source like news. Second, there is no dataset for NER in the Zakat domain. We define four steps to build KGZ, involving data acquisition, extracting entities and their relationship, mapping to ontology, and deploying knowledge graphs and visualizations. This research contributed a knowledge graph for Zakat (KGZ) and a building NER model for Zakat, called KGZ-NER. We defined 17 new named entity classes related to Zakat with 272 entities, 169 relationships and provided labelled datasets for KGZ-NER that are publicly accessible. We applied the Indonesian-Open Domain Information Extractor framework to process identifying entities’ relationships. Then designed modeling of information using resources description framework (RDF) to build the knowledge base for KGZ and store it to GraphDB, a product from Ontotext. This NER model has a precision 0.7641, recall 0.4544, and F1-score 0.5655. The increasing data size of KGZ is required to discover all of the knowledge of Zakat and managing Zakat in Indonesia. Moreover, sufficient resources are required in future works.

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Waqf Led Halal Cryptocurrency Model

Cited by 6 publications

References 7 publications

Addressing Accountability and Transparency Challenges in Waqf Management Using Blockchain Technology

Addressing Accountability and Transparency Challenges in Waqf Management Using Blockchain Technology

A study on the impact of blockchain technology on Islamic financial system: Challenges and opportunities

Building the Knowledge Graph for Zakat (KGZ) in Indonesian Language

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