Non–fungible tokens in the structure of Islamic financingl markets

Abstract

The widespread use of innovative technologies in the Arab countries began relatively recently; the COVID–19 pandemic became a powerful impetus to their promotion. However, the crises experienced by global financial markets have forced investors to look for more «safe havens» for their investments. In this regard, the development of the (non–fungible tokens, hereinafter — NFT) in the last two years has become a relatively safe place to invest. NFT technologies were originally designed for the world of art, artists, clip makers, people of creative professions and admirers of their creations, but NFT went further and began to become popular in the world of finance becoming one of the instruments for making transactions. The Arab countries did not stand aside from such innovations actively participating in the development, testing and search for new innovative areas of NFT application. However, you should not forget about the strict rules of Sharia which apply to all types of financial activities. The necessary interconnection and problem points are yet to be analyzed by experts in the future as the market develops but at the same time it is already worth talking about the rapid introduction of NFTs into Islamic finance.