The decentralization of education has the potential to create gaps in the aspect of education financing, which can ultimately lead to inequality in the quality of education between regions. The implementation of regional autonomy since 2001 has brought significant changes in the governance of the education sector. Therefore, financing is a crucial element in the implementation of education. In the context of regional autonomy, the responsibility for the implementation of education from Kindergarten to Senior High School is handed over to the local government. Thus, the sustainability and quality of education are greatly influenced by the ability of the regions to manage the sector. Unfortunately, the implementation of educational autonomy by local governments has not been fully optimal, one of one of which is due to budget limitations and various other factors. Nevertheless, educational autonomy has a number of positive potentials, including improving managerial efficiency and job satisfaction of educators, producing more contextual and concrete education policies, and optimizing the use of educational resources. In addition, this autonomy allows for more optimal exploration of local potential, the preparation of an education system that is in accordance with local cultural values, and an increase in community participation. Autonomy also contributes to increased accountability, which can overall ensure the quality of education. Other positive effects that can be achieved through educational autonomy include improving the education system at the local level, efficiency in administration and finance, and providing higher quality educational services. This makes educational autonomy a strategic instrument in answering challenges in today's world of education.
The rapid advancement of blockchain technology presents new opportunities and challenges for the Islamic financial system, particularly in ensuring compliance with Shariah principles. As Islamic finance continues to grow, there is a pressing need to explore how digital innovations such as smart contracts can be integrated without violating core religious tenets. This study explores the potential application of smart contracts in Islamic finance, focusing on how blockchain technology can support transactions that comply with Shariah principles. Using a qualitative approach with triangulation methods, the research combines systematic literature review, in-depth interviews, and comparative analysis between smart contract frameworks and classical Shariah contracts such as murabaha, mudarabah, and ijarah. The study examines how smart contracts can enhance transparency, reduce operational costs, and minimize human error while ensuring adherence to Islamic legal and ethical standards. The findings indicate that blockchain-based smart contracts can effectively automate Islamic financial transactions when designed with proper attention to the prohibition of riba (interest) and gharar (uncertainty). The research highlights the need for close collaboration between Shariah scholars and technology developers to ensure compliance. This study suggests that smart contracts hold significant promise for increasing efficiency, trust, and transparency in the Islamic financial ecosystem
Yosua Pepris Karbeka, Umbu Lily Pekuwali, Detji K. E. R. Nuban
The Blockchain Ombudsman of the Republic of Indonesia is an independent state institution established by post-reform legislation as a public service supervisor for decentralized systems. It holds immunity rights, shielding it from arrest, detention, interrogation, prosecution, or litigation. In practice, however, the Blockchain Ombudsman faces lawsuits from the public in court. This undermines legal certainty and disrupts the separation of powers in Indonesia’s digital governance. This study employs normative legal research with statutory, historical, and conceptual approaches. Findings reveal that the Blockchain Ombudsman emerged in Indonesia to protect user rights and address the need for power separation in modern blockchain-based governance. Its immunity rights originate from universal Ombudsman practices codified in law but require tailored regulatory frameworks. The execution of the Blockchain Ombudsman’s functions, duties, and authorities is intrinsically linked to functional immunity. Consequently, it cannot be sued or reported to other enforcement entities (e.g., regulatory agencies or decentralized autonomous organizations). Objections to maladministration audit outcomes may be raised internally via complaint mechanisms or externally by contesting the underlying issue in court.
Ilham Ardhiyansyah, Ahmad Furqon, Mashilal Mashilal
Zakat is a fundamental component of Islamic social finance, intended to reduce inequality and strengthen community welfare. However, traditional zakat systems face recurring issues, including inefficiency, lack of transparency, and low public trust. This study aims to optimize zakat management using Ethereum blockchain technology, particularly the Layer 2 (Base) network, with a focus on its impact on cost efficiency and system transparency. Using a qualitative-descriptive approach, the research designs and simulates a blockchain-based zakat distribution model that incorporates smart contracts for automated fund allocation to eight categories of ashnaf, along with off-chain verification for Sharia compliance. A simulation of USDC 1,000 zakat fund distribution demonstrates that the blockchain system ensures accurate, traceable, and tamper-proof transactions, while reducing transaction costs by over 98% compared to conventional methods. Smart contracts automate the disbursement process, while all transaction records are stored on a public ledger, which supports real-time auditing and enhances institutional accountability. These results demonstrate that the integration of blockchain technology not only improves operational efficiency and transparency but also supports Islamic legal and ethical governance. In conclusion, this model provides a practical and scalable framework for modernizing zakat management with a strong emphasis on cost efficiency, public trust, and Sharia compliance.
Nurul Qosimah Siregar, Nikma Sari Harahap, Anisa Tul Fitri, Hulwati Hulwati · 5 authors
The use of cryptocurrencies as a payment instrument is an interesting social phenomenon to discuss. The use of cryptocurrencies as an official payment instrument is still prohibited by Bank Indonesia, but the use of cryptocurrencies continues to grow in Indonesia. BI limits the use of cryptocurrencies only as assets to be invested, not as legal tender. This research aims to analyze the law of cryptocurrency as a payment instrument from the perspective of economic fiqh. The data analysis technique in this study uses a qualitative analysis method that is descriptive-analytical. The researcher analyzed the suitability of the characteristics of cryptocurrency as a payment instrument with the principles of economic fiqh. A conceptual approach is used to explain the concept of cryptocurrency and a normative-theological approach is used to relate the concept to the provisions of Islamic law. The results of the study show that cryptocurrencies can, in principle, be recognized as objects of legal ownership ( maal mutaqawwam ) in Islam because they have value, can be owned and transferred. Cryptocurrencies can be used as a medium of exchange in Islam on a limited basis, if their use complies with Sharia principles: it is done transparently, free from speculation and usury, and supported by legitimate authorities and systems that guarantee clarity of value and security of transactions. This research emphasizes the importance of developing regulations that are adaptive to digital financial technology, as well as the need to emphasize transparency and avoidance of practices that are contrary to Islamic economic principles. Keywords: Cryptocurrency; Economic Fiqh; Payment Instrument.
Sharia fintech is a digital financial innovation that integrates technology with sharia principles, one of which is through a Peer To Peer (P2P) lending platform. However, in practice, various sharia compliance issues are still found, such as the potential for usury, gharar, and non compliance with contracts. This is due to limited manual supervision and the complexity of digital transactions. This study aims to analyze the potential for implementing smart contract technology to improve sharia compliance on P2P lending platforms. Using a qualitative approach through literature studies, this article examines how smart contract characteristics such as transparency, automation, auditability, and resistance to manipulation can support the implementation of sharia contracts such as murabahah, mudharabah, and musyarakah. The results of the study show that smart contracts enable the automatic implementation of sharia compliant transactions, reject unauthorized processes, and provide an immutable blockchain based monitoring and reporting system. This potential makes it a strategic tool in building a more accountable, efficient, and trusted sharia fintech ecosystem. However, the implementation of this technology still faces challenges, such as limited regulations, the need for multidisciplinary human resources, and low digital sharia literacy. Therefore, collaboration between scholars, regulators, and technology developers is needed to ensure that the implementation of smart contracts is not only technically superior, but also in accordance with the maqashid sharia. This study recommends the development of prototypes and further empirical research as concrete steps for implementation.
Jundullah Rifqi Prasmanto, Anang Ma’ruf, Muhammad Fathurrahman Assidiq, Muhammad Faiz Diyaulhaq
This study examines the status of Bitcoin and its underlying blockchain technology from the perspective of Islamic law. The research utilizes a qualitative library-based method, analyzing primary sources of Islamic jurisprudence alongside recent academic studies. It explores key Shariah principles such as mal mutaqawwam, maysir, gharar, and riba, in assessing Bitcoin's permissibility. The findings reveal that while Bitcoin's volatility, speculation, and lack of intrinsic value raise concerns under Islamic finance, the asset does not inherently involve interest (riba). Furthermore, the research distinguishes between the controversial nature of Bitcoin and the positive potential of blockchain technology, which aligns with the objectives of maqasid al-shariah, particularly in promoting transparency, financial inclusion, and ethical conduct. The study concludes that while Bitcoin may remain contentious, blockchain offers significant opportunities for Shariah-compliant financial innovation when supported by appropriate regulation and ethical oversight.
The advent of cryptocurrency has unleashed a tsunami in the global financial system, and the impact on traditional banking systems, particularly in India, has been nothing short of revolutionary. Effect of cryptocurrency on traditional banking in relation to India(04) Cryptocurrency comprises of non-regulated digital or virtual currency systems that use cryptography as a security process to verify and secure transactions along with the creation of additional units of the currency. Cryptocurrencies are based on the blockchain and are decentralized, serving as an alternative to traditional banking systems due to how it allows for faster, cheaper, and borderless transactions. This threatens traditional banking services, such as remittances, payments and lending. Speculation Points to Continued Growth in the Indian cryptocurrency industry floundered in the face of regulatory uncertainty, but it has still grown exponentially, as tech-savvy people and businesses adopt cryptocurrencies. Within this context, the study analyzes responses of traditional banks, which range from adopting blockchain technology and enhancing digital offerings to address competition from fintech companies. It also examines any regulatory policies implemented by the Reserve Bank of India (RBI) and the repercussions those policies have on the peaceful coexistence of cryptocurrency and traditional banking. The paper seeks to delve into potential collaboration and integrate between cryptos and conventional banking in India via a combination of qualitative and quantitative research methods while underlining the necessity of balanced regulation that encourages innovation, all while upholding financial stability. And the research ends with policy recommendations that would allow India’s banking sector adapt to digital currency as it evolves. Keywords: Cryptocurrency, Traditional Banking, Financial Innovation
Abdulbari Kaje Yamkee, Mohd Hafiz Bin Jamaludin, Hanira Hanafi, Moch. Bukhori Muslim
Bitcoin is the world’s first cryptocurrency, created by Satoshi Nakamoto in 2008. Initially designed as a currency, Bitcoin has increasingly been used as a speculative investment instrument in recent years. The growing popularity of Bitcoin investment among investors has raised questions about its compatibility with the principles of maqasid syariah in general and the concept of ḥifẓ al-māl in particular. This study aims to analyze the concept of ḥifẓ al-māl from the perspective of maqasid syariah in relation to Bitcoin investment. Ḥifẓ al-māl is one of the five essential objectives of maqasid syariah, emphasizing financial security, asset protection, avoidance of excessive risk, fraud and other non-compliant elements. This study adopts a qualitative approach through a literature review to assess the suitability of Bitcoin investment within the framework of ḥifẓ al-māl and maqasid syariah. Data was collected from primary and secondary sources. The data were than analyzed based on the established themes. The findings indicate that Bitcoin investment carries both high profit potential and significant risk. Furthermore, ensuring that Bitcoin investment fully aligns with maqasid syariah, particularly in the context of ḥifẓ al-māl, present considerable challenges due to elements that may lead to both benefit and harm. Contribution: This study makes a significant contribution in legal, economics and social aspects. From a legal perspective, it proposes a comprehensive guideline for Bitcoin investment. Economically, it enhances understanding of Bitcoin’s potential as an alternative investment within the framework of ḥifẓ al-māl. Socially, it promotes awareness of syariah-compliant financial management within community.
This study seeks to offer an in-depth examination of cryptocurrency investments through the lens of Islamic law, with particular emphasis on assessing the Shariah compatibility of widely used digital assets such as Bitcoin and Ethereum. The novelty of this research lies in its systematic exploration of key issues such as the speculative nature, intrinsic value, and potential for financial harm (gharar) associated with cryptocurrencies. This study adopts a qualitative approach, drawing upon primary sources of Islamic jurisprudence namely the Quran, Hadith, and classical scholarly interpretations while also incorporating contemporary fatwas, insights from prominent Islamic finance scholars, and expert interviews to inform the analysis. The results highlight divergent viewpoints on the permissibility of cryptocurrency investments, with some scholars asserting their compliance under specific conditions, while others deem them non-compliant due to risks of speculation and uncertainty. The study concludes by proposing a set of actionable guidelines for Muslim investors, underscoring the significance of grasping the intricacies of Shariah principles in cryptocurrency investments and highlighting the necessity for continuous scholarly engagement in this evolving domain.
Waqf is an Islamic economic instrument with significant potential to promote community welfare, yet it continues to face challenges related to transparency, asset certification, and public engagement. The advancement of blockchain technology particularly the use of Non-Fungible Tokens (NFTs) presents an innovative opportunity for the digitalization of waqf, especially as a means of creating unique, transparent, and verifiable asset certifications. This study employs a qualitative approach through a literature review to analyze the potential and challenges of utilizing NFTs within the framework of sharia-compliant digital waqf. The findings indicate that NFTs hold great promise in enhancing efficiency, expanding public participation, and promoting digitally-driven productive waqf models. However, several critical issues remain, including legal uncertainty, the risk of gharar (ambiguity), value volatility, and the lack of supporting infrastructure and digital literacy. This study recommends strengthening regulatory frameworks, developing adaptive fiqh guidelines, and increasing public education to support the implementation of NFTs as a waqf instrument aligned with maqāṣid al-sharī‘ah and capable of delivering broad benefits to the Muslim community.
Muhammad Izzul Syahmi Zulkepli, Suffian Haqiem Nor Azelan, Nur Bakri Abdul Hamid, Hazrul Hizam Karim · 5 authors
A smart contract is a script that encodes and executes the terms of a contract or transaction on a blockchain platform. This technology offers a practical mechanism for delivering Islamic banking products. Smart contracts can be utilized for Islamic home financing, specifically to implement the diminishing partnership (musharakah mutanaqisah) structure. This arrangement has seen a decline in use, largely due to the rise of tawarruq contracts which benefit from more developed systems and facilities. Reassessing and redeploying the diminishing partnership model via smart contracts could reduce the industry’s heavy reliance on tawarruq in Islamic banking operations. Accordingly, this study evaluates the potential of smart contract technology to execute diminishing partnership agreements, especially within the context of housing finance offerings. We adopt a qualitative approach to achieve this aim, drawing on thematic analysis of prior studies and synthesizing findings through narrative methods. Our results indicate that smart contracts can serve as an effective operational mechanism for diminishing partnership-based home financing, thanks to automated workflows, enhanced transaction transparency, and improved risk management. However, these advantages can only be fully realized if the technological, operational, and Sharia-related risks are properly identified and controlled.
Smart contracts are computer codes that represent contract terms and are designed to run on a blockchain platform, automatically enforced upon receiving predetermined inputs. This technological innovation, a key component of the Fourth Industrial Revolution, provides an advanced and innovative approach to executing contract terms. Incorporating this technology into Shariah-compliant contracts within Islamic Banks (IBs) holds the potential to reduce Shariah non-compliance risk (SNC) and enhance operational transparency, ensuring compatibility with contemporary technological applications. In particular, blockchain-based smart contracts have the potential to be integrated into the operations of IBs’ products that are based on tawarruq contracts. This study aims to investigate the potential application of blockchain-based smart contract technology in tawarruq contract operations within IBs and to suggest directions for future research. This study adopted a qualitative approach, drawing on relevant literature. The findings indicated that blockchain-based smart contracts can address Shariah Non-Compliance (SNC) issues in IB’s tawarruq operations while enhancing transaction transparency. This paper discussed the Shariah and operational challenges associated with blockchain technology and posits that blockchain-based smart contracts can improve the practices of tawarruq contracts within Islamic Banks. This paper offers insights for IB entities and regulatory authorities to evaluate the potential and impact of blockchain-based smart contracts within their operations and the broader financial system.
Cryptocurrencies and blockchain technology are increasingly being integrated into traditional finance, providing innovative solutions for financing environmental projects and sustainable development. Their application enables transparency, decentralization, and efficiency in financial flows, facilitating investments in green initiatives and promoting sustainable business models. Asset tokenization and smart contracts enable direct financing of renewable energy and environmental protection projects, while decentralized finance provides easier access to capital for green projects. Additionally, the shift from energy-intensive "proof-of-work" systems to more sustainable "proof-of-stake" models significantly reduces the ecological footprint of blockchain networks. Blockchain allows transparent tracking of carbon dioxide emissions and facilitates carbon credit trading, encouraging companies to adopt more responsible business practices. By using cryptocurrencies in ESG investments and green bonds, traditional finance can more effectively support sustainable projects and reduce global ecological risks. Although challenges such as regulatory barriers, market volatility, and the need for greater energy efficiency exist, the synergy between cryptocurrencies and traditional finance can accelerate the green transition, making the global economy more sustainable, resilient, and environmentally responsible.
This study assesses public trust in Bahrain regarding the potential of artificial intelligence (AI) to mitigate the use of cryptocurrencies in financial fraud and terrorist financing. The increasing risks associated with illicit financial activities have been exacerbated by the rapid expansion of e-commerce linked to cryptocurrencies, leading to vulnerabilities in financial technology systems. AI presents a viable solution for detecting, analyzing, and assessing the risks associated with cryptocurrency transactions, strengthening confidence in financial institutions’ regulatory measures. Evaluating public trust is crucial to understanding societal awareness of AI’s role in monitoring and regulating virtual financial transactions to prevent fraud. This research employs a quantitative approach to examine the key factors that enhance confidence in AI-driven auditing and oversight of cryptocurrency transfers. The findings indicate that, while AI offers significant advantages in combating financial crime, certain challenges remain. These include technological complexities, difficulties in accurately identifying users, and weaknesses in electronic financial and legal regulatory frameworks. Such challenges may undermine public trust in AI’s effectiveness in financial oversight. Addressing these concerns is essential to ensuring the successful integration of AI in financial regulation and reinforcing its role in enhancing security and transparency in cryptocurrency transactions.
This article critically evaluates the Sharia legitimacy of Bitcoin by applying Usul al-Fiqh—the foundational principles of Islamic jurisprudence—to several influential fatwas that prohibit it. Despite stemming from sincere concerns, many such fatwas rely on incomplete factual understanding, unverified analogies, or secondary policy considerations rather than explicit textual or consensus-based evidence. Consequently, these rulings risk conflating genuine harms (fraud, volatility, illicit use) with Bitcoin’s inherent characteristics, which classical fiqh frameworks may otherwise recognize as permissible if carefully regulated. Drawing on examples of fatwas that deem Bitcoin permissible, the study demonstrates how thorough subject comprehension and methodologically robust legal derivation (ijtihad) often yield more nuanced conclusions. It further underscores that well-established Qur’anic and Prophetic principles— such as avoiding excessive uncertainty (gharar) and upholding wealth preservation—need not preclude thoughtful, evidence-based engagement with emerging financial technologies. Concluding that clear methodological grounding and accurate technology assessment are indispensable, the paper advocates ongoing dialogue between Sharia scholars, economists, and technical experts to ensure balanced rulings that protect Muslims’ interests while fostering innovation.
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Terrorism, Counterterrorism, and Political Violence
This study aims to critically examine the compatibility of Bitcoin and blockchain technology with Islamic economic and legal principles within the context of a rapidly evolving digital financial system. Employing a literature review method based on the PRISMA approach, this research analyzes five authoritative classical Islamic jurisprudence texts alongside 40 scholarly articles from credible academic sources. The primary focus lies in evaluating how these emerging technologies correspond with key Islamic financial values, particularly the prohibitions of riba (interest), gharar (excessive uncertainty), and maysir (speculation/gambling), while also exploring their potential for innovation in building a Shariah-compliant financial infrastructure. The findings demonstrate that while Bitcoin, due to its high volatility and speculative nature, poses significant concerns under Shariah principles mainly due to its proximity to elements of maysir and gharar blockchain technology itself offers considerable promise. As a decentralized and transparent ledger system, blockchain can enhance justice (‘adl), trust (amanah), and efficiency in Islamic financial transactions. It supports the reduction of transaction costs, improves transparency, and eliminates reliance on intermediaries aligning with core objectives of Islamic economic ethics. Furthermore, blockchain technology provides a foundation for innovative financial instruments that uphold Shariah compliance, such as asset-backed stablecoins, automated smart contracts for contracts like murabahah or mudarabah, and real-time Shariah audits. The study finds increasing institutional support across Southeast Asia and the Middle East, where Islamic finance authorities, governments, and fintech developers are actively working to embed blockchain into compliant financial ecosystems. In conclusion, although Bitcoin's speculative characteristics challenge its Shariah compliance, blockchain technology opens significant opportunities to innovate and strengthen Islamic digital finance. The realization of this potential depends on sustained collaboration among Shariah scholars, technologists, regulators, and financial institutions to ensure all developments are guided by the objectives of maqasid al-shariah. This research contributes to the ongoing discourse on how Islamic values can shape the future of ethical and inclusive financial technologies.
The quest for wealth has been a constant in human civilization. Ancient Indian mythology, through symbols such as Kamadhenu — the wish-fulfilling divine cow — and philosophical ideas like Soul Contracts, explored the dynamics of material abundance and spiritual growth. In modern times, the emergence of decentralized finance (DeFi) and centralized finance (CeFi) systems mirrors these ancient philosophies in unexpected ways. This paper explores the intersections between ancient and modern ideas about wealth, drawing connections between Kamadhenu and DeFi (as models of self-generating, permissionless abundance), and between Soul Contracts and CeFi (as models involving agreements, authority, and structured dependence). Through detailed narrative analysis, philosophical interpretation, and case studies in finance, the paper argues that understanding ancient wisdom can provide meaningful insights for navigating the complex economic realities of the 21st century.
Blockchain technology, the bedrock innovation in the digital economy, is steadily reengineering the operational logic of the traditional financial system. Harnessing its core attributes of decentralization, immutability, and transparency, it is making profound inroads. This paper undertakes an all-encompassing and systematic review of relevant literature from both domestic and international sources. It particularly focuses on the empowerment routes by which blockchain technology can fuel the reform of the traditional financial setup, thus furnishing theoretical support and practical blueprints for financial systemic revamp. Blockchain technology yields numerous advantages. It significantly boosts payment efficiency, slashes costs, and vigorously promotes financial inclusion. Moreover, it augments regulatory transparency and alleviates information asymmetry. However, several hurdles remain, such as scalability glitches, security threats, and regulatory compatibility issues. This research not only enriches the FinTech knowledge pool but also steers financial institutions in their digital transformation endeavors, enabling them to render more efficient and inclusive services. Going forward, future work should concentrate on technological innovation and regulatory adaptation to fully realize the potential of blockchain in the financial sector.
تهدف الدراسةُ إلى بيان رصد دور الفتاوى الإلكترونية الاقتصادية الصادرة عن الجهات المتعددة مثل دور الإفتاء، والمجامع الفقهية، والعلماء في مجال الفقه الإسلامي في توجيه الاقتصاد الرقمي، لتعزيز التنمية المستدامة، من خلال نموذج العملة الرقمية المشفرة البتكوين (BITCOIN)، وذلك بتحليل تلك الفتاوى ومقارنتها مقارنة فقهية، وتقديم رؤية فقهية متوازنة، وقد احتوت الدراسة على أربعة مباحث، خصصت الأول منها للفتاوى الإلكترونية والتنمية المستدامة، وتناولت فيه بيان حقيقة الفتاوى الإلكترونية، وأهميتها، وأثرها على الجانب الاقتصادي، والتنمية المستدامة، وأبعادها، مع ذكر نماذج من الفتاوى الإلكترونية وأثرها على التنمية المستدامة، في محاورها الاقتصادية والاجتماعية والبيئية، وجاء المبحث الثاني لبيان حقيقة العملة الافتراضية البتكوين (BITCOIN)، ونشأتها، وتطورها، ومزاياها، والتكييف الفقهي للعملة الرقمية البتكوين وحكمها الشرعي، والمبحث الثالث في الإشكالات الشرعية الواردة على التعامل بالعملات الرقمية، والمبحث الرابع جاء في أثر العملات الرقمية غير القانونية على التنمية المستدامة، وتناولت فيه المخاطر الاقتصادية والقانونية والتقنية للعملات الرقمية غير القانونية، ثم ذيلت البحث بأهم النتائج والتوصيات. The study aims to demonstrate the role of electronic economic fatwas issued by various bodies such as fatwa houses, jurisprudential assemblies, and scholars in the field of Islamic jurisprudence in guiding the digital economy to enhance sustainable development, through the model of the encrypted digital currency Bitcoin (BITCOIN), by analyzing and comparing these fatwas in a jurisprudential comparison, and presenting a balanced jurisprudential vision. The study included four chapters, the first of which was devoted to electronic fatwas and sustainable development, and dealt with explaining the reality of electronic fatwas, their importance, and their impact on the economic aspect, sustainable development, and their dimensions, with mentioning examples of electronic fatwas and their impact on sustainable development, in its economic, social, and environmental aspects. The second chapter came to demonstrate the reality of the virtual currency Bitcoin (BITCOIN), its origin, development, and advantages, and the jurisprudential adaptation of the digital currency Bitcoin and its legal ruling. The third chapter dealt with the legal problems arising from dealing with digital currencies. The fourth chapter dealt with the impact of illegal digital currencies on sustainable development, and dealt with the economic, legal, and technical risks of illegal digital currencies. Then it concluded. Research with the most important results and recommendations.
Islamic finance has evolved to address various adverse effects associated with capitalism and to establish a distinctive economic framework. However, a review of its nearly 50-year history reveals that Islamic finance was not developed solely from Islamic doctrine. Instead, it has often engaged with capitalism by selectively adopting capitalist institutions, functions, and products to facilitate its growth. This study examines the evolution of Islamic finance within the context of its interaction with capitalism, particularly through the development of Islamic financial products. Although Islamic finance has experienced significant growth in the 21st century, its pursuit of expansion has occasionally resulted in a loss of originality, leading to criticism for its assimilation into capitalist structures. In response to the criticism, Islamic finance is redefining its identity by adopting new practices, especially considering the emerging post-capitalist trends and the evolving dynamics of global capitalism in the early 21st century. One of the pioneering practices is to collaborate with emerging global financial practices driven by FinTech. The collaboration of Islamic finance with FinTech can be seen as a return to its foundational ideals of decentralization and traceability. However, it goes beyond mere reclamation. By collaborating with FinTech to develop an alternative financial system, Islamic finance has transformed from a mechanism for socioeconomic development based on Islamic principles into a global force seeking a better future for all. The knowledge produced by Islamic finance has thus become a universal intellectual asset, no longer confined to the Muslim community. This flexibility and universality of Islamic finance are its defining characteristics. As the global future remains uncertain, Islamic finance will likely endure by leveraging its flexibility and universality. In this context, Islamic finance may take an essential first step towards realizing a post-capitalist society.
This study investigates the impact of blockchain technology on financial data management practices in Jordanian organizations. The research aims to understand how blockchain influences key aspects such as efficiency, security, transparency, auditability, data integrity, fraud reduction, and cost efficiency. A quantitative approach was employed, using Principal Component Analysis (PCA) and Factor Analysis to extract and analyze significant components from the dataset. The PCA results revealed that the first seven components explained approximately 89.63% of the total variance, with the strongest loadings on efficiency (14.56%), security (13.59%), and transparency (13.10%). Factor analysis further reinforced these findings, highlighting the positive relationship between blockchain adoption and improvements in these key areas. Despite the benefits, implementation challenges emerged as significant moderating factors, impacting the extent to which organizations can fully leverage blockchain technology. The study concludes that blockchain has the potential to transform financial data management, particularly in improving efficiency, security, and transparency. However, organizations must address implementation challenges to fully realize these benefits.
الأهداف: يهدف البحث لبيان ماهية الرموز غير القابلة للاستبدال (NFTs)، وتكييفها الفقهي وحكم التعامل بها، وشروط التوثيق من خلالها، كما يهدف إلى توضيح حقيقة (NFTs)، وآلية عملها، ونشأتها، وحكم التعامل بها، وتم اختيار الموضوع نظرا لحداثته، والحاجة الملحة لوضعها في الإطار الفقهي المناسب، وإثراء المكتبة الإسلامية الفقهية على وجه التحديد، بمواضيع شكلت نقلة نوعية في عالم التكنولوجيا، مما يعني مواكبة كل ما يستجد. المنهجية: اعتمد البحث المنهج الوصفي الشارح للنصوص المتعلقة بـ NFTs، والمنهج الاستقرائي باستقراء عمل الرموز تقنيا للتوصل للتعريف الأقرب لطبيعتها، والمنهج التحليلي لتحليل المفاهيم الواردة والآراء المتعلقة بـها، ومناقشتها، وإلحاقها بأقرب التكييفات الفقهية الملائمة. النتائج: إن التكييف الفقهي الملائم لطبيعة عمل هذه الرموز، هو تخريجها على دفتر البياع والصراف، وشريجة البقال، حيث كانت وسائل مناسبة لحفظ الحقوق بحسب ما تعارف عليه أهل ذلك الزمان، وكذا هذه الرموز، فقد تعورف على كونها وسيلة لتوثيق الحقوق في العالم الرقمي، خاصة أنها قد استوفت الشروط الواجب توافرها في التوثيق بالكتابة، من كونها مرسومة ومستبينة، وجازمة، مع مراعاة مجلس العقد، وهي متناغمة كذلك مع الشروط التي أقرتها منظمة التجارة الإلكترونية في العقود الإلكترونية، من الشفافية والاستمرارية وعدم القابلية للتغيير والتبديل. الخلاصة: أن الـ NFTs هي عبارة عن نوع الشبكات اللامركزية تستخدم لإثبات الحقوق والملكيات من خلالها، وتتم عبر شبكات البلوكتشين الإيثيروم- على وجه التحديد، حيث تتوافر فيها الشروط الواجب توافرها في التوثيق بالكتابة برموز خاصة، تتناسب مع معطيات العصر الرقمية، وتوصي الباحثة بمزيد من البحوث على كل ما يستجد حول تلك الرموز لاستيضاح ملابساتها في جميع جوانب استعمالاتها، كما وتوصي بالاستفادة العملية من تجارب الدول في استخدامها، مما يساعد في اكتشاف الثغرات وسدها.