Dzuljastri Bin Abdul Razak, Mustafa Omar Mohammed, Yavuz Türkan, Ethem KILIÇ
With technology development, investment tools also vary. Money and capital market instruments are at the forefront of these, and virtual currencies have become investment tools. Because virtual currencies are not religiously permissible by many organizations causes the devout people to stay away from them. This study investigates the return and volatility interaction between Islamic Indices and Bitcoin in Türkiye and Malaysia. The study uses weekly data for the period 24 November 2013 – 2 January 2022 obtained from investing.com. Multivariate Dynamic Conditional Correlation (DCC-GARCH) and multivariate dynamic stochastic volatility models were used to determine the volatility dispersion between Islamic indices and Bitcoin. Results show that the volatilities of Türkiye Islamic Index, Malaysia Hijrah Shariah Index and Bitcoin are permanent. Volatility of Bitcoin, however, has no effect on the return of the Türkiye Islamic Index and the Malaysian Hijrah Shariah Index. Likewise, the volatility of Islamic indices does not affect the return of Bitcoin. According to the results of the DC-MSV model, the volatility of Islamic indices and the volatility of Bitcoin do not affect each other. This indicates that Islamic index investors and Bitcoin investors differ.
Abstract This study examines the nexus between the good and bad volatilities of three technological revolutions—financial technology (FinTech), the Internet of Things, and artificial intelligence and technology—as well as the two main conventional and Islamic cryptocurrency platforms, Bitcoin and Stellar, via three approaches: quantile cross-spectral coherence, quantile-VAR connectedness, and quantile-based non-linear causality-in-mean and variance analysis. The results are as follows: (1) under normal market conditions, in long-run horizons there is a significant positive cross-spectral relationship between FinTech's positive volatilities and Stellar’s negative volatilities; (2) Stellar’s negative and positive volatilities exhibit the highest net spillovers at the lower and upper tails, respectively; and (3) the quantile-based causality results indicate that Bitcoin’s good (bad) volatilities can lead to bad (good) volatilities in all three smart technologies operating between normal and bull market conditions. Moreover, the Bitcoin industry’s negative volatilities have a bilateral cause-and-effect relationship with FinTech’s positive volatilities. By analyzing the second moment, we found that Bitcoin's negative volatilities are the only cause variable that generates FinTech's good volatility in a unidirectional manner. As for Stellar, only bad volatilities have the potential to signal good volatilities for cutting-edge technologies in some middle quantiles, whereas good volatilities have no significant effect. Hence, the trade-off between Bitcoin and cutting-edge technologies, especially FinTech-related advancements, appear more broadly and randomly compared with the Stellar-innovative technologies nexus. The findings provide valuable insights for FinTech companies, blockchain developers, crypto-asset regulators, portfolio managers, and high-tech investors.
The rise of innovation and technological development has triggered a revolution in the financial sector with a new 'non-centralized' system. The purpose of this study is to comprehend the idea of decentralized finance and pinpoint its advantages. Using literature sources, this study employs a qualitative descriptive methodology. Books, periodicals, and other publications are examples of secondary data. According to the study's findings, DeFi has five maslahah: 1) Maintain religion (hifzu al-din); 2) Preserve the soul (hifzu an-nafs); 3) Preserve offspring (hifzu al-nasl); 4) Preserve the intellect (hifzu al-'aql); and 5) Preserve property (hifzu al-maal). These principles align with technology and the development aspects of the era of Society 5.0. Consequently, it is advised that the government implement a regulation utilizing blockchain technology in the banking industry.
Cryptocurrencies have sparked intense debate within the global business and financial sectors. While promising substantial investment growth, they also present significant challenges, particularly concerning investor protection. In the context of Islamic business, the emergence of cryptocurrencies raises profound questions regarding compliance with Sharia principles and safeguarding investor interests. This article aims to scrutinize these issues from an Islamic business perspective, focusing on investor protection. Through a synthesis of literature and conceptual analysis, this study identifies several critical concerns. Firstly, it assesses the Sharia compliance of cryptocurrencies concerning their structure, transactions, and utility. Secondly, it examines risks associated with price volatility and the stability of investment values. Thirdly, it addresses the ambiguity in regulations and legal frameworks, impacting investor security and protection. Finally, it discusses the integration challenges of Islamic business ethics in the cryptocurrency landscape. The findings underscore that while cryptocurrencies offer potential for lucrative returns, they also entail substantial risks in terms of investor protection from an Islamic business standpoint. Consequently, there is a pressing need for robust regulatory frameworks that align with Sharia principles, alongside enhancing investor awareness and comprehension of cryptocurrency investment risks
As important participants in Sharia governance, Malaysia and Indonesia emphasize the importance of a Sharia supervisory board at the institutional level to ensure compliance with Islamic principles. This study provides a comparative analysis of Sharia governance practices in Indonesia and Malaysia, focusing on the key differences and similarities between the Sharia governance frameworks in Malaysia and Indonesia. The method adopted in this study was document research. This method allows researchers to access a wide range of information and perspectives from various sources such as books, academic journals, government reports, and online databases. The findings reveal that both Malaysia and Indonesia have implemented Sharia governance frameworks in their Islamic financial institutions. However, their structures and regulatory frameworks differ from each other. Malaysia follows a two-tier structure with a comprehensive framework, whereas Indonesia follows a decentralized model with dispersed regulations. Both countries require the establishment of a Sharia committee at the institutional level to ensure compliance with the Sharia principles. Therefore, this comparative analysis enhances the understanding of Sharia governance in Islamic banking and finance, shedding light on the strengths and weaknesses of Malaysia and Indonesia's frameworks
This study aims to understand how blockchain technology can be used to build a decentralized Islamic financial system. The method used in this research is literature analysis, which is further validated by case studies. The data analysis process was conducted using Systematic Literature Review (SLR) methodology. The main data sources were scientific publications, academic journals, books, and other reputable materials relevant to the research problem. The results of this study show that Blockchain Technology has the potential to reduce the dangers of corruption, money laundering, and illicit activities in the Islamic financial system. Moreover, the use of blockchain technology in decentralized finance ensures equitable access to participation in the financial ecosystem, thereby promoting the inclusion of minority populations. The challenges in implementing blockchain technology within the context of Islamic banking are also highlighted in this study. The contribution and implementation of this research are expected to offer insights into the potential of blockchain technology in constructing a decentralized Islamic financial system, guiding practitioners and academics toward innovative and sustainable solutions in Islamic finance
The intricate interplay between the realm of Decentralized Finance (DeFi) and the well-established domain of traditional banking constitutes a captivating narrative of convergence, divergence, and potential collaboration. This paper embarks on a comprehensive exploration of the multifaceted interactions between these two financial landscapes, seeking to decipher whether they are destined for convergence or if their collision is inevitable. Decentralized Finance, or DeFi, represents a paradigm shift in the financial sector. Empowered by blockchain technology and smart contracts, DeFi platforms offer innovative solutions for lending, borrowing, trading, and more. Meanwhile, traditional banking, with its longstanding institutional framework, has served as the cornerstone of financial services. However, the emergence of DeFi has challenged the established norms, questioning the necessity of intermediaries and centralization. The convergence hypothesis suggests a future where DeFi and traditional banking coalesce, fusing the innovation and accessibility of DeFi with the stability and regulatory oversight of traditional banking. This path envisions traditional financial institutions adopting DeFi technologies to streamline operations and enhance efficiency, ultimately benefiting consumers with faster, cheaper, and more inclusive services. Conversely, the collision theory posits that the inherent differences between DeFi and traditional banking—decentralization vs. centralization, innovation vs. regulation—will lead to clashes that hinder harmonious integration. Regulatory challenges, legal uncertainties surrounding smart contracts, and the potential for market disruptions loom as potential roadblocks to a seamless union. Amid these dynamics, the concept of a symbiotic relationship emerges—a scenario where DeFi and traditional banking coexist while maintaining their distinct attributes. This balance allows for innovation to thrive within the parameters of regulatory compliance, offering consumers a spectrum of financial services catering to diverse preferences. In conclusion, the relationship between DeFi and traditional banking is neither singularly convergent nor inevitably divergent. Rather, it navigates a spectrum of possibilities, shaped by regulatory developments, technological advancements, and market demands. As the financial landscape continues to evolve, this exploration aims to shed light on the potential trajectories of these two worlds and the nuanced interactions that will shape the future of finance.
This study analyzes the possibility of fraud in Non-Fungible Tokens (NFT) transactions using forensic accounting and Sharia perspectives. This study employs a qualitative research method with in-depth and exploratory approach. Primary data were collected through interviews with NFTs Creators, Auditors, and DSN-MUI Member, while the secondary data were from article journals, scientific books, theses, and websites. This study concludes that NFT has the potential for fraud, such as Pump-and-Dump, Rug Pull, and Money Laundering schemes, based on the nature of NFT itself. However, all of these fraud schemes can be prevented by the users (investors) who must be informed about what they are buying, either through educating themselves on fundamental analysis or by using forensic accounting techniques. From sharia perspective, NFT transactions are not permitted (haram) because they are lack of underlying assets and contain gharar (obscurity), dharar (danger), maysir (speculation), and also have been given a haram fatwa by the MUI of Indonesia.
Cryptocurrency is a growing fintech trend frequently encountered in various moderneconomic activities. Therefore, this research aimed to provide knowledge and understanding of cryptocurrency, particularly from the perspective of Islamic finance and economics using secondary data obtained from literature. As a digital financial transaction system, cryptocurrency fundamentally uses relatively new technology. However, the legal nature still needs further examination without constituting a form of violation. In Indonesia, the government has yet to adopt a definitive stance on the presence of cryptocurrency, thereby permitting its usage. The results showed that cryptocurrency investment includes substantially greater risk compared to others due to the inherent challenge of predicting the value. From the perspective of Islamic finance and economics, the transactions are considered to lack clarity in terms of quality and quantity, containing elements of uncertainty (gharar). Moreover, the concept of Bitcoin as a transaction tool is forbidden (haram) by the Indonesian Ulama Council since the project contains uncertainty and does not comply with the existing regulations. The implications of the research emphasize the necessity ofavoiding dubious activities, such as cryptocurrency, as well as transactions leading to higher harm (madharat) compared to benefits, particularly from the perspective of Islamic finance and economics.
Purpose: This research explains and reviews two innovative solutions based on blockchain that were used for Islamic social finance projects by two separate companies namely Finterra and Blossom Finance. Policy implications are suggested for the future use of blockchain in innovative financial products for the Islamic financial industry. Design/methodology/approach: This is qualitative research conducted through library research and semi-structured interviews with experts and founders of Finterra and Blossom Finance. Data obtained from published literature and the interviews were accordingly examined and interpreted through content analysis and the results are presented in this research. Findings: There is rising interest in Islamic social finance for economic revival post COVID-19 pandemic. Innovation through technology seems to be the future of Islamic social finance. Innovation through blockchain technology would see a renaissance in Islamic social finance, hence the need for relevant stakeholders to understand the technology. However, there is a regulatory gap in terms of proper legal framework to support blockchain related innovations in Islamic social finance and a policy gap to manage Shariah and legal risks involved in Islamic social finance transactions. Originality: This research is original because it explains unique case studies from the source of innovation itself, and analyses the hurdles that were present and offers recommendations for future use of innovative technology in the Islamic financial sector. Keywords: Blockchain technology, Blossom Finance, Finterra, Islamic Social Finance, Regulatory and Policy Issues
In the financial markets, international conflicts have a crucial influence. The ongoing conflict between Israel and Palestine is one of them which poses hazards to international politics and the economy. This study is the first study that examines the potential influence of the Israel-Palestine conflict on the cryptocurrency market. To this end, the event study methodology is used for the period 01.03.2023 – 17.10.2023, and the top ten cryptocurrencies are chosen for analysis based on their market capitalization. The results show that although the Israel-Palestine conflict affected certain cryptocurrencies (including BTC, TRX, SOL, and ETH), it had no statistically significant effect on the market as a whole. Furthermore, the majority of the effect was statistically positive, which may be an indication that the cryptocurrency market is considered a safe haven. Moreover, the abnormal returns were usually recorded in the days before the event, suggesting that the event had been anticipated by some cryptocurrencies. Investors and financial analysts may benefit from these results by considering the cryptocurrency market as an alternative investment tool in these uncertain times and using these findings to diversify their portfolios and create hedging strategies.
We surveyed to measure the satisfaction of policyholders in Morocco, and the results clearly show that the majority of customers do not appreciate the current services. They suffer from the ambiguity of contracts, and delays in reimbursement and do not feel the real impact of insurance in society. To solve this problem, we propose an innovative insurance based on blockchain and waqf. We suggest in this paper, to use smart contracts to create an efficient and automatic process in the collection of premiums and reimbursement of policyholders. The goal of this paper is to build insurance that reflects the true meaning of solidarity through Waqf while integrating transparency and speed through Fintech. This insurance model is supposed to be resilient in times of crisis, have a strong social impact, and be attractive to customers. Many advantages of the proposed model are discussed in the paper. In addition, the suggested insurance model will be represented through simulations on the NetLogo platform. We carry out the analysis in normal times and evaluate the behavior of policyholders in choosing a specific type of insurance, depending on some decision-making tools. We also analyze the impact of insurance during a time of crisis, as a particular example, the crisis experienced during the coronavirus pandemic. The simulations aim to evaluate the model in different situations and prove its efficiency.
The popularity of virtual currencies has expanded dramatically in recent years. Seminars and conferences have been held to discuss the nature and feasibility of cryptocurrencies. Some argue that having a replacement for the current fiat currency system is a good idea since it does not need a bank account, tax payments, or audits, as cryptocurrencies do. Others argue that any means of payment other than the commonly recognised ones, such as cash, checks, DD, and so on, would allow for tax and audit evasion, which would have a huge detrimental impact on the government budget and the economy. The convergence of cryptocurrencies and Islamic finance has caused much controversy among the Muslim community about whether cryptocurrency transactions are permissible (halal) or prohibited (haram). This study investigates Islamic finance concepts as well as the technological and economic elements of cryptocurrencies in order to assess their conformity with Sharia law. It was found that cryptocurrencies are not Halal in Islam because they lack inherent value and are susceptible to additional regulatory oversight.
Medical institutions distribute regulated medications to patients and persist in employing manual documentation methods to record the production, distribution, prescription, administration, and disposal of controlled substances. Consequently, this reliance on handwritten paperwork leads to operational inefficiencies. Of noteworthy concern is the potential for this practice to facilitate the circumvention or manipulation of the system, thereby enabling the issuance of undocumented or non-standardized prescriptions that could potentially harm patients . The central thesis is that smart contracts are a solid foundation for any blockchain development project, by describing the design and implementation of the prescription dispense approach that manages different participants in related sectors. Moreover, designing secure smart contracts required to privacy and security of the healthcare system. This study presents a proposal and implementation for the prescribed immutable and authenticated prescription for patients suffering from chronic disease and need ongoing dispense on regular bases. By employing smart contracts upon blockchain, I attempt to illuminate the benefits of using this technology in the prescription system in Saudi Arabia specifically and the ability of smart contracts to provide security for applications in general. The findings contribute in several ways to our understanding of smart contracts and provide a basis for building a secure prescription dispenser approach that serves the healthcare sector.
Financial Technology, aka FinTech, has greatly facilitated the rapid development of the banking sector, forging new paths for traditional financial service provision and forging new environments for innovation and efficiency. In the review, we explore how FinTech is impacting banking in multiple ways, including areas of adoption fueled by consumer demand for simple digital experiences and the use of cutting-edge technologies like artificial intelligence and blockchain. The growing trends of decentralized finance (DeFi) and quantum computing, promise more autonomous, efficient financial processes, and create a challenge for the traditional banking models. Sustainable products gained importance in light of growing demands from society, which calls for the use of environmentally friendly finances by banks and FinTech tools. Governments and regulatory bodies play a major role in guiding the ever-changing landscape by helping to lay down guidelines that promote innovation while protecting consumers and financial stability. Additional hallmark initiatives to promote financial inclusion for underserved populations reinforce the importance of cooperation (consortium) between regulators and industry stakeholders. Overall, FinTech integration into banking improves the customer experience, and efficiency in general, and strengthens a more equal financial ecosystem. The review points to an obvious need for traditional banks to embrace innovation and adapt to the dynamics of challenges and opportunities in the FinTech revolution.
Anjar Wulan, Sitti Zakiah Ma’mun, Muhammad Sofian Maksar
Penelitian ini bertujuan untuk mengkaji kemampuan logam mulia emas dan cryptocurrency bitcoin untuk berperan sebagai aset safe haven bagi pasar saham di Indonesia. Penelitian ini menggunakan model Dinamic Conditional Correlation-Generalized Autoregressive Conditional Heteroscedasticity (DCC-GARCH) untuk menguji hubungan antara emas dan bitcoin terhadap pasar saham. Data yang digunakan merupakan data sekunder, yang terdiri dari 1.343 observasi harian dari harga penutupan saham (IHSG), emas dan juga bitcoin. Hasil dari analisis data menunjukan bahwa koefisien korelasi emas dan saham bernilai negatif pada kuantil 10% dan bitcoin menunjukan koefisien koreasi yang bernilai negatif pada kuantil 5%, sedangkan pada kuantil lainnya koefisien korelasi bernilai positif untuk kedua aset tersebut. Hasil ini menunjukan jika emas dan bitcoin hanya berperan sebagai sebagai aset safe haven bagi saham pada kondisi pasar tertentu saja. Selain itu, hasil analisis juga menunjukan bahwa, ketika terjadinya volatilitas pasar ekstrim seperti pandemi COVID-19, emas dan bitcoin tidak dapat berperan sebagai aset safe haven bagi pasar saham.
Azlin Alisa Ahmad, Mat Noor Mat Zain, Nur Diyana Amanina Zakaria
Smart contracts are simply programs stored in a blockchain that run under predetermined conditions; however, they are yet to be implemented commercially in the financial industry, including the Islamic financial industry. It has not been entirely implemented in the Islamic financial industry because it is unstable and there are debates regarding its conformity with Shariah principles. Since the development of the smart contract is still in the preliminary stages, its position in an Islamic contract is yet to be determined. Does a smart contract blockchain comply with Islamic contract theory? This qualitative study aims to analyse the smart contract’s position based on Islamic contract theory. Data were obtained using content analysis and interview methods, in which the semi-structured interview involved Islamic financial experts and industryplayers. Data were then analysed using the QDA Miner version 5.0.31 software. Findings indicate that a smart contract differs from other contracts because it records every transaction using hash cryptography and computer codes known as solidity. Besides that, transactions did not adhere to two principles of an Islamic contract, namely the existence of autonomy in the contracting parties and the ability to manipulate the contract. Hence, Shariah-based risks in a smart contract can be decreased by improving the Shariah compliance aspect in the transaction to solve autonomy issues and the manipulation of contracts. The study implies that a smart contract has the potential to become an innovation in the Islamicfinancial industry if it can adhere to the principles of an Islamic contract and it can be monitored by relevant authorities.
Advances in artificial intelligence, robotics, neural networks, artificial limbs and systems, automation, virtual and augmented reality, machine learning, and other fields hold great promise for improving efficiency and knowledge acquisition. Decentralization is one of the trends in the modern global finance market. The growth and active development of the Islamic finance and banking industry, the growth in the number of Muslims in the world and other factors determine the interest of researchers in digitalization issues. This paper is devoted to the study of the possibilities, approaches and views on the use of digital currencies from the point of view of Islamic finance. Methods of analysis and synthesis, comparative analysis are used. The approaches of various countries of the Muslim world to the introduction of digital currencies are analyzed, ongoing projects are considered. In the Islamic world, there has not yet been a consensus on the permissibility and scope of the possible use of digital currencies. The authors conclude that, in general, digital currencies can be harmoniously used within the concept of Islamic finance. This is facilitated by such factors as the transparency of decentralized finance and digital currencies, the contribution to the protection of the wealth of society, the focus on social benefits, which is in line with the good goals of Islamic finance and its social value.
Mohd Izzat Amsyar Mohd Arif, Norhanan Che Kamaruddin, Ruzian Markom
As most countries use currencies to denote paper money created as a medium of exchange for buying and selling goods or services. Nevertheless, there are attempts from several entities to create a crypto asset named cryptocurrencies which aims to replace the functions of paper money. The issue arises whether cryptocurrency is valid to be used as a currency or investment asset according to Shariah’s perspective. This article aims to clarify the Shariah views on the legality of cryptocurrency, analyze the suitability of cryptocurrencies as a currency or investment assets, and finally, suggest that cryptocurrency is one of the investment assets or commodities in line with the requirements of Shariah. The research adopts pure legal research methodology utilizing content analysis on the primary and secondary sources. The research findings revealed that Islamic scholars have conflicting views regarding the legality of cryptocurrency as a means of exchange to replace the function of paper money and as an investment asset. Nevertheless, cryptocurrency and crypto assets are required today because of Maqasid Shariah, maslahah, and qawaid fiqhiyyah. Future research should focus on the usage and practice of cryptocurrency worldwide and its legal application in specific countries. Keywords: cryptocurrency, currency, investment
Hisham O. Mbaidin, Nour Qassem Sbaee, Isa Othman AlMubydeen, Khaled Mohammad Alomari
The utilization of blockchain technology is increasingly emerging as a catalyst for significant changes across multiple industries, including the domain of Islamic finance. This study examines the influence of blockchain technology on the factors that contribute to the successful adoption of blockchain in Islamic banks located in the United Arab Emirates (UAE). The present study employs a cross-sectional survey methodology, encompassing a sample of 344 banking professionals. The investigation utilizes Partial Least Squares Structural Equation Modeling (PLS-SEM) as a statistical technique to examine the association between several crucial variables, namely Trust, Financial Transfers, Operating Expenses, Safety and Security, and the effective implementation of blockchain technology. The results indicate that these variables have a major impact on the effectiveness of implementing blockchain technology, confirming its ability to boost the efficiency of transactions, decrease expenses, and enhance security while adhering to Shariah law. This work makes a vital contribution to the scholarly discourse around the deployment of technology in the context of Islamic banking. In particular, it emphasizes blockchain technology's part in fostering innovation within the sector and fostering a culture of compliance with the sector's ethical and operational standards.
Omar M. Shubailat, Murad Ali Ahmad Al-Zaqeba, Aziz Madi, Ahmad Fathi Alheet
The potential for transforming the estate management industry through the resolution of common inefficiencies, lack of transparency, and security concerns is presented by the use of blockchain technology into estate governance. The purpose of this article is to clarify how incorporating blockchain technology would affect estate operations and governance. This study is based on quantitative information that was collected from 317 estate management professionals using a 5-point Likert scale questionnaire. SmartPLS4 analysis demonstrates that blockchain governance has a statistically significant and robust influence on estate governance in Jordan. The impact of Blockchain Governance on Jordanian Estate Management appears to be negligible and unimportant. Furthermore, there appears to be a negligible and insignificant correlation between Jordanian estate management and estate planning methods. In-depth analysis of these theories is done in this article, which also offers insights into how blockchain technology affects estate governance dynamics and how it can affect Jordan's estate management procedures. The consequences go beyond theoretical understandings; they promote the use of blockchain technology in estate governance frameworks as a game-changing means of ensuring the safe, transparent, and effective administration of frozen estates in Jordan and elsewhere.
Traditional banking systems were significantly disrupted by the advent of digital currencies, most notably cryptocurrencies like Bitcoin and Ethereum, which have provided alternative ways of conducting transactions and storing value. Among other aspects, this research paper explores the far-reaching effects that digital currencies have had on traditional banking including disintermediation, payment systems, cross-border transactions and risk management. Besides, the paper examines the regulatory challenges posed by digital currencies through presenting different case studies from various jurisdictions and it also analyzes the technological integration of blockchain as well as distributed ledger technologies within mainstream banks’ frameworks. The next section discusses broader economic implications such as financial stability, monetary policy and consumer behavior. In addition, future prospects and challenges are looked at with strategic recommendations being given for traditional banks to transform themselves in order to survive under a changing financial landscape. Therefore this full analysis seeks to provide an understanding of how digital currencies can be transformational while suggesting a path for guiding old banks through new era of financial innovation.
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.