The Convergence of Blockchain Technology and Islamic Economics: A Decentralized Solution for Shariah-Compliant Finance

Lalu Rama Pranata, Zaenafi Ariani, Nur Fitri Hidayanti, Ahmad Hulaimi, Novi Yanti Sandra Dewi, Ahadiah Agustina

Abstract


Abstract: This research uses a qualitative method with a desk research approach or integrative review to analyze the convergence of blockchain technology and Islamic economics as a decentralized solution in a Sharia-compliant financial system. The research systematically reviewed scientific literature from databases such as Google Scholar, Scopus, DOAJ, and Scispace, covering the period 2015 to 2024 with defined inclusion and exclusion criteria. The findings show that blockchain has significant potential to address key challenges in Islamic finance, including transparency, efficiency, accountability, and adherence to core Islamic principles such as the prohibition of riba (interest), gharar (Uncertainty), and maysir (Gambling). In addition, blockchain supports automated transactions through smart contracts, improves the management of social funds (Zakat and Waqf), and increases financial inclusion for Sharia-compliant financing of MSMEs. However, blockchain adoption still faces major challenges, including regulatory frameworks, stakeholder education, and protocol standardization. This study highlights the urgent need for collaboration among stakeholders to build an integrated and sustainable digital Shariah ecosystem. The findings open new directions for future research on halal technology development and digital transformation in the Islamic economy.

Keywords


Blockchain, Islamic Economics, Islamic Finance, Smart Contracts, Decentralization.

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References


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