Integration of Blockchain Technology in Islamic Finance: A Decentralized Solution for Shariah-Based Finance

Gina Elfida, Zaenafi Ariani, Nur Fitri Hidayanti, Ahadiah Agustina, Ahmad Hulaimi, Novi Yanti Sandra Dewi

Abstract


Abstract: This study aims to examine the integration of blockchain technology in Islamic financing as a decentralized solution to create a financial system that is more transparent, efficient, and in accordance with Islamic principles. Using a qualitative approach with an integrative literature review method, this study analyzes selected scholarly articles from Google Scholar, Scispace, DOAJ, and Scopus databases from 2015-2024. The selection process was based on strict inclusion-exclusion criteria and used thematic coding techniques to identify key patterns of findings. The results show that blockchain technology has significant potential to improve accountability, minimize intermediation, and eliminate usury and gharar in Islamic financial transactions. In addition, blockchain supports the maqashid objectives of sharia through transparency and fairness in transactions. However, its implementation still faces challenges such as regulatory limitations, digital literacy, and infrastructure readiness. This study suggests the importance of collaboration between stakeholders-including regulators, academics, and sharia practitioners-to ensure that the integration of blockchain technology is in line with sharia values and supports the economic empowerment of the ummah in a sustainable manner.

Keywords


Blockchain, Islamic Finance, Decentralization, Islamic Finance, Maqashid Sharia

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References


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