Integration of Blockchain Technology in Islamic Finance: Opportunities and Challenges Towards Transparency and Sharia Compliance

Irgi Farezy, Zaenafi Ariani, Nur Fitri Hidayanti, Nur Aini, Ahadiah Agustina, Ahmad Hulaimi

Abstract


Abstract: This study aims to examine the integration of blockchain technology in the Islamic financial system by highlighting the opportunities and challenges of its implementation in increasing transparency and compliance with Islamic principles. Using a library research approach with an integrative review method, this study synthesizes various scientific literature from 2015 to 2024 obtained through reputable academic databases such as Scopus, DOAJ, and Google Scholar. Thematic analysis was conducted to identify key patterns, key findings, and gaps in the literature. The results of the study indicate that blockchain has significant potential in strengthening operational efficiency, transaction transparency, and accountability of Islamic financial institutions. However, the main challenges include regulatory readiness, compliance with Islamic values, and limited technological literacy. With the right implementation strategy, continuous education, and regulatory support, blockchain can act as an innovative solution for a sustainable and trusted Islamic financial system. This study recommends further research on the design of smart contracts that comply with Islamic contracts and the role of regulators in developing a comprehensive Islamic blockchain ecosystem.

 

 


Keywords


Blockchain Technology, Islamic Finance, Opportunities, Challenges Towards Transparency, Sharia Compliance.

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References


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