A study on the impact of blockchain technology on Islamic financial system: Challenges and opportunities
Mohammed Hassain T
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.
Mohammed Hassain T. A study on the impact of blockchain technology on Islamic financial system: Challenges and opportunities. Int J Res Finance Manage 2024;7(1):24-32. DOI: 10.33545/26175754.2024.v7.i1a.277