Blockchain sukuk regulation via regtech & shariahtech

The advent of Industrial revolution 4.0 has resulted in unprecedented use of financial technology (fintech) to facilitate, produce and/or deliver financial products. Fintech is used by technology start-ups and incumbent financial institutions in developing innovative financial products and services...

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Main Authors:	Adam Sa'ad, Auwal, Sherin, Kunhibava, Aishath, Muneeza, Ershadul, Kareem, Zakariyya, Mustapha
Format:	Conference or Workshop Item
Language:	English
Published:	2019
Subjects:	HG3368 Islamic Banking and Finance T Technology (General) T173.2 Technological change
Online Access:	http://irep.iium.edu.my/76697/ http://irep.iium.edu.my/76697/1/76696%20-%20Blockchain%20Sukuk%20Regulation%20via%20Regtech%20%26%20Shariahtech.pdf

id	iium-76697
recordtype	eprints
spelling	iium-766972019-12-06T09:19:52Z http://irep.iium.edu.my/76697/ Blockchain sukuk regulation via regtech & shariahtech Adam Sa'ad, Auwal Sherin, Kunhibava Aishath, Muneeza Ershadul, Kareem Zakariyya, Mustapha HG3368 Islamic Banking and Finance T Technology (General) T173.2 Technological change The advent of Industrial revolution 4.0 has resulted in unprecedented use of financial technology (fintech) to facilitate, produce and/or deliver financial products. Fintech is used by technology start-ups and incumbent financial institutions in developing innovative financial products and services while leveraging on such technologies as artificial intelligence (AI) and smart contracts on blockchain etc. A blockchain is a decentralized, distributed and digital ledger that records transactions in form of blocks across many computers such that the record cannot be altered retroactively, without change to all subsequent blocks. A smart contract is an automation protocol that encodes and apply business rules agreed by parties directly into the underlying transaction itself and the blockchain enforces the contract rules. The use of blockchain and smart contracts revolutionize the financial services industry and has made possible the transformation and emergence of sukuk (Islamic bond) in ICM. The ICM is a highly regulated market and the emergence of blockchain sukuk defies extant regulatory framework governing operations of classical sukuk. This brings to light the need for a suitable mechanism of regulation to address associated regulatory, legal and Shariah issues. Hence, the case for regtech and Shariah. While regtech is the use of technology to regulate and facilitate compliance with legal and regulatory requirements, Shariatech is a specially tailored regtech to ensure end-to-end Shariah compliance in sukuk operations. 2019 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/76697/1/76696%20-%20Blockchain%20Sukuk%20Regulation%20via%20Regtech%20%26%20Shariahtech.pdf Adam Sa'ad, Auwal and Sherin, Kunhibava and Aishath, Muneeza and Ershadul, Kareem and Zakariyya, Mustapha (2019) Blockchain sukuk regulation via regtech & shariahtech. In: IRTI-EFFAT-INCEIF THE 5th ISLAMIC FINANCE CONFERENCE (IFC) 2019�1st DECEMBER 2019 \| EFFAT UNIVERSITY, JEDDAH, KINGDOM OF SAUDI ARABIA, 1st december, 2019, Jeddah Saudi Arabia. (Unpublished)
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG3368 Islamic Banking and Finance T Technology (General) T173.2 Technological change
spellingShingle	HG3368 Islamic Banking and Finance T Technology (General) T173.2 Technological change Adam Sa'ad, Auwal Sherin, Kunhibava Aishath, Muneeza Ershadul, Kareem Zakariyya, Mustapha Blockchain sukuk regulation via regtech & shariahtech
description	The advent of Industrial revolution 4.0 has resulted in unprecedented use of financial technology (fintech) to facilitate, produce and/or deliver financial products. Fintech is used by technology start-ups and incumbent financial institutions in developing innovative financial products and services while leveraging on such technologies as artificial intelligence (AI) and smart contracts on blockchain etc. A blockchain is a decentralized, distributed and digital ledger that records transactions in form of blocks across many computers such that the record cannot be altered retroactively, without change to all subsequent blocks. A smart contract is an automation protocol that encodes and apply business rules agreed by parties directly into the underlying transaction itself and the blockchain enforces the contract rules. The use of blockchain and smart contracts revolutionize the financial services industry and has made possible the transformation and emergence of sukuk (Islamic bond) in ICM. The ICM is a highly regulated market and the emergence of blockchain sukuk defies extant regulatory framework governing operations of classical sukuk. This brings to light the need for a suitable mechanism of regulation to address associated regulatory, legal and Shariah issues. Hence, the case for regtech and Shariah. While regtech is the use of technology to regulate and facilitate compliance with legal and regulatory requirements, Shariatech is a specially tailored regtech to ensure end-to-end Shariah compliance in sukuk operations.
format	Conference or Workshop Item
author	Adam Sa'ad, Auwal Sherin, Kunhibava Aishath, Muneeza Ershadul, Kareem Zakariyya, Mustapha
author_facet	Adam Sa'ad, Auwal Sherin, Kunhibava Aishath, Muneeza Ershadul, Kareem Zakariyya, Mustapha
author_sort	Adam Sa'ad, Auwal
title	Blockchain sukuk regulation via regtech & shariahtech
title_short	Blockchain sukuk regulation via regtech & shariahtech
title_full	Blockchain sukuk regulation via regtech & shariahtech
title_fullStr	Blockchain sukuk regulation via regtech & shariahtech
title_full_unstemmed	Blockchain sukuk regulation via regtech & shariahtech
title_sort	blockchain sukuk regulation via regtech & shariahtech
publishDate	2019
url	http://irep.iium.edu.my/76697/ http://irep.iium.edu.my/76697/1/76696%20-%20Blockchain%20Sukuk%20Regulation%20via%20Regtech%20%26%20Shariahtech.pdf
first_indexed	2023-09-18T21:48:19Z
last_indexed	2023-09-18T21:48:19Z
_version_	1777413599347605504

Blockchain sukuk regulation via regtech & shariahtech

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