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Sukuk on blockchain: a legal, regulatory and Shari'ah review

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dc.contributor.authorSherin Kunhibava
dc.contributor.authorZakariya Mustapha
dc.contributor.authorAuwal Adam Sa'ad
dc.contributor.authorMohammad Ershadul Karim
dc.contributor.authorAishath Muneeza
dc.date.accessioned2021-02-24T02:34:14Z
dc.date.available2021-02-24T02:34:14Z
dc.date.issued2021
dc.description.abstractThis paper aims to explore issues arising from sukuk (Islamic bonds) on blockchain, including Shari'ah (Islamic law) and legal matters. A qualitative methodology is used in conducting this research where relevant literature on sukuk was reviewed. Through a doctrinal approach, the paper presents analyses on the practice of sukuk and sukuk on blockchain by discussing its legal, Shari'ah and regulatory issues. This culminates in a conceptual analysis of blockchain sukuk and its peculiar challenges. This paper reveals that digitizing sukuk issuance through blockchain remedies certain inefficiencies associated with sukuk transactions. Indeed, structuring sukuk on a blockchain platform can increase transparency of underlying sukuk assets and cash flows in addition to reducing costs and the number of intermediaries in sukuk transactions. The paper likewise brings to light legal, regulatory, Shari'ah and cyber risks associated with sukuk on blockchain that confront investors, practitioners and regulators. This calls for deeper collaboration in research among Shari'ah scholars, lawyers, regulators and information technology experts. As a pioneering subject, the paper notes the prospects of blockchain sukuk and the current dearth of literature on it. The paper would assist relevant Islamic capital market entities and authorities to determine the potential and impact of blockchain sukuk in their respective businesses and the financial system.en_US
dc.identifier.citationKunhibava, S., Mustapha, Z., Muneeza, A., Sa'ad, A. A., & Karim, M. E. (2021). Sukuk on blockchain: a legal, regulatory and Shari'ah review. ISRA International Journal of Islamic Finance, 13(1), 118-135. http://dx.doi.org/10.1108/IJIF-06-2020-0120en_US
dc.identifier.doihttp://dx.doi.org/10.1108/IJIF-06-2020-0120
dc.identifier.issn0128-1976
dc.identifier.urihttps://ikr.inceif.edu.my/handle/INCEIF/3352
dc.languageEnglish
dc.language.isoengen_US
dc.publisherEmerald Publishing Limiteden_US
dc.rights2020. Emerald Publishing Limited
dc.sourceSEDONA
dc.subjectBlockchainen_US
dc.subjectBlockchain technologyen_US
dc.subjectLegal issuesen_US
dc.subjectRegtechen_US
dc.subjectRegulatory issuesen_US
dc.subjectShari'ahen_US
dc.subjectSukuken_US
dc.titleSukuk on blockchain: a legal, regulatory and Shari'ah review
dc.typeJournal Articleen_US
dlc.maintopicIslamic financeen_US
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicIslamic financeen_US
relation.isAuthorOfPublication81014255-5cb8-46bc-ad81-bf6d8a3a0702
relation.isAuthorOfPublication81014255-5cb8-46bc-ad81-bf6d8a3a0702
relation.isAuthorOfPublication81014255-5cb8-46bc-ad81-bf6d8a3a0702
relation.isAuthorOfPublication.latestForDiscovery81014255-5cb8-46bc-ad81-bf6d8a3a0702
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