Application of Blockchain in Islamic Finance Landscape

Nafis Alam, Lokesh Gupta and Abdolhossein Zameni
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Lokesh Gupta: RM Applications
Abdolhossein Zameni: University of Reading Malaysia

Chapter Chapter 5 in Fintech and Islamic Finance, 2019, pp 81-98 from Springer

Abstract: Abstract Blockchain and cryptocurrency are making inroads in the financial sector including Islamic finance. Islamic financial institutions are jumping into the bandwagon although in the early stage of catching up digitalization wave to offer efficiency, convenient and better experience to the customers. Financial institutions working on blockchain enable them to reduce the transactions cost, but also create new products and services that can generate new revenue streams. In Islamic finance, blockchain can be applied for smart contracts, payment and remittance as well as streamlining the business processes. This chapter explores the application of blockchain in different financial services offerings of Islamic finance such as payment and remittance.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-24666-2_5

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DOI: 10.1007/978-3-030-24666-2_5

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