Published in

Innovative Strategies for Implementing FinTech in Banking, p. 67-82, 2021

DOI: 10.4018/978-1-7998-3257-7.ch004

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FinTech-Based Islamic Social Financing Products

Book chapter published in 2021 by Abu Umar Faruq Ahmad ORCID, Farrukh Habib ORCID
This paper was not found in any repository, but could be made available legally by the author.
This paper was not found in any repository, but could be made available legally by the author.

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Abstract

Although the blockchain is still at its infancy stage, experts have already regarded its impact and effect as the beginning of a new technological revolution, particularly relevant to the financial services sector. There are various institutions offered by Shari`ah, like zakah, waqf, sadaqah, and qard hasan, which exist and are already established, not only in the Islamic juristic literature but also in the Muslim world. However, the role of such institutions has been marginalized due to various factors; hence, they fail to create a big impact at macro level. This chapter will critically analyse the role of fintech in rejuvenating the Islamic social financing products with the main focus on blockchain and smart contracts. It will explore the application and usage of blockchain and smart contracts in the context of zakah, waqf, and qard hasan. It will also serve the purpose of a comprehensive and crucial reference-point for the role of fintech, blockchain and smart contracts vis-à-vis Islamic social financing products.