Tokenization of sukuk: Ethereum case study

Khan, Nida; Kchouri, Bilal; Yatoo, Nissar Ahmad; Kräussl, Zsófia; Patel, Anass; State, Radu

doi:10.1016/j.gfj.2020.100539

Cited by 36 publications

(28 citation statements)

References 15 publications

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“…Findings from the paper suggest the need for further empirical study on issues such as fast transaction, data sharing, wasted resources, scalability, and data protection. Khan et al (2020) also provides a taxonomy of blockchain applications in finance and Islamic finance, which is provided in the Appendix.…”

Section: Literature Reviewmentioning

confidence: 99%

“…We classify the literatures based on the following dimensions namely blockchain bond or sukuk structures (functionality), benefits and challenges (discussed in section 5), green bonds, credit rating and financial inclusion. Khan et al(2020), Hamza (2020, Mounira (2020) Chen and Wang (2020) provides an in-depth analysis of the current inefficiencies in the entire bond issuance value chain in Europe and proposes a potential blockchain solution using tokenization. Khan et al (2020) introduces a novel, exploratory analysis of sukuk tokenization based on a case study by implementing a basic smart contract for sukuk murabaha on Ethereum…”

Section: Literature Reviewmentioning

confidence: 99%

“…Khan et al(2020), Hamza (2020, Mounira (2020) Chen and Wang (2020) provides an in-depth analysis of the current inefficiencies in the entire bond issuance value chain in Europe and proposes a potential blockchain solution using tokenization. Khan et al (2020) introduces a novel, exploratory analysis of sukuk tokenization based on a case study by implementing a basic smart contract for sukuk murabaha on Ethereum…”

Section: Literature Reviewmentioning

confidence: 99%

“…Another main issues regarding blockchain usage is about how network operators will comply with national provisions on professional confidentiality and secrecy (Chen and Wang, 2020). Another issue is the legal enforceability of smart contracts (Khan et al, 2020;Mathias, 2018 ). Perhaps the challenges that are facing smart instruments and smart contracts in general are to find legislation that will regulate their work and adapt to the use of this technology in daily life (Hamza, 2020).…”

Section: Regulatory and Legalmentioning

confidence: 99%

“…In addition, there exist vulnerabilities in smart contracts where potential coding errors and any undetected errors have the potential to be exploited. Hence, more extensive security analysis is needed before issuance of sukuk to help conceptualize a framework for their secure deployment in the Islamic finance sector (Khan et al, 2020).…”

Section: Cyber Risksmentioning

confidence: 99%

See 4 more Smart Citations

Sukuk on Blockchain: Application, Advantages, and Challenges

Septiana¹,

Sanjayawati²

2021

Jihbiz

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This paper aims to identify key insights from the available literature review on blockchain in the sukuk market and provide a commentary of its prospects specifically in its application within the sukuk market advantages and challenges. The paper primarily applies a qualitative approach and literature review as a research method. The result showed that smart sukuk has the potential of becoming the future for sukuk issuances and may contribute to the spread of sukuk more widely, leading to the expansion of Islamic funding. The advantages of smart contracts could facilitate transactions in convenient way and hence would contribute to wellbeing of the ummah, thus achieving the maslaha. The use of smart contracts designed to protect against fraud is also consistent with maqasid al-Shariah (purposes of Shariah), which is the protection of al-mal (property).

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Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%