Putri, Uni Tsulasi and Mentari, Nikmah (2020) The Legal Perspective of Blockchain’s Potential Use for Sharia Banking Institutions in Indonesia. [Artikel Dosen]
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Abstract
In nowadays era, sharia banking shall face many challenges. Sharia banking shall be able to create innovation and disruption to avoid being eroded by current development. Blockchain is one of the technology disruptions. It may be applicable within the sharia finance industry, including sharia banking, outside its use related to the sale and purchase of the crypto asset. This research discusses how to use blockchain technology for the development of sharia banking, as well as the opportunity and challenges in applying blockchain for sharia banking in Indonesia. It is normative legal research using the descriptive-qualitative data analysis method. This research's secondary data consists of primary legal and secondary legal sources. The former are laws and regulations related to blockchain and sharia banking. The latter are books, academic writings, journals and other primary-source-explanatory documents. The results of this research show that the sharia finance industry, especially banking, can utilize the blockchain such as by using its smart contract for the collection of zakat, improvement of waqf utility, and effective and efficient halal supply chain. Blockchain has opportunities as there have been Financial Supervisory Authority and Bank Indonesia Regulation concerning blockchain in certain area. FSA and BI regulation concerning blockchain in certain area, support of blockchain development manifested in Sharia Economic Masterplan, demographic bonus in Indonesia, the use of smart contract, the use of blockchain for supporting halal supply chain, zakat collection, waqf utility, as well as the security guarantee in minimalizing fraud risk. Among others, the challenges blockchain shall face are, the policy and regulations of blockchain are still limited to only in some sectors such as payment and equity crowdfunding, there is no fatwa from MUI (Indonesian Ulema Board) regarding the use of blockchain for sharia economic activities, and the complexity of blockchain.
| Item Type: | Artikel Dosen |
|---|---|
| Keyword: | Blockchain; Smart Contract; Islamic Bank. |
| Subjects: | K Law > K Law (General) |
| Divisi / Prodi: | Faculty of Law (Fakultas Hukum) > S1-Law Science (S1-Hukum) |
| Depositing User: | Uni Tsulasi Putri |
| Date Deposited: | 03 Mar 2023 03:45 |
| Last Modified: | 03 Mar 2023 03:45 |
| URI: | http://eprints.uad.ac.id/id/eprint/40449 |
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