Islamic Finance in the Digital Age

Edited by Syed Nazim Ali, Director, Research Division, College of Islamic Studies, Hamad Bin Khalifa University, Doha, Qatar and Zul Hakim Jumat, Islamic Wealth Specialist, Community Financial Services - Islamic Wealth Management, Maybank Singapore Ltd, Singapore

‘This book addresses a wide range of emerging topics in a fast-changing financial landscape and provides intellectual discourse from Islamic economics and finance perspectives. Given the diversity of topics addressed, I find this book as one of the pioneering efforts to tackle complex issues highlighting the potential of the role and contribution of principles of Islamic finance to the emerging FinTech industry. I congratulate the editors and the contributing authors for making a valuable contribution to Islamic finance literature.’

• ContentsPreface xviAcknowledgements xviii1 Islamic finance in the age of digital transformation: anintroduction 1Syed Nazim Ali and Zul Hakim JumatPART I ISLAMIC FINANCE IN THE DIGITAL AGE:THEORETICAL AND CONCEPTUAL FOUNDATIONS2 Al-iqtisad al-wasati: a finance vision for the ummah 9Mohamed Aslam Haneef and Riasat Amin Imon3 Scarcity or abundance: why having so much means toolittle—Islamic economics and the search for its methodology 36Wahabalbari Amir Ahmed4 Monetary policy and inequality: conceptual frameworkand preliminary evidence 53Sajid Amin Javed and Aqsa Naveed5 The theory of money: an analysis of cryptocurrency ina faith-based finance paradigm 73Samir Alamad6 Cryptoassets as property (maal): Islamic legal and ethicalfoundations and evaluative framework 102Habib Ahmed7 Do regulatory sandboxes help achieve the goals (maqasid)of al-Shariah better? Case of the Islamic fintech sector 125Mohammed ObaidullahPART II EMERGING FINANCIAL TECHNOLOGIESAND SHARIAH COMPLIANCE8 Islamic cryptoassets: model structure, operationalmechanisms, and Shariah review 133Mohd Ma’Sum Billah9 Crypto staking from the Shariah perspective 149Farukh Habib and Ahmed Jawa10 Financial applications of artificial intelligence: Shariahissues and maqasid considerations 164Abdulazeem Abozaid11 Non-fungible tokens (NFTs) from fiqh and maqasid perspectives 189Gapur Oziev and Abdulazeem Abozaid12 How Islamic are the services offered by Islamic P2Pfinancing fintech companies? An observation from Indonesia 208Miranti Kartika Dewi, Wasilah, Evony Silvino Violita, andSri NurhayatiPART III EMERGING FINANCIAL TOOLS ANDAPPLICATIONS: ISLAMIC FINANCESOLUTIONS AND OPPORTUNITIES13 An empirical evaluation of blockchain technology:challenges and opportunities for Islamic cryptoassets 224Asif Zaman, Mushtaq Hussain Khan, and Zheyi Zhu14 Central bank digital currencies, Internet of Things, andblockchain: prospects and challenges for Islamic finance 249Khalid Ahmed Al-Ansari and Ahmet Faruk Aysan15 Decentralized Islamic finance: blockchain as a cure for themurabaha syndrome 281Youcef Maouchi16 Islamic finance in the metaverse: meta-financeframeworks for supporting the growth ofShariah-compliant finance options in the metaspace 300Klemens Katterbauer, Hassan Syed, Laurent Cleenewerck,and Sema Yilmaz Genc17 A critical appraisal of the Sovereign Green Islamic Bond:case study in Indonesia 314Nisful Laila, Raditya Sukmana, Dwi Irianti Hadiningdyah,Dian Agustia, and Indah Rahmawati18 Digitalization of the Islamic social economy: newparadigms for maximizing social welfare 344Hatim El-Tahir19 Digital Islamic social finance in Indonesia: anintergenerational analysis 360Rahmatina Awaliah Kasri and Meis Winih Sosianti20 Gig and platform economy: the next big opportunity formutuals and takaful in India? 385Umar Farooq Patel, Shariq Nisar, and C.R. ChavanIndex 404