Presenting a Smart Sukuk model for Islamic microfinance Institutions in Bangladesh: towards achieving SDGs

Muhammad, Niaz Makhdum and Kassim, Salina and Mahadi, Nur Farhah (2024) Presenting a Smart Sukuk model for Islamic microfinance Institutions in Bangladesh: towards achieving SDGs. EkBis: Jurnal Ekonomi dan Bisnis, 8 (2). pp. 176-189. ISSN 2549-4988 E-ISSN 2550-1267

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Abstract

The Islamic bonds and debts, according to Islamic Shariah, are referred to as Sukuk, which provides cheaper and interest-free funding options for businesses and lower-risk bonds for individual investors. This study aims to present a novel fintech-based (Smart) SRI Sukuk model that can be useful for Islamic microfinance institutions (IMFIs) of Bangladesh in managing the source of funds. This study adopted a systematic literature review approach to assess the benefits of using Smart SRI Sukuk for IMFIs. In addition, 15 experts on Islamic finance were interviewed to determine the best possible ways to integrate technology into the SRI Sukuk model. The outcomes of this study have confirmed the effectiveness of using a blockchain and smart contract-based SRI Sukuk for managing the source funds of Islamic microfinance institutions in Bangladesh. The Smart SRI Sukuk can be immensely beneficial for IMFIs that always find it difficult to arrange the source funds and manage those in an efficient manner. On the other hand, there is a lack of law and regulatory support that might create problems while implanting a blockchain-based Islamic crowdfunding system in Bangladesh. Future researchers and experts in Islamic finance will also find the ideas presented in this research helpful

Item Type:	Article (Journal)
Uncontrolled Keywords:	Islamic Microfinance; Sukuk; SRI; Smart Contracts; Bangladesh
Subjects:	BPH Islamic Economics BPH Islamic Economics > BPH437 Sukuk - Islamic Bond
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Dr Nur Farhah Mahadi
Date Deposited:	07 Feb 2025 17:29
Last Modified:	07 Feb 2025 17:29
URI:	http://irep.iium.edu.my/id/eprint/119341

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