The shariah framework for smart contracts, an original analytical study

Saleh, Abdulmajid Obaid Hasan and Alaa Saleh Halawani, Alaa Saleh Halawani and Mohammad Abdelhamid Salem Qatawneh, Mohammad Abdelhamid Salem Qatawneh (2023) The shariah framework for smart contracts, an original analytical study. In: International Conference on Business and Technology (ICBT 2021), 6-7 November 2021, Istanbul.

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Abstract

A smart contract is a contract that brings together two or more parties that can be programmed electronically and then execute its terms automatically, once certain events or specific conditions are met and it depends on blockchain technology. This paper intends to elucidate this contract at the practical level, and then explains the legal frameworks from Islamic Perspective, by mentioning examples of legal contracts named in Islamic jurisprudence and shows similarities along with an analysis of the jurisprudential problems. The research concluded that there are jurisprudential contracts that are consistent with smart contracts, even in some parts through which the framework of the contract can be constructed from the jurisprudential point of view. The research used the descriptive and analytical method. The researchers concluded that a smart contract can be used in Islamic business framework as long as it meets the requisite legal elements as required under the Shariah principles.

Item Type:	Proceeding Paper (Other)
Uncontrolled Keywords:	Smart contracts Blockchain Islamic jurisprudence Shariah framework
Subjects:	BPH Islamic Economics BPK Islamic law. Shari'ah. Fiqh > BPK36 Islamic law (General)
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Dr Abdulmajid Obaid Hasan Saleh
Date Deposited:	19 Jul 2022 10:09
Last Modified:	10 Jan 2024 08:50
URI:	http://irep.iium.edu.my/id/eprint/98817

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