The Shariah Framework for Smart Contracts, an Original Analytical Study
Document Type
Conference Item
Publication Date
1-1-2023
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.
Keywords
Smart contracts, Blockchain, Islamic jurisprudence, Shariah framework
Divisions
AcademyofIslamicStudies
Volume
487
Publisher
SPRINGER INTERNATIONAL PUBLISHING AG
Publisher Location
GEWERBESTRASSE 11, CHAM, CH-6330, SWITZERLAND
Event Title
Sustainable Finance, Digitalization and the Role of Technology, ICBT 2021
Event Location
Istanbul, Turkey
Event Dates
6-7 November 2021
Event Type
conference
Additional Information
International Conference on Business and Technology (ICBT), Istanbul, TURKEY, NOV 06-07, 2021