Purpose

This paper aims to explore issues arising from ṣukūk (Islamic bonds) on blockchain, including Sharīʾah (Islamic law) and legal matters.

Design/methodology/approach

A qualitative methodology is used in conducting this research where relevant literature on ṣukūk was reviewed. Through a doctrinal approach, the paper presents analyses on the practice of ṣukūk and ṣukūk on blockchain by discussing its legal, Sharīʾah and regulatory issues. This culminates in a conceptual analysis of blockchain ṣukūk and its peculiar challenges.

Findings

This paper reveals that digitizing ṣukūk issuance through blockchain remedies certain inefficiencies associated with ṣukūk transactions. Indeed, structuring ṣukūk on a blockchain platform can increase transparency of underlying ṣukūk assets and cash flows in addition to reducing costs and the number of intermediaries in ṣukūk transactions. The paper likewise brings to light legal, regulatory, Sharīʾah and cyber risks associated with ṣukūk on blockchain that confront investors, practitioners and regulators. This calls for deeper collaboration in research among Sharīʾah scholars, lawyers, regulators and information technology experts.

Research limitations/implications

As a pioneering subject, the paper notes the prospects of blockchain ṣukūk and the current dearth of literature on it. The paper would assist relevant Islamic capital market entities and authorities to determine the potential and impact of blockchain ṣukūk in their respective businesses and the financial system.

Practical implications

Blockchain ṣukūk will assist in addressing issues inherent in classical ṣukūk and in paving the way to innovative solutions that will facilitate and enhance the quality of ṣukūk transactions. For that, ṣukūk would require appropriate regulatory technology to address its governance and regulation peculiarities.

Originality/value

Integrating ṣukūk with blockchain technology will add value to it. The paper advances the idea that blockchain ṣukūk revolutionises ṣukūk and enhances its practice against known inadequacies.

中文翻译：

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Ṣukūk 关于区块链：法律、监管和伊斯兰教法审查

目的

本文旨在探讨区块链上由ṣukūk（伊斯兰债券）引起的问题，包括 Sharīʾah（伊斯兰法律）和法律问题。

设计/方法/方法

进行这项研究时使用了定性方法，其中审查了有关ṣukūk 的相关文献。本文通过教义方法，通过讨论区块链的法律、沙利和监管问题，分析了ṣukūk和ṣukūk在区块链上的实践。这最终导致了对区块链ṣukūk及其特殊挑战的概念分析。

发现

本文揭示了通过区块链将ṣukūk发行数字化可以弥补与ṣukūk交易相关的某些低效率。事实上，在区块链平台上构建ṣukūk可以提高基础ṣukūk资产和现金流的透明度，此外还可以降低ṣukūk交易中的成本和中介数量。该论文还揭示了投资者、从业者和监管机构面临的与区块链上的ṣukūk相关的法律、监管、Sharīʾah 和网络风险。这需要在 Sharīʾah 学者、律师、监管机构和信息技术专家之间进行更深入的研究合作。

研究限制/影响

作为一个开创性的主题，该论文指出了区块链ṣukūk的前景以及目前相关文献的匮乏。该文件将协助相关伊斯兰资本市场实体和当局确定区块链ṣukūk在各自业务和金融体系中的潜力和影响。

实际影响

Blockchain ṣukūk将协助解决经典ṣukūk固有的问题，并为创新解决方案铺平道路，以促进和提高ṣukūk交易的质量。为此，ṣukūk将需要适当的监管技术来解决其治理和监管的特殊性。

原创性/价值

将ṣukūk与区块链技术集成将为其增加价值。该论文提出了区块链ṣukūk革命ṣukūk并增强其针对已知缺陷的实践的想法。