ABSTRACT

This paper aims to investigate the Sukuk industry and Distributed Ledger Technologies (DLTs) applications exploring their fundamentals and criticisms to shed light on potential opportunities both for Sukuk issuances and for the securitisation industry. DLTs are characterised by intense competition and potential future disruption in the banking and finance industry for both conventional and IF arena and Sukuk industry representing a leading sector. Using a case-study analysis on some pioneers’ Blockchain-based Smart Sukuk and tokenisation projects, we try to identify the potential streamlining of the inquiry and issuance process. This paper contributes to the literature on Sukuk and the use of DLTs matching the need demand and supply-side, highlighting new opportunities for the Islamic Finance (IF) standardisation, considering the different interpretation of Shariah between countries making up a barrier to its growth. Therefore, the ShariahTech industry's outgrowth might contribute to developing new instruments as ancillary or alternative to conventional bonds providing new policy implications for regulatory authorities and stimulating the global market competition.

摘要

本文旨在调查伊斯兰债券行业和分布式账本技术 (DLT) 应用，探索其基本面和批评，以揭示伊斯兰债券发行和证券化行业的潜在机会。DLT 的特点是银行和金融行业竞争激烈，未来可能对传统和 IF 领域以及代表领先行业的伊斯兰债券行业造成破坏。通过对一些先驱的基于区块链的智能伊斯兰债券和代币化项目的案例研究分析，我们试图确定查询和发行流程的潜在简化。本文为有关伊斯兰债券的文献以及匹配需求和供应方的 DLT 的使用做出贡献，突出了伊斯兰金融 (IF) 标准化的新机遇，考虑到国家之间对伊斯兰教法的不同解释构成了其增长的障碍。因此，伊斯兰教义科技行业的发展可能有助于开发新工具作为传统债券的辅助或替代品，为监管机构提供新的政策影响并刺激全球市场竞争。