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Application of Blockchain in Islamic Finance Landscape

In: Fintech and Islamic Finance

Author

Listed:
  • Nafis Alam

    (University of Reading Malaysia)

  • Lokesh Gupta

    (RM Applications)

  • Abdolhossein Zameni

    (University of Reading Malaysia)

Abstract

Blockchain and cryptocurrency are making inroads in the financial sector including Islamic finance. Islamic financial institutions are jumping into the bandwagon although in the early stage of catching up digitalization wave to offer efficiency, convenient and better experience to the customers. Financial institutions working on blockchain enable them to reduce the transactions cost, but also create new products and services that can generate new revenue streams. In Islamic finance, blockchain can be applied for smart contracts, payment and remittance as well as streamlining the business processes. This chapter explores the application of blockchain in different financial services offerings of Islamic finance such as payment and remittance.

Suggested Citation

  • Nafis Alam & Lokesh Gupta & Abdolhossein Zameni, 2019. "Application of Blockchain in Islamic Finance Landscape," Springer Books, in: Fintech and Islamic Finance, chapter 0, pages 81-98, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-24666-2_5
    DOI: 10.1007/978-3-030-24666-2_5
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