Islamic Finance in the Digital Age

Edited by Syed Nazim Ali, Director, Research Division and Center for Islamic Economics and Finance, College of Islamic Studies, Hamad Bin Khalifa University, Qatar and Zul Hakim Jumat, Islamic Wealth Specialist, Community Financial Services - Islamic Wealth Management, Maybank Singapore Ltd, Singapore

Contents
Preface xvi
Acknowledgements xviii
1 Islamic finance in the age of digital transformation: an
introduction 1
Syed Nazim Ali and Zul Hakim Jumat
PART I ISLAMIC FINANCE IN THE DIGITAL AGE:
THEORETICAL AND CONCEPTUAL FOUNDATIONS
2 Al-iqtisad al-wasati: a finance vision for the ummah 9
Mohamed Aslam Haneef and Riasat Amin Imon
3 Scarcity or abundance: why having so much means too
little—Islamic economics and the search for its methodology 36
Wahabalbari Amir Ahmed
4 Monetary policy and inequality: conceptual framework
and preliminary evidence 53
Sajid Amin Javed and Aqsa Naveed
5 The theory of money: an analysis of cryptocurrency in
a faith-based finance paradigm 73
Samir Alamad
6 Cryptoassets as property (maal): Islamic legal and ethical
foundations and evaluative framework 102
Habib Ahmed
7 Do regulatory sandboxes help achieve the goals (maqasid)
of al-Shariah better? Case of the Islamic fintech sector 125
Mohammed Obaidullah
PART II EMERGING FINANCIAL TECHNOLOGIES
AND SHARIAH COMPLIANCE
8 Islamic cryptoassets: model structure, operational
mechanisms, and Shariah review 133
Mohd Ma’Sum Billah
9 Crypto staking from the Shariah perspective 149
Farukh Habib and Ahmed Jawa
10 Financial applications of artificial intelligence: Shariah
issues and maqasid considerations 164
Abdulazeem Abozaid
11 Non-fungible tokens (NFTs) from fiqh and maqasid perspectives 189
Gapur Oziev and Abdulazeem Abozaid
12 How Islamic are the services offered by Islamic P2P
financing fintech companies? An observation from Indonesia 208
Miranti Kartika Dewi, Wasilah, Evony Silvino Violita, and
Sri Nurhayati
PART III EMERGING FINANCIAL TOOLS AND
APPLICATIONS: ISLAMIC FINANCE
SOLUTIONS AND OPPORTUNITIES
13 An empirical evaluation of blockchain technology:
challenges and opportunities for Islamic cryptoassets 224
Asif Zaman, Mushtaq Hussain Khan, and Zheyi Zhu
14 Central bank digital currencies, Internet of Things, and
blockchain: prospects and challenges for Islamic finance 249
Khalid Ahmed Al-Ansari and Ahmet Faruk Aysan
15 Decentralized Islamic finance: blockchain as a cure for the
murabaha syndrome 281
Youcef Maouchi
16 Islamic finance in the metaverse: meta-finance
frameworks for supporting the growth of
Shariah-compliant finance options in the metaspace 300
Klemens Katterbauer, Hassan Syed, Laurent Cleenewerck,
and Sema Yilmaz Genc
17 A critical appraisal of the Sovereign Green Islamic Bond:
case study in Indonesia 314
Nisful Laila, Raditya Sukmana, Dwi Irianti Hadiningdyah,
Dian Agustia, and Indah Rahmawati
18 Digitalization of the Islamic social economy: new
paradigms for maximizing social welfare 344
Hatim El-Tahir
19 Digital Islamic social finance in Indonesia: an
intergenerational analysis 360
Rahmatina Awaliah Kasri and Meis Winih Sosianti
20 Gig and platform economy: the next big opportunity for
mutuals and takaful in India? 385
Umar Farooq Patel, Shariq Nisar, and C.R. Chavan
Index 404