Implementation of Smart Contracts in Sharia Finance: Maslahah Mursalah's Perspective

The development of digital technology in today's era and brilliant contracts in blockchain technology offer new opportunities, including in the Islamic finance sector. However, using smart contracts also poses several legal challenges that need to be overcome, including the presence or absence of transparency, maysir, gharar, and riba. This new technology needs to be studied more deeply in Sharia finance because it must meet Sharia principles. This study aims to analyze the implementation of smart contracts from the perspective of maslahah mursalah, namely from the principle of benefits that are not explicitly mentioned in the Nash but are still by the sharia maqasid. In Islamic Law, this technology must fulfill the principle of justice, avoiding elements of gharar, maysir, and usury. The research method used is qualitative with a literature study approach. The data collection technique uses Secondary data collection techniques. The study results show that the application of smart contracts in Sharia contracts, such as murabahah and mudarabah, supports the goals of Sharia maqasid purposes, especially in terms of property protection, justice, and public benefit. The implementation of smart contracts has excellent potential to increase security, efficiency, and transparency in the Islamic financial sector and fulfill the principles of the agreement; namely, the object transacted in the smart contract is a halal object. However, regulation, infrastructure, and Sharia compliance challenges require essential attention. Therefore, special rules are needed to ensure that the application of this technology is in line with Sharia principles.

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Publication Details

Journal
Journal of Mujaddid Nusantara.
Published
2024-12-31
DOI
https://doi.org/10.62568/jomn.v1i4.198
Citations
1
Primary Topic
Islamic Finance and Banking Studies
Type
article
Field-Weighted Citation Impact
0.95
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article

Implementation of Smart Contracts in Sharia Finance: Maslahah Mursalah's Perspective

Fadillah Mursid, Susi Nurkholidah, Andi Martina Kamaruddin, Swadia Gandhi Mahardika
1 citations
Journal of Mujaddid Nusantara.
Islamic Finance and Banking Studies
0.95
article

Implementation of Smart Contracts in Sharia Finance: Maslahah Mursalah's Perspective

Fadillah Mursid, Susi Nurkholidah, Andi Martina Kamaruddin, Swadia Gandhi Mahardika
article en
1 citations

Abstract

The development of digital technology in today's era and brilliant contracts in blockchain technology offer new opportunities, including in the Islamic finance sector. However, using smart contracts also poses several legal challenges that need to be overcome, including the presence or absence of transparency, maysir, gharar, and riba. This new technology needs to be studied more deeply in Sharia finance because it must meet Sharia principles. This study aims to analyze the implementation of smart contracts from the perspective of maslahah mursalah, namely from the principle of benefits that are not explicitly mentioned in the Nash but are still by the sharia maqasid. In Islamic Law, this technology must fulfill the principle of justice, avoiding elements of gharar, maysir, and usury. The research method used is qualitative with a literature study approach. The data collection technique uses Secondary data collection techniques. The study results show that the application of smart contracts in Sharia contracts, such as murabahah and mudarabah, supports the goals of Sharia maqasid purposes, especially in terms of property protection, justice, and public benefit. The implementation of smart contracts has excellent potential to increase security, efficiency, and transparency in the Islamic financial sector and fulfill the principles of the agreement; namely, the object transacted in the smart contract is a halal object. However, regulation, infrastructure, and Sharia compliance challenges require essential attention. Therefore, special rules are needed to ensure that the application of this technology is in line with Sharia principles.

Journal of Mujaddid Nusantara.Vol. 1(4)
Universitas Islam Negeri Raden Intan Lampung (ID), Universitas Islam Negeri Raden Fatah Palembang (ID), Mulawarman University (ID)
Openalex Percentile: Top 17%
Islamic Finance and Banking Studies
0.95
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Implementation of Smart Contracts in Sharia Finance: Maslahah Mursalah's Perspective — Fadillah Mursid, Susi Nurkholidah, et al. · Journal of Mujaddid Nusantara. (2024) | TGRS Research Map | TGRS