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Hazik Mohamed and Hassnian Ali Blockchain, Fintech, and Islamic Finance Hazik Mohamed and Hassnian Ali Blockchain, Fintech, and Islamic Finance Hazik Mohamed and Hassnian Ali Blockchain, Fintech, and Islamic Finance Building the Future in the New Islamic Digital Economy ISBN 978-1-5474-1712-4 e-ISBN (PDF) 978-1-5474-0096-6 e-ISBN (EPUB) 978-1-5474-0098-0 Library of Congress Control Number: 2018962039 Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available on the Internet at http://dnb.dnb.de. © 2019 Hazik Mohamed and Hassnian Ali Published by Walter de Gruyter Inc., Boston/Berlin Printing and binding: CPI books GmbH, Leck Typesetting: MacPS, LLC, Carmel www.degruyter.com Advance Praise for Blockchain, Fintech, and Islamic Finance The authors are to be congratulated for this book. It is an important pio- neering effort. The work is on the frontier of knowledge in the new area of Fintech. As is well known, the financial sector is suffering from low levels of trust in a trust-intensive industry. Islamic finance too is facing a low-trust environment that has denied it the use of the strongest of its characteristics: risk-sharing. As a result, it has resorted to debt-based financing. Blockchain/ smart contracts provide potentially powerful tools to address the low-trust challenge. The authors have done a great service to Islamic and conventional finance by producing a book that should be read by anyone interested in finance and economics. ̶̶Prof. Dr. Abbas Mirakhor, Holder of the First Chair of Islamic Finance at INCEIF; retired Dean of the Executive Board of the International Monetary Fund (IMF), Washington D.C. This is an important contribution by the authors to two emerging fields— Islamic finance and FinTech. In this respect, it touches two frontiers as this research could pave the way for the development of both fields. FinTech offers great potential for reaping the benefits of Islamic finance and this book provides an excellent overview of the issues and applications. I am confident that researchers, policy-makers, and practitioners would benefit from this important work. ̶̶Dr. Zamir Iqbal, VP Finance and Chief Financial Officer (CFO) of Islamic Development Bank (IsDB), Jeddah; former Head of World Bank Global Islamic Finance Development Center, Istanbul. In this digital era, new technology has proven to bring agility, scalability, innovation, and efficiency in operations and means of doing our work. This book argues, persuasively, that the Fintech and Blockchain applications are not only the channels of fusing technology with Islamic finance; it also lays the foundation for new Islamic digital economy, while keeping in view the Maqasid Al-Shariah. This book is a first-of-its-kind contribution to the litera- ture on constructing the Islamic digital economy. ̶̶Dr. Hussain Mohi-ud-Din Qadri, Patron, International Centre of Research in Islamic Economics (ICRIE) Minhaj University, Lahore. DOI 10.1515/9781547400966-202 vi Advance Praise for Blockchain, Fintech, and Islamic Finance While the growth of fintech firms has already become a game changer in the conventional financial sector, its application in Islamic economy is still in an incipient stage. The authors of this pioneering work deserve appreciation to not only offer a historical perspective on these exciting developments but also suggest ways to building Islamic digital economy with the use of these tools, especially distributed ledger technology. I would recommend this book to all those who are interested in building a trusted, just and efficient Islamic digital economy. ̶̶Zahid ur Rehman Khokher, Assistant Secretary General of the Islamic Financial Services Board (IFSB), Kuala Lumpur. The authors hit the mark; blockchain needs to become part and parcel of economics, finance and policy across Muslim-majority countries. It is crit- ical for the leadership to understand what blockchain is and its potential application. Islamic economies need to carefully consider the adoption and the potential institutionalization of blockchain across various facets of their economics. The authors lay the groundwork in this book, and it is a must- read for the broad audience whose desire is to focus on a next generation technology, its adoption and implications. ̶̶Omar Rana, Director of Strategy and Finance at Finalytix, Toronto, and former Chief Investment Officer for a US$500M private family office in the GCC. Dr Hazik Mohamed: I dedicate this book to my daughters, Aliya and Nadrahuda. And to all their cousins, young and old—Syazwan Hanif, Mohamed Hasif, Abdul Hadi, Haris, Abdul Rahman and Abdul Rahim. This book contains the shifting trends of the world that you’re growing up in. Prepare your contributions for the world to come … and the Hereafter that awaits. Hassnian Ali: First, to the most devoted and conscientious person in my life, no one else, my late father Ghulam Hussain. About De|G PRESS Five Stars as a Rule De|G PRESS, the startup born out of one of the world’s most venerable publishers, De Gruyter, promises to bring you an unbiased, valuable, and meticulously edited work on important topics in the fields of business, information technology, com- puting, engineering, and mathematics. By selecting the finest authors to present, without bias, information necessary for their chosen topic for professionals, in the depth you would hope for, we wish to satisfy your needs and earn our five-star ranking. In keeping with these principles, the books you read from De|G PRESS will be practical, efficient and, if we have done our job right, yield many returns on their price. We invite businesses to order our books in bulk in print or electronic form as a best solution to meeting the learning needs of your organization, or parts of your organization, in a most cost-effective manner. There is no better way to learn about a subject in depth than from a book that is efficient, clear, well organized, and information rich. A great book can provide life-changing knowledge. We hope that with De|G PRESS books you will find that to be the case. DOI 10.1515/9781547400966-204 Acknowledgments All praises to Allah, the All-Compassionate, the Most Merciful, without Whom nothing is possible. Blessings upon our beloved prophet Muhammad and upon his family and companions. We acknowledge the advice and recommendation extended by Professor Abbas Mirakhor and Nick Wallwork in regards to the manuscript. We also want to express our appreciation to Jeffrey Pepper and his team for their responsive actions in making this book a reality within the seemingly impossible schedule that we had proposed. Hassnian would like to express his profound gratitude to his mother, Muniran Bibi, and his late father. Their forbearance, guidance and support has been exceptional, and he would not be who he is today without them. Hassnian also acknowledges his dear sister, Rakhshinda Parveen, his elder brother, Arfan Ali, and especially his twin brother, Muhammad Saqlain, who understands and encourages him to achieve great things. Dr Hazik recognizes his family for being the heart of inspirational support, especially his wife, Anisa Hassan; his siblings, their spouses and his in-laws for their generosity and prayers; and his beloved parents (deceased) who laid the foundation of belief, endeavor, fairness and justice. DOI 10.1515/9781547400966-205 Foreword If you have yet to delve into the world of blockchain and fintech and how they are connected to Islamic finance recently, this book is the most comprehensive and practical book ever written on the topic. It looks deep inside the working protocols of both blockchain and fintech. Interestingly, this book covers all the relevant and interconnected topics, making it a must-read book on the subject of blockchain and fintech. When I was asked to write a few words reflecting on my thoughts about this book that was sent to me, I immediately felt the vibrancy of this book, even by merely looking at the table of contents. The content coverage and selected issues and sub-topics reflect well the intensity of the authors’ knowledge and exposure, as well as their intuition. As everyone has been looking for a master key for this most timely knowledge, I am confident this book will prove to be useful and timely. It may surprise you to know that this book’s algorithm fits perfectly well with the issues presented in it. This makes this book special, as everything and any- thing mentioned in this book is essentially framed by cutting-edge knowledge of blockchain, fintech and, to a considerable extent, the digital economy. This is not an easy task to accomplish, unless the authors are exceptionally articulate in explaining these concepts. They have proven themselves to be masters in this field of knowledge and practice. This book is equally informative with regard to Islamic finance, covering aspects of the Islamic capital markets, Islamic investment, retail banking, takaful, trade financing and sukuk. I would like to believe that this is the most striking contribution of this book toward the further development of Islamic finance via smart technology. It appears to me that Islamic finance has no other option but to embrace this up-and-coming way of doing banking, insurance, investment and fundraising. If Islamic finance does not choose to be agile and scalable, as well as innovative, Islamic finance is obviously destined to face constraints and obsoles- cence, due to stiff competition on many fronts. As the saying goes, life is not the art of avoiding, but is the art of adapting and improving. The era of digitalization and platform has finally arrived. Nevertheless, this brings less benefits and credence to Islamic finance if Islamic finance refuses to embark on further refinement, enhancement and perfection via blockchain and fintech.
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