Digital Smart Contracts: Legal and Shari'ah Issues

It gives me great pleasure to share the abstract of chapter 7, written by Ainul Azam bin Ahmad Khamal, in 'Islamic FinTech Insights and Solutions', edited by Edited by Mohd Ma'Sum Billah, available at https://doi.org/10.1007/978-3-030-45827-0_7 or from the book published by Islamic Economics Institute, King Abdulaziz University, Jeddah, Saudi Arabia, ISBN 978-3-030-45826-3


Abstract:

This chapter seeks to examine recent issues that pervade digital contracts also known as smart contracts. Discussions and analysis will be made to understand smart contracts, its key features and applicability in modern commerce as well as its application in Islamic finance. Examples and reference will be made to contemporary smart contract and its symbiosis with blockchain technology and how smart contract has revolutionized the traditional concept of contract. Finally, the author will juxtapose the key legal characteristics of smart contract against the cardinal principles of Islamic finance governing Islamic commerce and the relevant Malaysian legislations and discuss the issues surrounding them.

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