Transformative Trends: Exploring the Nexus of Innovation, Technology, Blockchain, and Islamic Social Finance for Global Sustainability

Authors : Abdus Salam Muharam, Damar Osman

Pages : 107-119

Doi:10.38009/ekimad.1511062

View : 72 | Download : 107

Publication Date : 2024-08-24

Article Type : Research Paper

Abstract :Global sustainability is a growing concern, with the Islamic finance system playing a pivotal role in this process. The integration of blockchain technology, a technology that enhances transparency, efficiency, and security, is being explored in the context of Islamic social finance. The study, which combines literature review, case study, and industry expert interviews, highlights the potential of blockchain to revolutionize zakat management, waqf, and sadaqa processes, contributing to global sustainability by promoting fair transactions, wealth distribution, and socioeconomic empowerment. The case study of iBantu\'s collaboration with the Hidayatullah organization in Indonesia exemplifies the practical application of blockchain in digital philanthropy. The study emphasizes the importance of user-friendly, scalable, and interoperable blockchain solutions for widespread adoption and sustainability. The findings offer valuable insights for policymakers, businesses, and practitioners, suggesting strategic interventions to foster sustainable innovation. By integrating blockchain technology into regulatory frameworks and operations, Islamic social finance institutions can significantly contribute to achieving the Sustainable Development Goals while promoting environmental responsibility and socioeconomic development.
Keywords : Innovation, Technology, Blockchain, Islamic Social Finance, Sustainability

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