Islamic Fintech for international trade finance with the application of wakalah smart contract

Islamic Fintech is the most recent innovation in the advancement of Islamic Financial industry, the current evolution of Fintech markets in the world has proved to be the game changer in the banking and financial markets. International trade finance is one of the most important areas infiltrated by...

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Main Author:	Adam Sa'ad, Auwal
Format:	Conference or Workshop Item
Language:	English English
Published:	2018
Subjects:	HG3368 Islamic Banking and Finance
Online Access:	http://irep.iium.edu.my/71722/ http://irep.iium.edu.my/71722/1/71722_Islamic%20Fintech%20for%20international%20trade%20-%20slides.pdf http://irep.iium.edu.my/71722/2/71722_Islamic%20Fintech%20for%20international%20trade%20-%20letter.pdf

id	iium-71722
recordtype	eprints
spelling	iium-717222019-11-26T04:55:10Z http://irep.iium.edu.my/71722/ Islamic Fintech for international trade finance with the application of wakalah smart contract Adam Sa'ad, Auwal HG3368 Islamic Banking and Finance Islamic Fintech is the most recent innovation in the advancement of Islamic Financial industry, the current evolution of Fintech markets in the world has proved to be the game changer in the banking and financial markets. International trade finance is one of the most important areas infiltrated by the Islamic Banking and finance institutions. However, the Islamic letter of credit initiated by many Islamic Banks were based on various Shari’ah principles that allow the bank benefiting from the transactions as agents or share in the business with the client as a joint venture business relationship. The emergence of Islamic Fintech has been a drastic progression in the Islamic banking and financial sector, the Islamic fintech becomes one of the most important mechanisms in the Islamic Financial industry to develop the International trade finance. Islamic Fintech helps in cost reduction, digitalization and automation and provides alternative financing options. This paper discusses the International trade finance and introduces wakalah model to be implemented through the newly innovated wakalah smart contract. The new model aimed at facilitating the international trade transactions with the use of innovative financial technology for international trade finance. This will help the Entrepreneurs, SME’s and the International Business players and the Islamic Financial Institutions in overcoming various challenges confronted by the International trade finance today. The newly wakalah smart contract will help execute the transactions in a fastest way than the conventional wakalah contract do, the paper discusses the Shari’ah issues related to the new Fintech enhancement in the Islamic financial sector. 2018 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/71722/1/71722_Islamic%20Fintech%20for%20international%20trade%20-%20slides.pdf application/pdf en http://irep.iium.edu.my/71722/2/71722_Islamic%20Fintech%20for%20international%20trade%20-%20letter.pdf Adam Sa'ad, Auwal (2018) Islamic Fintech for international trade finance with the application of wakalah smart contract. In: 4th Islamic Finance Conference on Blockchain, Smart Contracts and Islamic Financing (IFC 2018), 5th December 2018, Jeddah Saudi Arabia. (Unpublished)
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HG3368 Islamic Banking and Finance
spellingShingle	HG3368 Islamic Banking and Finance Adam Sa'ad, Auwal Islamic Fintech for international trade finance with the application of wakalah smart contract
description	Islamic Fintech is the most recent innovation in the advancement of Islamic Financial industry, the current evolution of Fintech markets in the world has proved to be the game changer in the banking and financial markets. International trade finance is one of the most important areas infiltrated by the Islamic Banking and finance institutions. However, the Islamic letter of credit initiated by many Islamic Banks were based on various Shari’ah principles that allow the bank benefiting from the transactions as agents or share in the business with the client as a joint venture business relationship. The emergence of Islamic Fintech has been a drastic progression in the Islamic banking and financial sector, the Islamic fintech becomes one of the most important mechanisms in the Islamic Financial industry to develop the International trade finance. Islamic Fintech helps in cost reduction, digitalization and automation and provides alternative financing options. This paper discusses the International trade finance and introduces wakalah model to be implemented through the newly innovated wakalah smart contract. The new model aimed at facilitating the international trade transactions with the use of innovative financial technology for international trade finance. This will help the Entrepreneurs, SME’s and the International Business players and the Islamic Financial Institutions in overcoming various challenges confronted by the International trade finance today. The newly wakalah smart contract will help execute the transactions in a fastest way than the conventional wakalah contract do, the paper discusses the Shari’ah issues related to the new Fintech enhancement in the Islamic financial sector.
format	Conference or Workshop Item
author	Adam Sa'ad, Auwal
author_facet	Adam Sa'ad, Auwal
author_sort	Adam Sa'ad, Auwal
title	Islamic Fintech for international trade finance with the application of wakalah smart contract
title_short	Islamic Fintech for international trade finance with the application of wakalah smart contract
title_full	Islamic Fintech for international trade finance with the application of wakalah smart contract
title_fullStr	Islamic Fintech for international trade finance with the application of wakalah smart contract
title_full_unstemmed	Islamic Fintech for international trade finance with the application of wakalah smart contract
title_sort	islamic fintech for international trade finance with the application of wakalah smart contract
publishDate	2018
url	http://irep.iium.edu.my/71722/ http://irep.iium.edu.my/71722/1/71722_Islamic%20Fintech%20for%20international%20trade%20-%20slides.pdf http://irep.iium.edu.my/71722/2/71722_Islamic%20Fintech%20for%20international%20trade%20-%20letter.pdf
first_indexed	2023-09-18T21:41:42Z
last_indexed	2023-09-18T21:41:42Z
_version_	1777413183462440960

Islamic Fintech for international trade finance with the application of wakalah smart contract

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