<![CDATA[The digitization of the Islamic capital market is entering a new phase with the advent of smart contracts self-executing programs that automatically enforce the terms of an agreement on a blockchain network without requiring human intervention once the conditions are met. This study aims to analyze the regulatory readiness for smart contract-based sukuk in Indonesia, compare it with regulatory readiness in the United Arab Emirates, this study employs a normative legal research method with a descriptive-comparative nature, utilizing three approaches simultaneously: the legislative approach, the comparative law approach, and the conceptual approach. The primary data sources used in this study are Indonesian regulations on sukuk and digital assets (POJK No. 18/POJK.04/2015, POJK No. 27/2024, and DSN-MUI Fatwa No. 117/2018), as well as the United Arab Emirates’ tokenization framework published by the Dubai Financial Services Authority (DFSA). This article finds that Indonesia's sukuk and digital asset regulations suffer from insufficient regulatory interoperability, whereas the UAE has developed a more advanced tokenization regulatory pathway, although it remains multi-jurisdictional in nature. Drawing on Jasser Auda's systemic approach to maqāṣid al-Sharīʿah, which encompasses cognitive nature, comprehensiveness, openness, hierarchy, multidimensionality, and goal-orientation, this article develops a Systemic Maqāṣid Regulatory Readiness Framework and identifies that Indonesia's core regulatory challenge lies in the interoperability gap among its sukuk, digital asset, electronic contract, and Sharī'ah governance regimes. It is hoped that this article can provide a more comprehensive picture of the future direction of Indonesia's Islamic capital market regulation, by learning from the UAE's regulatory experience without sacrificing the Islamic institutional capital that Indonesia has already established]]>
