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All Journal Signifikan : Jurnal Ilmu Ekonomi JEJAK Falah : Jurnal Ekonomi Syariah Shirkah: Journal of Economics and Business JIFTECH: Journal Of Islamic Financial Technology Ekonomikalia Journal of Economics
Majid, M. Shabri Abd
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Economics, Econometrics & Finance Energy Environmental Science

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Journal : JIFTECH: Journal Of Islamic Financial Technology

 1 
Tokenization of Dinar and Dirham: Potential and Implications in the Islamic Digital Financial System Hutagalung, Muhammad Wandisyah R; Majid, M. Shabri Abd; Harahap, Isnaini
Journal of Islamic Financial Technology Vol 3, No 1 (2024): JIFTECH : Journal Of Islamic Financial Technology
Publisher : UIN Syekh Ali Hasan Ahmad Addary Padangsidimpuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24952/jiftech.v3i1.12353

Abstract

In the era of digitalization, the Islamic community faces challenges in integrating modern technology with Shariah principles in financial transactions. This study explores the potential and implications of tokenizing Dinar and Dirham within the Islamic digital financial system. Dinar and Dirham, currencies made of precious metals, can be tokenized using blockchain technology, enabling faster, more secure, and transparent transactions. Tokenization offers benefits such as transparency, security, efficiency, and financial inclusion, which are crucial in Islamic financial principles. However, the main challenges include regulation, Shariah compliance, technological infrastructure, and public awareness and education. Case studies from Dubai and Saudi Arabia demonstrate efforts and successes in asset tokenization. This study concludes that tokenization of Dinar and Dirham has significant potential to address the challenges of digitalization in Islamic finance, but requires collaboration among governments, financial institutions, and communities. Further research is needed to understand the long-term impact and practical application of tokenization in the Islamic financial system. 
Co-Authors Adnan, Muhammad Ichsan Akhyar, Chairil Ansari, Rizal Eddy Gunawan, Eddy Faisal Faisal Fathin Azzahra Ghazali Syamni Hafasnuddin, Hafasnuddin Hardi, Irsan Heru Fahlevi, Heru Hutagalung, Muhammad Wandisyah R Idroes, Ghalieb Mutig Idroes, Rinadi Isnaini Harahap Kusumo, Fitranto Marzuki Marzuki Sabrina Sabrina Sofyan Syahnur