Development of Smart-Tawarruq Platform: Issues and Challenges
摘要
This study investigates the potential of integrating blockchain technology into Islamic fintech, particularly in the development of Shariah-compliant crypto-assets. Despite the promise of blockchain in enhancing transparency and security, challenges persist regarding the compliance of digital currencies with Shariah law, especially in relation to issues such as gharar, riba, and the legal status of cryptocurrencies. The research explores the use of smart contracts and artificial intelligence in creating efficient and secure Tawarruq platforms. During the development of a smart Tawarruq contract using Solidity and Web3.py, the author encountered several technical limitations, particularly in deploying the contract due to frequent errors in the output. These challenges underscore the complexities of coding and deploying Shariah-compliant blockchain applications. Despite successfully creating a Solidity contract, issues with integration and deployment remain, particularly with managing blockchain transactions and smart contract functionality. The study emphasizes the need for further exploration into overcoming these technical barriers and ensuring the reliability and compliance of blockchain solutions in Islamic finance. Future work will focus on refining the deployment process, addressing errors, and enhancing the efficiency of the smart Tawarruq platform, ultimately contributing to the development of Shariah-compliant financial technologies in the digital era.