{"id":4005,"date":"2024-06-26T02:40:20","date_gmt":"2024-06-26T02:40:20","guid":{"rendered":"https:\/\/www.ukm.my\/jcil\/?page_id=4005"},"modified":"2024-08-19T03:59:02","modified_gmt":"2024-08-19T03:59:02","slug":"jcil-2024-91-article-2","status":"publish","type":"page","link":"https:\/\/www.ukm.my\/jcil\/jcil-2024-91-article-2\/","title":{"rendered":"JCIL 2024 9(1) Article 2"},"content":{"rendered":"

[et_pb_section fb_built=”1″ fullwidth=”on” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_section][et_pb_section fb_built=”1″ specialty=”on” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_blurb title=”2024 9(1)” _builder_version=”4.24.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

JUNE 2024<\/p>\n

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Non-Fungible Tokens (NFTs) in Islamic Perspective: Challenges and Way Forward<\/span><\/span><\/span><\/b><\/span><\/span>
<\/span><\/strong>
<\/span><\/strong><\/h3>\n

[\/et_pb_text][et_pb_text admin_label=”Penulis” _builder_version=”4.24.3″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

Azlin Alisa Ahmad<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/em>\u200b<\/span>, <\/span><\/strong>azlinalisa@ukm.edu.my<\/span><\/span><\/span><\/span><\/span><\/span><\/em>
<\/strong>Research<\/span> Centre<\/span> for<\/span> Sharia<\/span>, <\/span>Faculty<\/span> of<\/span> Islamic <\/span>Studies<\/span>, Universiti Kebangsaan Malaysia<\/p>\n

Nadiatul Athirah Mohd Sobri<\/strong>
Research Centre for Sharia, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia
<\/span><\/span><\/span>Received: April 29, 2024 | Revised: June 14, 2024 | Accepted: June 21, 2024 | Published: June 30, 2024<\/p>\n

[\/et_pb_text][et_pb_text admin_label=”Volume & PDF” _builder_version=”4.24.3″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

2024, Vol. 9(1), pp. 8-15. \u00a0| \u00a0<\/span>PDF<\/a><\/p>\n

[\/et_pb_text][et_pb_tabs admin_label=”Abstract & References” _builder_version=”4.24.3″ _module_preset=”default” body_text_align=”justify” global_colors_info=”{}”][et_pb_tab title=”Abstract” _builder_version=”4.24.3″ _module_preset=”default” body_text_align=”justify” global_colors_info=”{}”]<\/p>\n

Non-fungible tokens (NFTs) have recently <\/span>emerged<\/span> as a novel application of blockchain technology in digital asset transactions. However, the integration of NFTs into Islamic finance <\/span>remains<\/span> limited due to several unresolved Shariah issues. This qualitative study employs content analysis to review past studies on NFTs from a Shariah perspective. The primary focus areas include the compliance of NFT transactions with the pillars of sale (bay’), the classification of NFTs as wealth (mal) in Islamic law, the use of cryptocurrency in NFT transactions, and the copyright protection of NFTs as digital assets. The key challenges <\/span>identified<\/span> encompass the lack of clear Shariah parameters governing NFT mechanisms, differences in scholarly opinions, the prevalence of ambiguity and uncertainty in NFT valuation and ownership, the high carbon footprint associated with NFT platforms, and inadequate legal protection for users. To <\/span>facilitate<\/span> greater adoption of NFTs in Islamic finance, this paper recommends the formulation of comprehensive Shariah parameters and guidelines, enhancement of transparency in royalty distribution, <\/span>utilization<\/span> of energy-efficient platforms, and the establishment of <\/span>appropriate governance<\/span> frameworks. Mainstreaming a Shariah-compliant NFT ecosystem has the potential to drive innovation in Islamic fintech and the broader digital economy.<\/span> <\/span><\/p>\n

KEYWORDS
\u200bNon-fungible token; Islamic finance; Shariah compliance; <\/span>f<\/span>intech<\/span><\/span>\u00a0<\/span><\/span><\/span>\u00a0<\/span><\/p>\n

[\/et_pb_tab][et_pb_tab title=”References” _builder_version=”4.24.3″ _module_preset=”default” body_text_align=”justify” global_colors_info=”{}”]<\/p>\n

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    JUNE 2024Non-Fungible Tokens (NFTs) in Islamic Perspective: Challenges and Way ForwardAzlin Alisa Ahmad\u200b\u200b, azlinalisa@ukm.edu.myResearch Centre for Sharia, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia Nadiatul Athirah Mohd SobriResearch Centre for Sharia, Faculty of Islamic Studies, Universiti Kebangsaan MalaysiaReceived: April 29, 2024 | Revised: June 14, 2024 | Accepted: June 21, 2024 | Published: June 30, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-4005","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/pages\/4005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/comments?post=4005"}],"version-history":[{"count":5,"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/pages\/4005\/revisions"}],"predecessor-version":[{"id":4207,"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/pages\/4005\/revisions\/4207"}],"wp:attachment":[{"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/media?parent=4005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}