Are Smart Contracts allowed in Islam? (The Digital Economy: Case Study 2 – Part 3/4)
Write your view in the comments below: “Allowed” or “Forbidden”. Then read till the end for the answer.
A Smart Contract is standardized and automatically executed and recorded when the predefined input parameters have been successfully met. For example, if the required documents and payment have been evidenced then the Smart Contract allows execution, for e.g. ID card to be issued to the user.
Smart contracts are recommended in Islam for their following characteristics:
1) Time efficient
2) Cost efficient
3) Higher accuracy
4) Less human intervention and possibility of corruption, now replaced by digital hacking that needs to be secured.
5) Elimination of unnecessary bureaucracy and intermediaries.
6) Lowers chances of corruption, nepotism, theft etc.
7) E-Governance and one window operations.
Therefore Smart Contracts are allowed and recommended in Islam.
Do you want to know more of what is allowed and what is forbidden ? How should the economy and finance on the whole be structured?
The book “Islamic Finance and Trade: God’s Economic System”, is the culmination of over 25 years of research, to present the answer to the above question. You are kindly invited to Read, Review and Recommend the book. It is available at https://a.co/d/f1jTXvP and on all Amazon sites.
