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Is Ethereum compatible in Islamic finance?

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Is Ethereum compatible in Islamic finance?

Duration: 00:22:00

Speaker: Wan Hafizi Wan Halim, Mohd Daud Bakar

Type: Talk

Expertise: Beginner

Event: Devcon 4

Date: Oct 2018

Islamic finance works in a specific framework and guideline laid out by Shariah, which in brief is a divine law of Islam. Since the emergence of Bitcoin to the lime light becoming the buzz word of almost everyone a few years ago, much have been said and debated in the Islamic finance community whether or not it is permissible to deal with, whether it is halal etc. Blockchain has evolved a lot since then, with Ethereum now becoming the leading platform for the smart contract development. However, due to the complexity of the blockchain and cryptography concept, and also perhaps negative perception towards Bitcoin which previously was commonly associated with the excessive speculation activity in the market, there has not been much attempt by the Islamic finance community to tackle this subject in a serious manner. The Muslim community at large is still shrouded by ambiguity and uncertainty on the topic, and therefore one of the cause for the lack of participation and contribution by the Islamic finance community in the development of blockchain and smart contract application thus far. This presentation attempts to provide some insights and clarifications on the subject.
About the speakers


Mohd Daud Bakar

Executive Chairman

Dr. Bakar is the Chairman of the Amanie Group and was previously the Deputy Vice-Chancellor at the International Islamic University Malaysia. He is currently the Chairman of the Shariah Advisory Council at the Central Bank of Malaysia, the Securities Commission of Malaysia and the Shariah Supervisory Board of The International Islamic Liquidity Management Corporation (IILM). Dr Bakar has published a number of articles in various academic journals and made many presentations in various conferences around the globe. Dr. Mohd Daud Bakar is a Shariah board member of the Dow Jones Islamic Market Index (New York), Muzn Islamic Banking (The National Bank of Oman), BNP Paribas (Bahrain), Morgan Stanley (Dubai), Bank of London and Middle East (London), amongst other financial institutions. EducationPh.D., University of St. Andrews, ScotlandBachelor of Shariah (Fiqh wa Usuluhu), Kuwait University, KuwaitBachelor of Jurisprudence (external), University of Malaya, Malaysia


Wan Hafizi Wan Halim


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