Yahya Abdullah Ahmed Qatran
Abstract:
This study investigated the possibility of applying blockchain technology to Islamic financial engineering products in Saudi Islamic banks, focusing on the case study of Al Rajhi Bank. It aimed to study and evaluate the feasibility and possibilities of applying Blockchain technology to Islamic financial engineering products in Saudi Islamic banks. It also sought to identify the challenges and potential benefits of this application, as it clarified what Blockchain technology is and its most important features, which include increasing transparency, security, and efficiency in conducting finance transactions. Islamic financial engineering and its various most important products based on blockchain technology were also reviewed. This study used a qualitative analytical approach by collecting data from relevant books, magazines, and studies and qualitatively analyzing the content of documents related to blockchain technology at Al Rajhi Bank. This study reached several results; The possibility of using Blockchain technology in developing and implementing Islamic financial engineering products in Saudi banks achieves transparency and security of transactions and reduces operational costs. Al Rajhi Bank achieved positive results when applying the initial basics of Blockchain technology in some of its Islamic products, such as financing. Real estate and international money transfers, reducing operational risks, fraud, human errors, and operational costs in the long term. The study also recommended establishing a specialized work team to develop and implement Blockchain applications in Islamic financial products, including experts in Islamic financial engineering, Blockchain technology, and banking systems, coordinating with regulatory and supervisory bodies to ensure legislative and Sharia compatibility, and conducting further research on the Sharia and regulatory aspects of Blockchain application in this field.
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