Contents Preface xvi Acknowledgements xviii 1 Islamic finance in the age of digital transformation: an introduction 1 Syed Nazim Ali and Zul Hakim Jumat PART I ISLAMIC FINANCE IN THE DIGITAL AGE: THEORETICAL AND CONCEPTUAL FOUNDATIONS 2 Al-iqtisad al-wasati: a finance vision for the ummah 9 Mohamed Aslam Haneef and Riasat Amin Imon 3 Scarcity or abundance: why having so much means too little—Islamic economics and the search for its methodology 36 Wahabalbari Amir Ahmed 4 Monetary policy and inequality: conceptual framework and preliminary evidence 53 Sajid Amin Javed and Aqsa Naveed 5 The theory of money: an analysis of cryptocurrency in a faith-based finance paradigm 73 Samir Alamad 6 Cryptoassets as property (maal): Islamic legal and ethical foundations and evaluative framework 102 Habib Ahmed 7 Do regulatory sandboxes help achieve the goals (maqasid) of al-Shariah better? Case of the Islamic fintech sector 125 Mohammed Obaidullah PART II EMERGING FINANCIAL TECHNOLOGIES AND SHARIAH COMPLIANCE 8 Islamic cryptoassets: model structure, operational mechanisms, and Shariah review 133 Mohd Ma’Sum Billah 9 Crypto staking from the Shariah perspective 149 Farukh Habib and Ahmed Jawa 10 Financial applications of artificial intelligence: Shariah issues and maqasid considerations 164 Abdulazeem Abozaid 11 Non-fungible tokens (NFTs) from fiqh and maqasid perspectives 189 Gapur Oziev and Abdulazeem Abozaid 12 How Islamic are the services offered by Islamic P2P financing fintech companies? An observation from Indonesia 208 Miranti Kartika Dewi, Wasilah, Evony Silvino Violita, and Sri Nurhayati PART III EMERGING FINANCIAL TOOLS AND APPLICATIONS: ISLAMIC FINANCE SOLUTIONS AND OPPORTUNITIES 13 An empirical evaluation of blockchain technology: challenges and opportunities for Islamic cryptoassets 224 Asif Zaman, Mushtaq Hussain Khan, and Zheyi Zhu 14 Central bank digital currencies, Internet of Things, and blockchain: prospects and challenges for Islamic finance 249 Khalid Ahmed Al-Ansari and Ahmet Faruk Aysan 15 Decentralized Islamic finance: blockchain as a cure for the murabaha syndrome 281 Youcef Maouchi 16 Islamic finance in the metaverse: meta-finance frameworks for supporting the growth of Shariah-compliant finance options in the metaspace 300 Klemens Katterbauer, Hassan Syed, Laurent Cleenewerck, and Sema Yilmaz Genc 17 A critical appraisal of the Sovereign Green Islamic Bond: case study in Indonesia 314 Nisful Laila, Raditya Sukmana, Dwi Irianti Hadiningdyah, Dian Agustia, and Indah Rahmawati 18 Digitalization of the Islamic social economy: new paradigms for maximizing social welfare 344 Hatim El-Tahir 19 Digital Islamic social finance in Indonesia: an intergenerational analysis 360 Rahmatina Awaliah Kasri and Meis Winih Sosianti 20 Gig and platform economy: the next big opportunity for mutuals and takaful in India? 385 Umar Farooq Patel, Shariq Nisar, and C.R. Chavan Index 404