Journal of Contemporary Islamic Law
No eISSN: 0127-788X2021 6(2)
15 DECEMBER 2021
Kelebihan dan Kekurangan Sukuk Blockchain: Satu Sorotan Literatur
The Advantages and Disadvantages of Blockchain Sukuk: A Literature Review
Nadhirah Sakinah Sidik, nadhirahsakinah3012@gmail.com
Postgraduate Student, Research Centre for Sharia, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.
Azlin Alisa Ahmad, azlinalisa@ukm.edu.my
Research Centre for Sharia, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.
Received: 14 September 2021 | Accepted: 30 November 2021 | Published: 15 December 2021
2021, Vol. 6(2), pp. 118-125. | PDF
Blockchain merupakan teknologi inovasi baru yang berpotensi menawarkan pelbagai manfaat kepada masyarakat kerana ia boleh diaplikasikan dalam pelbagai industri termasuklah industri kewangan. Kewujudan teknologi blockchain dilihat dapat menjadi satu pelengkap dalam pasaran modal Islam khususnya sukuk memandangkan amalan sukuk masih mempunyai isu seperti kemungkiran janji pembayaran, kekaburan risiko, proses penerbitan dan transaksi yang memakan masa yang lama dan kos yang tinggi. Oleh yang demikian, kajian ini merupakan kajian tinjauan awal untuk mengenalpasti kelebihan dan kekurangan yang terdapat dalam sukuk blockchain. Justeru, kajian ini dijalankan secara tinjauan dengan menggunakan kaedah kajian kualitatif yang berasaskan analisis kandungan. Hasil tinjauan awal kajian ini mendapati bahawa elemen-elemen seperti transparency, traceability, pantas, memudahkan, menjimatkan dan meluaskan pasaran sukuk yang terdapat dalam sukuk blockchain mampu menambaikkan lagi penstrukturan sukuk yang sedia ada dan mengatasi masalah-masalah yang terdapat dalam pasaran sukuk. Namun dalam masa yang sama terdapat juga cabaran dan risiko dalam sukuk blockchain seperti kekurangan dari sudut undang-undang, masalah teknikal dan penyesuaian masyarakat dalam mengaplikasikan sukuk blockchain. Walaubagaimanapun, dapatan kajian lepas mendapati kelebihan sukuk blockchain mengatasi kekurangan yang terdapat dalam sukuk blockchain dan mampu menyelesaikan masalah yang terdapat dalam sukuk semasa. Teknologi blockchain telah berjaya membuktikan kerberkesanannya dalam sistem wakaf dengan peningkatan tahap ketelusan operasi, mengurangkan kesilapan dan meningkatkan kualiti pengurusan sekaligus menjadikan lebih efisien. Oleh yang demikian, kajian ini mendapati kelebihan sukuk blockchain dapat menjamin keselamatan data sukuk daripada digodam oleh pihak lain, mencegah risiko kemungkiran bayaran, meningkatkan kualiti operasi penerbitan sukuk dari sudut transparency dan traceability sekaligus meningkatkan ekonomi negara menerusi daya tarikan pelaburan dalam sukuk blockchain. Manakala kekurangan sukuk blockchain merangkumi kesukaran pengawalan operasi sukuk blockchain agar selaras dengan prinsip Syariah kerana ketiadaan undang-undang yang khusus. Kesilapan perisian dalam sukuk blockchain juga boleh terjadi kerana ia masih dalam fasa permulaan dan memerlukan kepada suatu jangka masa bagi proses penyesuaian masyarakat terhadap sukuk blockchain. Kajian ini diharapkan dapat membuka ruang dan peluang untuk mengaplikasikan sukuk blockchain dan memberi manfaat dari sudut pengetahuan kepada semua golongan masyarakat khususnya kepada yang terlibat secara langsung dalam sukuk agar pasaran sukuk terus berkembang seiring dengan perkembangan semasa sekaligus menyumbang kepada kemajuan negara dan mematuhi prinsip syariat Islam.
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Kata kunci: sukuk, teknologi blockchain, kelebihan, kekurangan, ketelusan
Blockchain is a new innovative technology that offers various benefits to the society because it can be applied in various industries, including the financial industry. The existence of blockchain technology is seen to be a complement in the Islamic capital market especially sukuk as sukuk practices still have some issues such as sukuk default, risk ambiguity, time consuming of issuance and transaction processes and high costs. Therefore, this study is a preliminary survey study to identify the advantages and disadvantages found in sukuk blockchain. Thus, this study was conducted using a qualitative research method based on content analysis. Findings show that elements such as transparency, traceability, speed, simplification, saving and expanding the sukuk market found in sukuk blockchain enables to improve the structuring of existing sukuk and overcome the problems in the sukuk market. However, at the same time there are also challenges and risks in sukuk blockchain such as lack of legal point of view, technical problems and community adaptation in applying sukuk blockchain. The findings of previous studies found that the advantages of sukuk blockchain outweigh the disadvantages found in sukuk blockchain and able to solve the problems found in current sukuk. Blockchain technology has successfully proven its effectiveness in wakaf systems by increasing the level of operational transparency, reducing errors and improving the quality of management while making it more efficient. Therefore, this study found that the advantages of sukuk blockchain can ensure the security of sukuk data from being hacked by others, prevent the risk of payment default, improve the quality of sukuk issuance operations in terms of transparency and traceability also improving the national economy through investment attractiveness in sukuk blockchain. While the lack of sukuk blockchain includes the difficulty of regulating the operation of sukuk blockchain to be in line with Shariah principles due to the absence of specific laws. Software errors in sukuk blockchain can also occurs because it is still in its initial phase and requires a period of time for the community’s adaptation process to sukuk blockchain. This study hopes to open space and opportunities to apply sukuk blockchain and provide benefits in terms of knowledge in all levels of society, especially those directly involved in sukuk, so that the sukuk market continues to grow in line with current developments as well as contribute to the nation’s progress and comply with Shariah principles.
Keywords: sukuk, blockchain technology, avateges, disadvantages, transparency
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