The Role of Blockchain in Achieving the Maqasid of Preserving Wealth

Abstract

Blockchain technology has emerged as a transformative innovation with the potential to address contemporary challenges in various sectors, including finance. This study explores the role of blockchain in achieving the Maqasid al-Shari'ah (Objectives of Islamic Law), particularly in preserving wealth. The research investigates the application of blockchain in waqf (Islamic endowment) management, highlighting its potential to enhance transparency, efficiency, and accountability. By employing a descriptive and analytical methodology, this paper examines the advantages and disadvantages of blockchain technology and its alignment with Islamic principles. The findings suggest that blockchain can revolutionize waqf management by providing a decentralized, secure, and transparent platform for fund collection and distribution. However, challenges such as high energy consumption and integration costs must be addressed to fully realize its potential. This study contributes to the growing body of literature on blockchain technology and its application in Islamic finance.