Axes of transformation towards Blockchain technology in Islamic financial institutions

Abstract

This research paper aims to study the axes of the transition towards blockchain technology, how to apply it in Islamic financial institutions, obstacles of actual implementations and the proposed solutions. Islamic financial institutions must keep pace with technological developments, especially with regard to strategic changes, development of work mechanism, performance efficiency, accuracy of operations performance, service speed with cost and security of operations, and the impact of this on the competitiveness of Islamic financial institutions with international and traditional financial institutions, and the impact of all of this on the success and effectiveness of financial institutions. The role of blockchain technology in developing the performance of financial institutions and the huge change in the way of work that has emerged is the importance and severity of the need for technology, especially during the pandemic, for an effective transformation towards blockchain technology considering cases studies is very important to manage the change through the following three main axes: Technology: how to choose the right technology and the right technology partner. Procedures: The development of procedures has a major and effective role in improving and controlling all operations in general, achieving the best productivity, reducing waste of time and money, and controlling better workflow and costs and removing obstacles. Employees: One of the most important factors affecting the application of modern technologies and the success of development and change is the mechanism of work in financial institutions. Keywords: Islamic, Financial, Blockchain, institutions, Transformation.