Murabaha application for electronic commerce internet of things utilisation in Islamic fin-tech

Abstract

This paper suggests a proposed application for 'e-Murabaha' as an e-commerce method for Islamic banks. The researchers have used the qualitative, descriptive research methodology to review the topic. So this study was analysed through comparative analysing system. Proposed Murabaha application were used to compare the validity of Islamic Murabaha application and to forecast some suitable model. This system provides an effective technical mechanism for the execution of the Murabaha contract process, allowing for the purchase of goods online from the commercial sites of the Islamic bank, in a manner which corresponds with the Islamic faith. Traditional Murabaha in Islamic banks will be converted into digital steps that include the client review the available item in the bank's website with all details (price, components, etc.) and digitally client can execute the contract using the smart contracts. The system consists of two parties (the bank and the client), interacting with necessary steps and rules abiding by sharia. The systems utilise the internet of things as well as the advance technologies adopted in e-commerce specially payment methods and smart contracts.