Smart Contracts and Comparative Law

2021 ◽  
Author(s):  
Andrea Stazi
Keyword(s):  
Comparative Law ◽  
Smart Contracts

Part III Innovation and Trade-Finance Challengers, 15 Islamic Trade Law and the Smart Contract Revolution

2021 ◽  
Author(s):  
Ercanbrack Jonathan
Keyword(s):  
Islamic Law ◽  
Comparative Law ◽  
Islamic Finance ◽  
Smart Contracts ◽  
Commercial Law ◽  
Trade Finance ◽  
Trade Law ◽  
Islamic Tradition ◽  
History Of ◽  
Basic Calculus

The history of Islam is inextricably connected to a celebrated history of trade and commerce which distinguishes it amongst monotheistic faiths. The modern incarnation of Islamic trade finance, however, bears only rudimentary similarity to the trade practices of old. Modern Islamic trade finance is devised to replicate conventional trade practices so that the barter-like immediacy of the Islamic contract of sale has been replaced with promissory attributes (wa’d). Yet Islamic law (sharia) has shown itself to be fully capable of adapting to modern trade practices so long as its major principles remain intact. The introduction of blockchain and smart contracts for Islamic trade finance does not change this basic calculus and yet these technologies promise to revolutionise Islamic trade practices in a way that compels the industry to operate in closer keeping with its commercial principles. Paradoxically, these technologies require substantive changes in the way in which Islamic trade finance is practiced, helping the industry to overcome its attachment to legal artifice (hiyal). Using comparative law methodology, this chapter briefly examines a short history of trade and commerce in the Islamic tradition, followed by the development of modern Islamic finance. It addresses the principles of Islamic commercial law as the basis for understanding the murabaha contract for trade finance, followed by an analysis of the legal and sharia-related issues that English courts have dealt with in the practice of Islamic trade finance. Finally, the chapter considers the transformative capacity of blockchain and smart contracts for Islamic trade finance, highlighting prominent legal and sharia-related issues that compel the industry to transform its trade practices markedly.

Ist Blockchain eine Disruptive Technologie?: Welche Rolle spielen in Zukunft Smart Contracts?

2018 ◽  
Vol 23 (03) ◽  
pp. 69-69
Author(s):  
Gregor Hohenberg
Keyword(s):  
Smart Contracts

Die Digitalisierung ist mehr als ein technologischer Trend – sie verändert auch die Organisation im Krankenhaus. Daher ist dieses Thema zur Chefsache geworden. Schließlich geht es um die grundsätzlichen Geschäftsmodelle und daher um die Zukunftsfähigkeit der Einrichtung. Speziell die Blockchaintechnologie wirft grundsätzliche Fragen auf.

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