الأفاق للدراسات الإقتصادية
Volume 10, Numéro 2, Pages 218-241
2026-01-31
Smart Sukuk Implementation In Indonesia: Assessing Blockchain Technology's Impact On Islamic Microfinance Accessibility And Efficiency
Authors : Labadi Hadjer . Hadjab Ikram .
Abstract
This research examines Indonesia's pioneering implementation of Smart Sukuk using a mixed-methods descriptive-analytical approach to evaluate this digital platform's effectiveness and impact. Our findings reveal that Indonesia's Smart Sukuk implementation represents a significant breakthrough in Islamic financial market democratization by eliminating financial intermediation, reducing transaction costs and accelerating funding processes from weeks to days. Most importantly, this innovation has enabled 234 small entrepreneurs—previously excluded from the financial market due to high minimum sukuk investments—to access Islamic capital funding, with investors achieving an annual return of 15.5%. The Blossom Finance platform's successful implementation of smart contracts in Sukuk issuance demonstrates a viable model for emerging markets seeking to develop inclusive Islamic financial ecosystems while maintaining Shariah compliance. This study contributes to the growing body of knowledge on fintech applications in Islamic finance by providing the first comprehensive analysis of an operational Smart Sukuk platform’s tangible economic impact on microfinance accessibility.
Keywords
Blockchain Technology ; Smart Contracts ; Smart Sukuk ; Islamic bonds ; Islamic Financial Market ; Indonesia
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