Islamic finance and blockchain systems

Today, rapidly advancing technology has become the focal point of life in every field. Technology has a great support in increasing the number of users of Islamic finance and increasing the market share of participation banking, where Islamic financial instruments find the most usage area, day by day. There is a need for a field research to draw a general framework on how the blockchain, which has been used in different sectors, which we have been hearing frequently in the technological sense recently, will have an impact on the field of Islamic finance. In the study, first of all, the functioning of the blockchain technology was mentioned and the areas of use in the field of Islamic finance and its suitability were mentioned. In the research, the direct interview method, one of the qualitative research techniques, was used and the questions prepared as a result of previous literature reviews and interviews with sector representatives were directed to the branch managers of 6 participation banks operating in Turkey in different provinces. A total of 14 interviews were recorded, some of which were audio-recorded and some of them in written form. As a result of the evaluations made, it can be said that the product variety of participation banks is increasing day by day, and they are partially using up-to-date technology (artificial intelligence, Big Data) and are working on adapting them even more. Although it is stated by some executives that blockchain technology can be used with various reservations, considering the evaluations of people in managerial positions in the participation banking sector, and that it can be integrated with the subject of crypto money, provided that it adheres to the necessary principles in terms of compliance with Islamic law, it can be said that the industry stays away from the subject. In addition, it can also be stated that participation banks stay away from blockchain and crypto money fields due to the lack of legal basis and the distance from the state authorities. However, considering that both the concepts of blockchain technology and crypto money come to the fore in terms of transparency and reliability, it has been evaluated that participation banks should deal with these concepts more closely in today's world where many sectors are transforming, otherwise, they may face unforeseen threats at a point that cannot keep up with the transformation. can be said as a result.