Proceedings of the 4th Borobudur International Symposium on Science and Technology 2022 (BIS-STE 2022)

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Forecasting the Adapted-Meta Technology on Shariah Compliant Mortgage

Authors
Fauzan Muhammadi1, *, Nor Fahimah Binti Mohd Razif2, Rahimin Affandi1, Abdul Rahim2
1Faculty of Law, Universitas Ahmad Dahlan, Yogyakarta, Indonesia
2Academy of Islamic Studies, University of Malaya, Kuala Lumpur, Malaysia
*Corresponding author. Email: fauzan.muhammadi@law.uad.ac.id
Corresponding Author
Fauzan Muhammadi
Available Online 9 November 2023.
DOI
10.2991/978-94-6463-284-2_32How to use a DOI?
Keywords
Metaverse; Shariah Compliant; Mortgage; Cryptocurrencies; NFTs
Abstract

Currently our life has stormed by fast development of meta-technology that could transform physical being into digital verse. This fact has affected many issues, one of which is mortgage activities. The problem is that we tend to follow debating issues on its several controversies and not trying to foretell on what side it could be a shariah compliant. The study aims to forecast meta-mortgage activities in accordance with Islamic Shariah. This article uses qualitative study which employs secondary data. Those data analyzed through desk activities and it narrated descriptively in consecutive logical structure. There are two issues that have been discussed by Islamic scholars on Islamic mortgage, both are utilization of cryptocurrency and the Non-Fungible Tokens (NFTs). The based issue on cryptocurrency is its volatility and the issue behind NFTs is its legal ownership that frequently has been violated. The adaptation of metaverse on mortgage activity will not occur when both mentioned-issues are not legally cleared. Thus, the possible image of the adaptation is likely in the far future, it depends on how far the legal regulation (laws and fatwas) will answer the shariah compliant on meta-mortgage.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 4th Borobudur International Symposium on Science and Technology 2022 (BIS-STE 2022)
Series
Advances in Engineering Research
Publication Date
9 November 2023
ISBN
10.2991/978-94-6463-284-2_32
ISSN
2352-5401
DOI
10.2991/978-94-6463-284-2_32How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Fauzan Muhammadi
AU  - Nor Fahimah Binti Mohd Razif
AU  - Rahimin Affandi
AU  - Abdul Rahim
PY  - 2023
DA  - 2023/11/09
TI  - Forecasting the Adapted-Meta Technology on Shariah Compliant Mortgage
BT  - Proceedings of the 4th Borobudur International Symposium on Science and Technology 2022 (BIS-STE 2022)
PB  - Atlantis Press
SP  - 274
EP  - 280
SN  - 2352-5401
UR  - https://doi.org/10.2991/978-94-6463-284-2_32
DO  - 10.2991/978-94-6463-284-2_32
ID  - Muhammadi2023
ER  -