Challenges Facing the Implementation of Blockchain Technology in Libyan Islamic Banks

A Field Study of Islamic Banks in Benghazi

Abstract

This study aimed to identify the challenges that might hinder the implementation of blockchain technology in Libyan Islamic banks. The study employed a descriptive-analytical methodology. The sample consisted of Libyan Islamic banks operating in Benghazi: The Islamic Finance Bank, the Islamic Guarantee Bank, and Al-Yaqeen Bank. The study concluded that there are infrastructure challenges facing the implementation of blockchain technology, in addition to regulatory, legislative, and accounting challenges. The study recommended that Islamic banks work on developing the necessary infrastructure, urge legislative bodies to issue laws and regulations governing the technology's implementation, and work on implementing unified accounting systems and standards that facilitate blockchain technology. It also recommended training employees, accountants, and auditors on using blockchain technology, as well as researching the Sharia and jurisprudential aspects related to the technology's application.