Navigating the Future of Islamic Monetary Policy: A Smart Sukuk Framework for Value-Based Capital Allocation

Authors

  • Fathmah Hanum Universitas Islam Negeri Sunan Ampel Surabaya
  • Sirajul Arifin

DOI:

https://doi.org/10.32493/eaj.v9i3.y2026.p217-228

Keywords:

smart sukuk, Value-Based Allocation, Islamic Monetary Policy, Blockchain

Abstract

The conventional monetary policy framework faces persistent challenges in ensuring that liquidity reaches the productive real sector efficiently and equitably. This study introduces a conceptual framework for Smart Sukuk, blockchain-enabled Islamic monetary instruments that operationalize Value-Based Allocation (VBA) through automated, transparent, and Shariah-compliant capital distribution mechanisms. Employing a qualitative Systematic Literature Review (SLR) methodology and content analysis, this research synthesizes emerging developments in distributed ledger technology (DLT), Islamic monetary policy, and digital sukuk to propose an integrated architecture for central bank operations. The framework demonstrates that Smart Sukuk can substantially reduce transactional friction, enable real-time compliance monitoring, and expand financial inclusion for SMEs and underserved sectors. The findings contribute to the theoretical discourse on Islamic fintech governance and provide actionable policy recommendations for central banks, particularly Bank Indonesia, seeking to develop regulatory sandboxes for blockchain-based monetary instruments. This paper concludes that Smart Sukuk represent not merely a digitalization effort, but a paradigmatic shift toward values-driven monetary policy aligned with maqasid al-Shariah.

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Additional Files

Published

2026-09-30

Issue

Vol. 9 No. 3 (2026): EAJ (Economics and Accounting Journal)

Section

Articles

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Copyright (c) 2026 Fathmah Hanum, Sirajul Arifin

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