Strengthening the Islamic Banking Services Through Blockchain Technology: ANP- Stei Approach

Abstract

The purpose of the study is to explore the rank-wise contribution of blockchain technology with its four components, i.e. Security, Transparency, Efficiency and Immutability, along with ten nodes, i.e audit trial, real[1]time, traceability, reliable, peer-to-peer, cost, fast, time, permanent and decentralized in strengthening the Islamic Banking services in Pakistan. The Analytical Network Process (ANP) technique has been applied for data collection and expert opinion from Bankers, academia and blockchain technology Practitioners. The data was analyzed on Super Decision software. The study reveals that blockchain adoption in Pakistani Islamic Banking enhances financial services through its ten nodes' security, transparency, efficiency, and immutability. This technology effortlessly facilitates processes, enhances accessibility, and validates blockchain's pivotal role in Islamic banking product offerings