Standardization of Legal Documents and Sharia Rulings Is Achievable
S&P Global Ratings wrote in a report last June: “Although we think blockchain could help the operational management of sukuk, we believe it will not induce any changes in the legal substance of transactions.” Further: “This relies on a set of standardized legal documentation for sukuk structure. The issuer can just plug in its underlying assets & start building its investor book with a few clicks. The overall transaction is managed using blockchain, which helps improve transparency and traceability. This can also open the market to a new class of issuers that were until now excluded because of costs or complexity. More importantly, this shows standardization of legal documents and Sharia rulings is actually achievable. Additionally, security of transactions & resisting cyberattacks while remaining in compliance with existing regulations has proven to be a prominent source of risk & could be remedied using regulatory technology.”
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