MEDAN — The accelerated digitalization of the global financial sector, which has brought forth innovations such as Central Bank Digital Currencies (CBDCs), blockchain technology, and financial technology (fintech), is fundamentally reshaping the world's monetary system architecture. This structural disruption not only impacts conventional interest-rate-based systems but also demands a comprehensive transformation of Islamic monetary policy frameworks within the Organization of Islamic Cooperation (OIC) countries. Responding to this phenomenon, Muslim Marpaung and Irma Suryani Lubis from Politeknik Negeri Medan conducted an in-depth study in 2026 to map how digital technology integration can maintain macroeconomic stability while fostering Islamic financial innovation.
The findings of this study are highly critical as Muslim nations currently face dual challenges: the necessity to adopt modern financial technologies and the absolute requirement to maintain sharia compliance by avoiding riba, gharar, and maysir. Utilizing a systematic literature review method based on the rigorous screening of dozens of globally reputable scientific articles, the two researchers successfully developed a comprehensive conceptual framework. This initiative allows policymakers to clearly observe the evolutionary trajectory of digital Islamic finance, which has often been studied in isolation.
The study reveals that the transmission mechanism of Islamic monetary policy has shifted from traditional channels based on real asset financing to hybrid transmission channels. The emergence of digital innovations like distributed ledger technology (DLT) or blockchain enables central banks to monitor and manage liquidity distribution in real-time. This mechanism automatically accelerates the flow of monetary policy directly to the real sector through highly efficient and transparent digital liquidity channels.
Although digitalization offers high efficiency, macroeconomic stability across OIC countries still encounters severe structural hurdles. A large portion of OIC member economies remain heavily dependent on the commodity sector, suffer from fragmented Islamic financial markets, and face a limited availability of liquid Islamic monetary instruments. These challenges grow even more complex for nations operating dual banking systems—both conventional and sharia—as central banks frequently struggle to synchronize monetary policies amidst global inflationary pressures.
Conversely, digital financial innovation has proven to possess immense potential in expanding financial inclusion and enhancing financial system transparency. The implementation of smart contracts and blockchain can optimize halal asset tracking, digital zakat distribution, and the issuance of low-cost digital sukuk. However, Muslim Marpaung and Irma Suryani Lubis warn of banking disintermediation risks within Islamic financial institutions if CBDC frameworks are designed without proper constraints. This risk arises if the public shifts their deposits from commercial Islamic banks into digital currencies issued directly by central banks.
The practical implications of this research point directly toward strategic recommendations for monetary authorities and financial industry players. Central banks in OIC countries are urged to immediately formulate sharia-compliant digital monetary policy frameworks, including conducting pilot projects for specific CBDC models that involve sharia supervisory boards and fintech providers. Furthermore, strengthening information technology governance, upgrading cybersecurity protocols, and investing in integrated digital infrastructure are absolute prerequisites to ensure this monetary transformation runs securely without causing financial system fragmentation.
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