تحلیل موانع و اولویت‌های پیاده‌سازی فناوری بلاکچین در بازار اوراق مالی ایران

1. Introduction and Objective
The global financial industry has experienced a paradigm shift over the past two decades, driven by the emergence of blockchain technology. This decentralized, immutable, and transparent distributed ledger has fundamentally transformed the nature of financial services, competitive dynamics, and regulatory frameworks worldwide (Arner, Barberis, & Buckley, 2017). The financial technology (FinTech) revolution, enabled by blockchain, promises enhanced efficiency, reduced transaction costs, improved transparency, and expanded financial inclusion. These characteristics align closely with the core principles of Islamic finance, which emphasizes justice, the prohibition of riba (usury), and risk-sharing (gharar) (DinarStandard & Islamic Development Bank, 2020; Hassan & Aliyu, 2018).
The Islamic financial securities market in Iran, as the most significant Islamic financing instrument in the country, faces critical challenges including secondary market illiquidity, high monitoring costs, and insufficient transparency in cash flow reporting (Hosseini, 2023). Blockchain technology, through mechanisms such as asset tokenization and smart contracts, presents a promising solution to these challenges. Asset tokenization enables the division of illiquid assets (such as real estate) into tradable tokens, facilitating fractional ownership and enhancing secondary market liquidity. Smart contracts automate the execution of contractual obligations, reducing intermediation costs and ensuring timely, transparent settlement.
Despite these potential benefits, the implementation of blockchain technology in Iran's Islamic financial securities market encounters multiple barriers that have not yet been systematically investigated. These barriers span legal, jurisprudential, infrastructural, and cultural dimensions. From a legal perspective, the absence of a comprehensive regulatory framework for digital securities and the ambiguity regarding the legal status of tokens represent significant obstacles. From a Sharia perspective, blockchain and smart contracts raise complex jurisprudential questions related to the adaptation of automated contracts to Islamic contract principles, liability for algorithmic errors, and the religious permissibility of tokenized assets. Infrastructural challenges include the shortage of human resources with dual expertise in both Islamic jurisprudence and technology, high initial implementation costs, and institutional resistance to change (Ahmed et al., 2020; Karimi & Sadeghi, 2022).
The objective of this research is to identify and prioritize the legal-jurisprudential, infrastructural, and regulatory barriers to implementing blockchain technology in Iran's Islamic financial securities market, and to provide an operational process model for its adoption. Specifically, the research seeks to: (1) explain how blockchain can enhance Islamic financial securities liquidity and transparency; (2) analyze the specific jurisprudential challenges of smart contracts in Islamic financial securities; (3) identify legal and infrastructural barriers; and (4) present a practical seven-step process model.

2. Methodology
This study employs a sequential exploratory mixed-methods design (Creswell & Plano Clark, 2017), combining qualitative and quantitative approaches to capture both the depth and breadth of the research problem. This design was selected due to the inherent complexity of the subject, which simultaneously encompasses jurisprudential-theoretical and operational-practical dimensions.
Qualitative Phase: Semi-structured interviews were conducted with 14 experts selected through purposive and snowball sampling. The expert panel comprised three groups: (1) six prominent jurists from official Sharia boards (Securities and Exchange Organization, Central Bank, and Commodity Exchange); (2) five senior IT managers from the Tehran Stock Exchange and the Central Securities Depository; and (3) three CEOs of reputable investment firms. Jurists were selected based on five criteria: membership in official Sharia boards, specialization in transactional jurisprudence and capital market jurisprudence, familiarity with emerging technologies, diversity in jurisprudential approaches, and a minimum of 15 years of professional experience. Interviews continued until theoretical saturation was achieved. Data were transcribed and coded using MAXQDA version 2022. Thematic analysis (Braun & Clarke, 2006) was employed with an inductive approach.

Jurisprudential Analysis: A combined ijtihad-interview method was employed, inspired by the "multi-stage ijtihad" approach (Mousavian & Khansari, 2017). This method comprised four stages: (1) extracting Sharia criteria from Qur'an, Sunnah, consensus, and reason; (2) applying these criteria to blockchain and smart contract features; (3) obtaining expert opinions through interviews; and (4) synthesizing findings to formulate Sharia guidelines. To ensure validity, member checking, comparison with official Sharia council fatwas, and the use of multiple jurisprudential sources (both Imami and Sunni) were employed.
Quantitative Phase: A researcher-developed questionnaire was designed based on qualitative findings and theoretical foundations. The questionnaire comprised four sections: (a) demographic information; (b) technological opportunities (15 items); (c) Sharia and operational challenges (15 items); and (d) development requirements (10 items). Responses were measured on a five-point Likert scale. Content validity was assessed by eight experts, yielding a Content Validity Index (CVI) of 0.89 (Polit & Beck, 2006). Reliability was established through a pilot test (n=30), with Cronbach's alpha coefficients of 0.91 for the total questionnaire and 0.87, 0.89, and 0.85 for the subscales, respectively (Cronbach, 1951).
Using Cochran's formula for an infinite population (95% confidence level, 5% error margin), the sample size was determined as 384 professionals. Stratified random sampling was employed, with questionnaires distributed to 200 professionals from Islamic financial institutions, 100 from Sharia supervisory boards, and 84 from fintech and IT specialists. Data were analyzed using SPSS version 26 (descriptive statistics, one-sample t-tests, ANOVA) and SmartPLS version 4 (Structural Equation Modeling). Normality of data was confirmed using the Kolmogorov-Smirnov test.

3. Research Findings
Qualitative Findings (MAXQDA Output): Thematic analysis revealed a comprehensive thematic network. Jurisprudential challenges (47 references, 38.5% of all codes) were the most frequently cited, with "adaptation of smart contracts to Islamic contracts" being the most prevalent sub-theme (21 references). Legal challenges followed (38 references, 31.2%), primarily "lack of comprehensive legislation" (18 references). Infrastructural barriers accounted for 32 references (26.3%), with "shortage of dual-skilled human resources" (15 references) as the most cited sub-theme. Solutions were mentioned in 28 references (22.9%).
Mechanisms of Blockchain Impact: Four key mechanisms were identified: (1) Tokenization of assets—converting illiquid assets into divisible, tradable tokens enabling fractional ownership and secondary market trading; (2) Reduction of intermediation costs—eliminating intermediaries in settlement and ownership transfer through smart contracts; (3) Enhanced cash flow transparency—recording all profit payment and redemption transactions on a distributed, traceable ledger; and (4) Reduced settlement time—instantaneous, automated settlement through smart contracts.
Jurisprudential Analysis: Based on seven Sharia indicators—
(1) akl mal bil-batil (unlawful consumption of property, Quran 2:188); (2) gharar (excessive uncertainty, prophetic hadith); (3) daman (guarantee/liability, the rule of al-kharaj bi al-daman); (4) darar (harm, the rule of la darar); (5) riba (usury, Quran 2:275); (6) conformity with contract rules; and (7) ownership rules—the analysis revealed that blockchain is not inherently forbidden, but serious challenges exist. "Akl mal bil-batil" (mean 4.72/5) and "daman" (4.68/5) were identified as the most critical jurisprudential concerns, even surpassing traditional indicators like riba (4.65) and gharar (4.58). Without Sharia-compliant mechanisms (guarantee fund, open-source code, continuous monitoring, and explicit responsibility assignment), the use of blockchain in Islamic financial securities is religiously impermissible. Acceptance is only conditional upon strict Sharia compliance.
Quantitative Findings (SPSS Output): The one-sample t-test (test value = 3) confirmed that all identified barriers were statistically significant (p < 0.001). The highest-ranked barriers were: "shortage of dual-skilled human resources" (mean 4.7, SD 0.5), "lack of a comprehensive legal framework" (4.62, SD 0.51), and "cybersecurity concerns" (4.6, SD 0.4). ANOVA results revealed a significant difference between groups only for "jurisprudential ambiguities"
(Sig. = 0.000), with jurists rating this barrier significantly higher than technology and financial managers (Tukey post-hoc test, p < 0.001). Pearson correlation analysis showed the highest correlation between "shortage of specialized human resources" and "implementation costs" (r = 0.41, p < 0.01).
Gap Analysis: A significant gap of -1.5 was identified between initial expectations (4.7) and current reality (3.2) in the "development speed" index, indicating that optimistic forecasts have encountered serious practical obstacles. A gap of -1.0 in "Sharia transparency" (expectations 4.0, reality 3.0) suggests that technology has not automatically resolved trust and transparency issues.
Governance and Supervisory Challenges: With a mean importance of 4.5/5, governance challenges were identified as the primary barrier across all groups. 92% of financial institution managers cited "regulatory uncertainty" as the greatest obstacle to technology investment. Only 15% of OIC member countries have established regulatory sandboxes specifically for Islamic fintech. A seven-step process model for blockchain-based Islamic financial securities issuance was developed, with Sharia control points at: Step 1 (approval by the Sharia Board), Step 3 (alignment of smart contract code with Sharia standards), and Step 6 (continuous monitoring and contract termination authority).

4. Conclusion
This research demonstrates that blockchain technology holds significant potential for transforming Iran's Islamic financial securities market, particularly through asset tokenization and smart contracts to enhance liquidity and transparency. However, three main categories of barriers must be addressed:
First (Governance and Regulatory): The lack of a coherent regulatory framework and regulatory uncertainty represent the most significant obstacles. This finding aligns with institutional theory (Scott, 2014), where resistance to change stems from coercive pressures (existing inflexible regulations), mimetic pressures (absence of successful domestic models), and normative pressures (Sharia requirements).
Second (Jurisprudential-Ethical): Beyond traditional indicators of riba and gharar, emerging challenges such as akl mal bil-batil and daman have become even more significant concerns. A dynamic, maqasid-oriented approach to Sharia compliance is advocated.
Third (Operational): The shortage of dual-skilled human resources, high implementa tion costs, cybersecurity concerns, and organizational resistance significantly slow development. In the UTAUT framework (Venkatesh et al., 2003), while performance expectancy (4.6) and social influence (4.2) are positive drivers, facilitating conditions (mean 2.8) are severely weak, confirming that supportive infrastructure is essential for adoption success.
Key Jurisprudential Conclusion: Although blockchain has high potential, jurisprudential analysis reveals serious and complex Sharia challenges. In the current situation, without transparent mechanisms approved by the Sharia Council, the use of blockchain in Islamic financial securities is not permissible. This finding must receive special attention from regulatory bodies and capital market policymakers.
Practical Implications: The findings suggest the creation of joint Sharia-technical regulatory sandboxes, investment in dual-skilled human resources, and the drafting of specific standards for Islamic fintech—particularly in the areas of Sharia-compliant electronic customer identification, Islamic smart contracts, and cloud storage of Islamic financial data. Islamic financial institutions are advised to establish Sharia-innovation committees, adopt step-by-step strategies focusing on high-compliance technologies like blockchain for Islamic financial securities, and pursue collaborative ecosystem investments.
Limitations and Future Research: Limitations include unequal access to operational data from financial institutions across countries and the subjectivity of measuring "perceived Sharia compliance." Future research directions include: (1) longitudinal studies on long-term effects; (2) comparative analysis of regulatory models in leading Islamic countries; (3) investigating emerging technologies such as Central Bank Digital Currencies within the Islamic financial securities framework; and (4) cross-cultural studies examining adoption levels across various Islamic countries.