The study proposes an on-chain programmable Sharia-compliant tokenized Sukuk architecture.

Rischan Mafrur, Khadijah, and Gun Gun Febrianza published a paper proposing to encode the 2023 resolvability ruling of the Securities Commission Malaysia's Shariah Advisory Council on Sukuk Wakalah bi al-Istithmar as an on-chain issuance and transfer strategy, using EIP-712 signatures to read asset rights, valuations, encumbrances, Shariah classifications, and profit distribution credentials submitted by each institutional role. 26 test scenarios constructed on synthetic tools in the paper show that the baseline strategy verifying only identity incorrectly allowed 13 operations prohibited by the encoded policy, while the strategy verifying only asset evidence without incorporating Shariah rules still incorrectly allowed 6; the fully encoded policy matched all expected outcomes, with each transfer adding 35834 gas (71.0%), and costs independent of portfolio size. The paper also notes that verifying ongoing compliance conditions through a single designated asset can keep transfer costs constant, but may block transactions permitted by the ruling; using bounded fallback scanning can reduce this deviation, adding approximately 12050 gas per asset scanned.

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