Smart contracts are the latest program used in Blockchain applications to offer verification and authenticity about Shariah compliance. The current study evaluates whether smart contracts are actually a significant part of financial practices in different countries and the challenges associated with them. The ultimate objective is to evaluate the utility, significance, and challenges faced in smart contract verification for blockchain applications in financial services The study is based on qualitative analysis, using past literature and authentic sources to evaluate the utility, significance, and challenges associated with smart contract verification for Blockchain applications with Shariah compliance. It is based on the interpretivism philosophy to gather different opinions and develop conclusions. The key findings reveal that different countries, including Malaysia, Indonesia, UAE, and even the UK, have certain institutions that follow smart contracts verification in their Shariah compliance for Blockchain applications in financial institutions. However, at the same time, there is conflict on the basis of differences in their religious values. The article is useful because it contributes towards the understanding of the significant role played by Smart contract verification in financial transaction and the challenges that countries are still facing in it.