Developing a digital currency from an Islamic perspective: the case of blockchain technology

Numerous studies ranging from concept papers and reviews were conducted on the matter of blockchain and digital currencies. However, those two areas are not well researched due to its being a new area of research. Furthermore, the research on blockchain applications in the Islamic financial system p...

Full description

Bibliographic Details
Main Authors:	Alzubaidi, Ibrahim Bassam, Abdullah, Adam
Format:	Article
Language:	English
Published:	Canadian Center of Science and Education 2017
Subjects:	HG Finance HG201 Money T Technology (General)
Online Access:	http://irep.iium.edu.my/58610/ http://irep.iium.edu.my/58610/ http://irep.iium.edu.my/58610/ http://irep.iium.edu.my/58610/7/58610-Developing%20a%20digital%20currency.pdf

id	iium-58610
recordtype	eprints
spelling	iium-586102017-11-05T17:57:29Z http://irep.iium.edu.my/58610/ Developing a digital currency from an Islamic perspective: the case of blockchain technology Alzubaidi, Ibrahim Bassam Abdullah, Adam HG Finance HG201 Money T Technology (General) Numerous studies ranging from concept papers and reviews were conducted on the matter of blockchain and digital currencies. However, those two areas are not well researched due to its being a new area of research. Furthermore, the research on blockchain applications in the Islamic financial system precisely the potential of digital currency in providing a better alternative to current fiat money system which will be the scope of this article. The aim of revolves around exploring the potential and capability of introducing a digital currency that fulfills the Islamic law (Shari’ah) functions of money and provides a more stable currency than fiat money. The method used for analyzing this object includes a library research on related topics that helps understanding the functions of money and digital currencies and study of several cases that can assist in fulfilling the objectives of this paper in introducing an Islamic digital currency through detailed research of Islamic theory of money and civilization as well as the developments of blockchain, our findings point towards the ability of introducing a Shari’ah-compliant digital currency if all the issues on validity are addressed and resolved. However, the area of digital currencies and blockchain requires further research from a Shari’ah perspective to facilitate a better understanding on the topic. Canadian Center of Science and Education 2017-10-01 Article PeerReviewed application/pdf en http://irep.iium.edu.my/58610/7/58610-Developing%20a%20digital%20currency.pdf Alzubaidi, Ibrahim Bassam and Abdullah, Adam (2017) Developing a digital currency from an Islamic perspective: the case of blockchain technology. International Business Research, 10 (11). pp. 79-87. ISSN 1913-9004 E-ISSN 1913-9012 http://www.ccsenet.org/journal/index.php/ibr/article/view/70165 DOI: https://doi.org/10.5539/ibr.v10n11p79
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG Finance HG201 Money T Technology (General)
spellingShingle	HG Finance HG201 Money T Technology (General) Alzubaidi, Ibrahim Bassam Abdullah, Adam Developing a digital currency from an Islamic perspective: the case of blockchain technology
description	Numerous studies ranging from concept papers and reviews were conducted on the matter of blockchain and digital currencies. However, those two areas are not well researched due to its being a new area of research. Furthermore, the research on blockchain applications in the Islamic financial system precisely the potential of digital currency in providing a better alternative to current fiat money system which will be the scope of this article. The aim of revolves around exploring the potential and capability of introducing a digital currency that fulfills the Islamic law (Shari’ah) functions of money and provides a more stable currency than fiat money. The method used for analyzing this object includes a library research on related topics that helps understanding the functions of money and digital currencies and study of several cases that can assist in fulfilling the objectives of this paper in introducing an Islamic digital currency through detailed research of Islamic theory of money and civilization as well as the developments of blockchain, our findings point towards the ability of introducing a Shari’ah-compliant digital currency if all the issues on validity are addressed and resolved. However, the area of digital currencies and blockchain requires further research from a Shari’ah perspective to facilitate a better understanding on the topic.
format	Article
author	Alzubaidi, Ibrahim Bassam Abdullah, Adam
author_facet	Alzubaidi, Ibrahim Bassam Abdullah, Adam
author_sort	Alzubaidi, Ibrahim Bassam
title	Developing a digital currency from an Islamic perspective: the case of blockchain technology
title_short	Developing a digital currency from an Islamic perspective: the case of blockchain technology
title_full	Developing a digital currency from an Islamic perspective: the case of blockchain technology
title_fullStr	Developing a digital currency from an Islamic perspective: the case of blockchain technology
title_full_unstemmed	Developing a digital currency from an Islamic perspective: the case of blockchain technology
title_sort	developing a digital currency from an islamic perspective: the case of blockchain technology
publisher	Canadian Center of Science and Education
publishDate	2017
url	http://irep.iium.edu.my/58610/ http://irep.iium.edu.my/58610/ http://irep.iium.edu.my/58610/ http://irep.iium.edu.my/58610/7/58610-Developing%20a%20digital%20currency.pdf
first_indexed	2023-09-18T21:22:55Z
last_indexed	2023-09-18T21:22:55Z
_version_	1777412001108066304

Developing a digital currency from an Islamic perspective: the case of blockchain technology

Similar Items