Cryptocurrency from shariah perspective

For the past few years there has been a significant increase of people’s interest in crypto-currencies. Seminars and conferences have been organized to discuss the nature and feasibility of cryptocurrencies. Some argue that it is good to have an alternative to the current fiat money system in which...

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Bibliographic Details
Main Author: Gapur, Oziev
Format: Monograph
Language:English
Published: 2018
Subjects:
Online Access:http://irep.iium.edu.my/67489/
http://irep.iium.edu.my/67489/1/END%20OF%20RESEARCH%20PROJECT%20REPORT.pdf
id iium-67489
recordtype eprints
spelling iium-674892019-02-03T11:13:20Z http://irep.iium.edu.my/67489/ Cryptocurrency from shariah perspective Gapur, Oziev HG3368 Islamic Banking and Finance For the past few years there has been a significant increase of people’s interest in crypto-currencies. Seminars and conferences have been organized to discuss the nature and feasibility of cryptocurrencies. Some argue that it is good to have an alternative to the current fiat money system in which the predominant role is played by banks while the cryptocurrency does not require any bank account, tax payment and auditing. Some others disagree with these arguments and claim that any mode of payment in other than traditionally known instruments such as cash payment, TT, cheques etc will open the door to avoid tax and auditing, which in turn will cause a serious trouble to government budget and the overall decrease in GDP. This research uses theoretical, descriptive and analytical methods of research and therefore focuses on the following important points: a) defining the place of cryptocurrency in the financial system by determining the extent of its influence; c)reviewing the literature on the topic, which will allow us to determine the current understanding of the problem by modern science; d) unveiling the key requirements of Shari’ah for money and money circulation to formulate a standard understanding of money in Shari’ah; e) comparing the characteristics of paper money and crypto-currencies (using the bitcoins as an example). The authors believe in permissibility of using the cryptocurrencies but with strict reservations. 2018 Monograph NonPeerReviewed application/pdf en http://irep.iium.edu.my/67489/1/END%20OF%20RESEARCH%20PROJECT%20REPORT.pdf Gapur, Oziev (2018) Cryptocurrency from shariah perspective. Project Report. UNSPECIFIED. (Unpublished)
repository_type Digital Repository
institution_category Local University
institution International Islamic University Malaysia
building IIUM Repository
collection Online Access
language English
topic HG3368 Islamic Banking and Finance
spellingShingle HG3368 Islamic Banking and Finance
Gapur, Oziev
Cryptocurrency from shariah perspective
description For the past few years there has been a significant increase of people’s interest in crypto-currencies. Seminars and conferences have been organized to discuss the nature and feasibility of cryptocurrencies. Some argue that it is good to have an alternative to the current fiat money system in which the predominant role is played by banks while the cryptocurrency does not require any bank account, tax payment and auditing. Some others disagree with these arguments and claim that any mode of payment in other than traditionally known instruments such as cash payment, TT, cheques etc will open the door to avoid tax and auditing, which in turn will cause a serious trouble to government budget and the overall decrease in GDP. This research uses theoretical, descriptive and analytical methods of research and therefore focuses on the following important points: a) defining the place of cryptocurrency in the financial system by determining the extent of its influence; c)reviewing the literature on the topic, which will allow us to determine the current understanding of the problem by modern science; d) unveiling the key requirements of Shari’ah for money and money circulation to formulate a standard understanding of money in Shari’ah; e) comparing the characteristics of paper money and crypto-currencies (using the bitcoins as an example). The authors believe in permissibility of using the cryptocurrencies but with strict reservations.
format Monograph
author Gapur, Oziev
author_facet Gapur, Oziev
author_sort Gapur, Oziev
title Cryptocurrency from shariah perspective
title_short Cryptocurrency from shariah perspective
title_full Cryptocurrency from shariah perspective
title_fullStr Cryptocurrency from shariah perspective
title_full_unstemmed Cryptocurrency from shariah perspective
title_sort cryptocurrency from shariah perspective
publishDate 2018
url http://irep.iium.edu.my/67489/
http://irep.iium.edu.my/67489/1/END%20OF%20RESEARCH%20PROJECT%20REPORT.pdf
first_indexed 2023-09-18T21:35:48Z
last_indexed 2023-09-18T21:35:48Z
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