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...

Full description

Bibliographic Details
Main Authors:	Oziev, Gapur, Yandiev, Magomet
Format:	Article
Language:	English English
Published:	IIUM Press, International Islamic University Malaysia 2018
Subjects:	HB126.4 Islamic Economics HG201 Money HG3368 Islamic Banking and Finance
Online Access:	http://irep.iium.edu.my/69561/ http://irep.iium.edu.my/69561/ http://irep.iium.edu.my/69561/1/69561_Cryptocurrency%20from%20Shariah%20perspective.pdf http://irep.iium.edu.my/69561/2/69561_Cryptocurrency%20from%20Shariah%20perspective_SCOPUS.pdf

id	iium-69561
recordtype	eprints
spelling	iium-695612019-02-11T08:56:37Z http://irep.iium.edu.my/69561/ Cryptocurrency from Shariah perspective Oziev, Gapur Yandiev, Magomet HB126.4 Islamic Economics HG201 Money 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 a 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, telegraphic-transfers, cheques and so, will open the door to avoid tax and audits, which in turn may seriously effect a government’s budget and may even decrease 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; b) reviewing the literature on the topic, which will allow us to determine the current understanding of the problem by modern science; c) unveiling the key requirements of Shari’ah for money and money circulation to formulate a standard understanding of money in Shari’ah; d) 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. IIUM Press, International Islamic University Malaysia 2018-12 Article PeerReviewed application/pdf en http://irep.iium.edu.my/69561/1/69561_Cryptocurrency%20from%20Shariah%20perspective.pdf application/pdf en http://irep.iium.edu.my/69561/2/69561_Cryptocurrency%20from%20Shariah%20perspective_SCOPUS.pdf Oziev, Gapur and Yandiev, Magomet (2018) Cryptocurrency from Shariah perspective. Al-Shajarah, 23 (2). pp. 315-337. ISSN 1394-6870 http://journals.iium.edu.my/shajarah/index.php/shaj/article/view/748
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HB126.4 Islamic Economics HG201 Money HG3368 Islamic Banking and Finance
spellingShingle	HB126.4 Islamic Economics HG201 Money HG3368 Islamic Banking and Finance Oziev, Gapur Yandiev, Magomet 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 a 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, telegraphic-transfers, cheques and so, will open the door to avoid tax and audits, which in turn may seriously effect a government’s budget and may even decrease 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; b) reviewing the literature on the topic, which will allow us to determine the current understanding of the problem by modern science; c) unveiling the key requirements of Shari’ah for money and money circulation to formulate a standard understanding of money in Shari’ah; d) 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	Article
author	Oziev, Gapur Yandiev, Magomet
author_facet	Oziev, Gapur Yandiev, Magomet
author_sort	Oziev, Gapur
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
publisher	IIUM Press, International Islamic University Malaysia
publishDate	2018
url	http://irep.iium.edu.my/69561/ http://irep.iium.edu.my/69561/ http://irep.iium.edu.my/69561/1/69561_Cryptocurrency%20from%20Shariah%20perspective.pdf http://irep.iium.edu.my/69561/2/69561_Cryptocurrency%20from%20Shariah%20perspective_SCOPUS.pdf
first_indexed	2023-09-18T21:38:45Z
last_indexed	2023-09-18T21:38:45Z
_version_	1777412997285675008

Cryptocurrency from Shariah perspective

Similar Items