Cryptocurrency from a shari’ah 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 wh...
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International Islamic University Malaysia (IIUM)
2018
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| Online Access: | http://irep.iium.edu.my/70653/ http://irep.iium.edu.my/70653/ http://irep.iium.edu.my/70653/13/70653%20Cryptocurrency%20from%20a%20shari%E2%80%99ah%20perspective.pdf http://irep.iium.edu.my/70653/2/70653_Cryptocurrency%20from%20a%20shari%E2%80%99ah%20perspective_scopus.pdf http://irep.iium.edu.my/70653/14/70653%20Cryptocurrency%20from%20a%20shari%E2%80%99ah%20perspective%20WOS.pdf |
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iium-706532019-07-15T01:16:56Z http://irep.iium.edu.my/70653/ Cryptocurrency from a shari’ah perspective Oziev, Gapur Yandiev, Magomet HB126.4 Islamic Economics 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. International Islamic University Malaysia (IIUM) 2018 Article PeerReviewed application/pdf en http://irep.iium.edu.my/70653/13/70653%20Cryptocurrency%20from%20a%20shari%E2%80%99ah%20perspective.pdf application/pdf en http://irep.iium.edu.my/70653/2/70653_Cryptocurrency%20from%20a%20shari%E2%80%99ah%20perspective_scopus.pdf application/pdf en http://irep.iium.edu.my/70653/14/70653%20Cryptocurrency%20from%20a%20shari%E2%80%99ah%20perspective%20WOS.pdf Oziev, Gapur and Yandiev, Magomet (2018) Cryptocurrency from a shari’ah perspective. Al-Shajarah, 23 (2). pp. 315-338. ISSN 1394-6870 http://journals.iium.edu.my/shajarah/index.php/shaj/article/view/748/340 |
| repository_type |
Digital Repository |
| institution_category |
Local University |
| institution |
International Islamic University Malaysia |
| building |
IIUM Repository |
| collection |
Online Access |
| language |
English English English |
| topic |
HB126.4 Islamic Economics |
| spellingShingle |
HB126.4 Islamic Economics Oziev, Gapur Yandiev, Magomet Cryptocurrency from a shari’ah 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 a shari’ah perspective |
| title_short |
Cryptocurrency from a shari’ah perspective |
| title_full |
Cryptocurrency from a shari’ah perspective |
| title_fullStr |
Cryptocurrency from a shari’ah perspective |
| title_full_unstemmed |
Cryptocurrency from a shari’ah perspective |
| title_sort |
cryptocurrency from a shari’ah perspective |
| publisher |
International Islamic University Malaysia (IIUM) |
| publishDate |
2018 |
| url |
http://irep.iium.edu.my/70653/ http://irep.iium.edu.my/70653/ http://irep.iium.edu.my/70653/13/70653%20Cryptocurrency%20from%20a%20shari%E2%80%99ah%20perspective.pdf http://irep.iium.edu.my/70653/2/70653_Cryptocurrency%20from%20a%20shari%E2%80%99ah%20perspective_scopus.pdf http://irep.iium.edu.my/70653/14/70653%20Cryptocurrency%20from%20a%20shari%E2%80%99ah%20perspective%20WOS.pdf |
| first_indexed |
2023-09-18T21:40:18Z |
| last_indexed |
2023-09-18T21:40:18Z |
| _version_ |
1777413094846234624 |