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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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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/69561/1/69561_Cryptocurrency%20from%20Shariah%20perspective.pdf
http://irep.iium.edu.my/69561/2/69561_Cryptocurrency%20from%20Shariah%20perspective_SCOPUS.pdf
http://irep.iium.edu.my/69561/
http://journals.iium.edu.my/shajarah/index.php/shaj/article/view/748
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spelling my.iium.irep.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
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
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/69561/1/69561_Cryptocurrency%20from%20Shariah%20perspective.pdf
http://irep.iium.edu.my/69561/2/69561_Cryptocurrency%20from%20Shariah%20perspective_SCOPUS.pdf
http://irep.iium.edu.my/69561/
http://journals.iium.edu.my/shajarah/index.php/shaj/article/view/748
_version_ 1643619110115868672
score 13.211869

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