This paper aims to derive a compatible Shariah opinion on the permissibility of using cryptocurrencies by Muslims by reviewing the opinions expressed by Shariah scholars on the permissibility of cryptocurrencies. This is a qualitative desk review research where the opinions expressed by the Shariah scholars on the permissibility of cryptocurrencies and the issues related to it have been analyzed using the literature. All the Shariah parameters checked pertaining to currencies have been studied and assessed to derive the Shariah opinion. The research findings suggest that cryptocurrencies do not fully meet the characteristics of money according to Shariah principles. Scholars debate their classification as a medium of exchange due to concerns about volatility, intrinsic value and governance. The treatment of cryptocurrencies varies, and their decentralized nature prevents monopolization. Governance and resistance to manipulation are facilitated by blockchain technology. Classifying cryptocurrencies as hard money and their recognition as the primary unit of account face challenges. While they can be a store of value, price volatility and regulations must be considered. The network effect is crucial for their success, and their supply is controlled through complex protocols. These findings have implications for policymakers in Islamic finance.

The primary objective of this research is to introduce a pioneering takaful model that provides both provision and protection to the aging population by combining the concept of cash waqf with takaful. This model is designed to align with Shariah principles, ensuring sustainability and enduring impact.

Islamic finance ought to follow Shari'ah in all dimensions of it including regulatory, substantive and procedural matters of it. However, since the inception of the institutionalization of Islamic finance, it has been criticized for using conventional interest rates to benchmark its financial products. Irrespective of the criticisms made in this regard, from a Shari'ah perspective, this practice of Islamic finance has been defended and therefore, the practice continued until in July 2017 it was announced that there is a need to move away from LIBOR as an interest rate benchmark before the end of 2021. This announcement led to the creation of various risk-free rates and highlighted an opportunity to bring some reforms to Islamic finance by introducing financial benchmarks that could be compatible with Islamic finance principles. Therefore, the objective of this paper is to provide insight into the financial benchmark reforms required for Islamic finance by providing a review and preview of the topic using a desk review qualitative approach. The findings of this paper indicate that there could be no single benchmark that could be uniformly used for Shari'ah compliant financial products, and there is a need to introduce specific benchmarks for different types of Shari'ah contracts used in structuring Islamic finance products. It is expected that the findings of this paper would assist in understanding the theory and practice of implementing Islamic alternative benchmark to the London Inter-Bank Offered Rate (LIBOR) and would motivate regulatory authorities and standard setting bodies to consider enacting financial benchmarks that will reflect the behaviour of Islamic finance products and the underlying Shari'ah contract(s) used to structure them.

This chapter's goal is to introduce readers to the progress of Islamic finance in the SAARC member states of Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. This chapter shows that the eight countries' Islamic finance trends are distinct, as are their respective methods for advancing Islamic finance. In a nutshell, South Asia includes the most prominent and significant Islamic finance market reflecting the predominantly Muslim population in these countries. Noticeably, Pakistan, Bangladesh, Sri Lanka, and the Maldives have a presence in all three major Islamic commercial financial industries catering for Muslims in the countries in a dual financial system. As a significant challenge in India, the legislation prohibits banks to invest, and deposit based on profit-loss sharing which negates the risk-sharing nature of Islamic finance. While for the majority of the countries, the major challenges were a lack of skilled workforce in the field, lack of awareness, education among the public on Islamic finance, and active Islamic liquidity markets. For Afghanistan, Islamic financial development is at an infant stage mainly due to political instability where Islamic banks are only operated and there is no proper formation of an Islamic capital market (ICM) and takaful industry. Nevertheless, the Muslim population is extremely low, and the presence of Islamic finance is almost none in Nepal and Bhutan where a proper development of Islamic finance in these countries necessitates huge efforts shall be made by the Islamic bodies and Muslims in the country.

This article confirms that there is no consensus among Shari'ah scholars on virtual currencies' (VCs) legitimacy. However, the purpose of this article is to focus on three considerations: first, the historical failure of private currencies against states' currencies will have an impact on the ultimate decision on the legitimacy of VCs. Second, various modern countries have different regulatory approaches to VCs ranging from outright bans to comprehensive regulation and case studies show their integration into global legal system. Third, this study reveals that the use of VCs in Islamic social finance is growing; therefore, international, and regional Islamic bodies should enact a firm resolution on the Shari'ah position of using VCs. As the developments happening due to Industry 4.0 cannot be controlled, developing Islamic social finance and its integration with technology is essential. This is qualitative research employing an inductive approach for in-depth understanding of the regulations governing VCs within different legal systems, using the Cambridge alternative finance reports of (2023) as a key reference. The findings of this research are anticipated to assist Shari'ah scholars/bodies and Islamic social financial institutions to comprehend the significance of escalating the research to understand VCs and to provide the Shari'ah parameters in this regard in a near future.