Publication:
A Shari'ah appraisal of virtual currencies based on historical perspective, recent legal development and financial trends
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Date
2024
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Abstract
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.
Keywords
Virtual currencies , Regulation , Islamic finance , Shari'ah
Citation
Berrahlia, B., Lalaymia, F. B., Hassan, M. K., Muneeza, A., & Mohamed, I. (2024). A Shari'ah appraisal of virtual currencies based on historical perspective, recent legal development and financial trends. Legal Transformation in Muslim Societies, 1(1), 14-29.
Publisher
Revival Press Limited
DOI
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A_Shari’ah_appraisal_of_virtual_currencies_based_on_historical_perspective_recent_legal_development_and_financial_trends_Aishath Muneeza et al.pdf
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