Beyond the Jurisprudential Quagmire: Perspectives on the Application of Digital Currencies and Blockchain Technology in Islamic Economics and Finance

Submitted by Munir on Wed, 01/26/2022 - 11:33
Year
2021
Country
Switzerland
Language
English
Abstract

Digital currencies have received a mixed response from the Islamic banking and finance (IB&F) industry. As Shariah permissibility (or ‘compliance’) strongly influences the demand for and supply of products in the IF&B industry, the verdicts reached by Shariah scholars on digital currencies have a strong bearing on their adoption amongst users. However, the degree of divergence in verdicts (fatwas) on cryptocurrencies—ranging from impermissibility to permissibility—has added to uncertainty regarding the viability of digital currencies within the industry. Nevertheless, actors within the industry are trying to find ways in which digital currencies and the underlying technology may be applied successfully to promote the principles and objectives of Islamic economics and finance that seek to promote the holistic wellbeing of humankind. This chapter analyses pertinent regulatory issues surrounding digital currencies in general, and for Islamic economics and finance in particular.

English
ISSN/ISBN
978-3030492472
No. of Pages
246
City
Cham
Edition
N/A
Select type of work
Author(s)
Name of the Publisher
CIS Program Old
CIS publications
Yes
CIS Thesis
No
Status
Pending
Chapter Pages
147-167