Bitcoin and its Legality from Shariah Point of View
Journal Title: SEISENSE Journal of Management - Year 2018, Vol 1, Issue 4
Abstract
Bitcoin is a type of cryptocurrency and the most successful in blockchain management. It has become famous in recent years. The critical aspects of cryptocurrency are its legitimacy, source of money laundering, tax evasion, lack of regulation etc. The aim of this study is to explore the view of Muslim scholars on the legality of bitcoin with respect to Shariah. The study adopts doctrinal approach which utilizes descriptive approach of qualitative research methodology which relies on secondary data in form of text books, journals, newspapers, related websites etc. The study found that Muslim scholars are divided on the issue. A part of them completely rejected bitcoin and considered it against Shariah principles. On the other hand, some Muslim scholars believe bitcoin does not contradict Islamic principles and therefore may be used, however with certain conditions. The researchers tend to support the proponents’ view as most of the opponents’ grounds for the rejection are temporary in nature which may be covered through policy regulations.
Authors and Affiliations
Yusuf Sani Abubakar, Ahmad Faosiy Ogunbado, Mpawenimana Abdallah Saidi
Keywords
Related Articles
- EP ID EP392154
- DOI 10.5281/zenodo.1400535
- Views 58
- Downloads 0
Determining the Factors of Profitability in Islamic and Conventional Banks Of Pakistan: Management Perspective
Banks plays vital role in capitalist economy. During the period of financial turmoil, it has been viewed that banks lost a huge capital due to non-recovery of loans from customers. Since there are two type of banks worki...
Phenomenological Enquiry Into Corporate Social Responsibility
The notion of Corporate Social Responsibility (CSR) seems appealing amidst unprecedented corporate affluence and power vis-a-vis abject socio-economic and deteriorating environmental conditions. An increasing number of c...
Contribution of Job Nature on Leadership Style among Academia
Purpose- Effective leadership practices in schools are only possible while headmaster and teachers adopt suitable leadership styles. The main purpose of this study is to identify the leadership styles as well as determin...
Post-Merger Corporate Performance: A Case of NIB Bank Pakistan.
This study measures whether the mergers generate efficient, trustworthy and wide-ranging capital base for the bank that completely comprised mergers and to what range mergers of banks increase the confidence of the inves...
Dogma of Profit Maximization: A Sight to Open Secrets
This essay is a philosophical enquiry into the dogma of profit maximization as one of the dogma premises of capitalism. Being attracted by the cyclical nature of financial crises as an existential challenge the case is...