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Abstract
Islamic legislation on wealth acquisition is an integral part of the Islamic economic system. Crypto-currency is a new technological development in the global financial system. This development has become a contentious issue among Islamic economists, financial experts, jurists, scholars, and institutions. Many unsuspecting Muslims are also cynical about its appropriateness or otherwise in their economic and financial activities. This paper adopted a qualitative methodology, which relied on article journals, textbooks, internet sources, and fatāwā (verdicts) of Islamic scholars and Islamic bodies. The paper also derived logical deduction and conclusion from the Qur’ān and Ahādith (sayings of Prophet Muhammad [PBUH]). The paper found that, generally, crypto-currencies are used to acquire wealth. It revealed that, some seemingly Sharī’ah compliant crypto-currencies are used to acquire wealth. Although, most crypto-currencies do not conform to the Islamic concept of wealth acquisition, the paper concluded that Sharī’ah compliant crypto-currencies should and could be better developed to accommodate Muslims and Muslim investors in their bid to acquire wealth.
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Copyright (c) 2022 Kabir Olawale Paramole, Mubarak Oluwadamilola Sanni
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References
Abbas, H. (2012). Islamic law and judiciary. Random Publications.
Ahmad, Y. A.-H. (2010). The unchallengeable miracles of the Quran (N. Al-Khattab, Ed.; 1st edition). Dar-us-Salam Publications.
Aitken, P. (2022, April 30). Charlie Munger: Bitcoin is “stupid, evil and makes me look bad,” says Xi Jinping “smart” to ban it in China [Text.Article]. FOXBusiness; Fox Business. https://www.foxbusiness.com/business-leaders/charlie-munger-bitcoin-stupid-evil-bad
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Aliyu, A., Abu Bakar, K., Matsuda, G., Darwish, T., Abdullah, A. H., Ismail, A. S., Raja Mohd Radzi, R. Z., Yusof, A. F., Mohamad, M. M., Idris, M. Y., Ismail, Z., Yaacob, A. C., & Herman, H. (2020). Review of some existing shariah-compliant cryptocurrency. Journal of Contemporary Islamic Studies, 6(1), 23–44. https://doi.org/10.24191/jcis.v6i1.2
Al-Qaradawi, Y. (1999). The lawful and the prohibited in Islam (K. El-Helbawy, M. M. Siddiqui, & S. Shukry, Trans.). American Trust Publications.
ar-Ruhayli, S. (2018, June 6). A detailed ruling on bitcoin and cryptocurrencies [Youtube]. DaarusSunnah. https://www.youtube.com/watch?v=ffdF54M8I0k
Asif, S. (2018). The halal and haram aspects of cryptocurrencies in Islam. Journal of Islamic Banking and Finance, 35(2), 91–101. https://www.academia.edu/37137631/The_Halal_and_Haram_Aspects_of_Cryptocurrencies_in_Islam
Auer, R., & Claessens, S. (2018). Regulating cryptocurrencies: Assessing market reactions. BIS Quarterly Review, September 2018, 51–65. https://www.bis.org/publ/qtrpdf/r_qt1809f.htm
Bintarto, M. al ikhwan, Setiawan, Y., Alqarni, M. U., & Hilmi, F. (2022). Zakah and waqf for cryptocurrency in islamic law. Al-Istinbath : Jurnal Hukum Islam, 7(1), 21. https://doi.org/10.29240/jhi.v7i1.4229
Bunjaku, F., Gjorgieva-Trajkovska, O., & Miteva-Kacarski, E. (2017). Cryptocurrencies – Advantages and disadvantages. Journal of Economics, 2(1), 31–39. https://js.ugd.edu.mk/index.php/JE/article/view/1933
Chiu, J., & Koeppl, T. V. (2022). The economics of cryptocurrency: Bitcoin and beyond. Canadian Journal of Economics/Revue Canadienne d’économique, 55(4), 1762–1798. https://doi.org/10.1111/caje.12625
CNN Business. (2021, November 12). Indonesian Islamic body forbids crypto as currency [HTML]. CNN Business. https://www.cnn.com/2021/11/11/business/indonesia-ulema-council-crypto-intl-hnk/index.html
Conlon, T., Corbet, S., & McGee, R. J. (2020). Are cryptocurrencies a safe haven for equity markets? An international perspective from the COVID-19 pandemic. Research in International Business and Finance, 54, 101248. https://doi.org/10.1016/j.ribaf.2020.101248
Daskalakis, N., & Georgitseas, P. (2020). An introduction to cryptocurrencies: The crypto market ecosystem. Routledge.
Doi, A. R. I. (1998). Shari’ah: The Islamic law (5th edition). Ta-Ha Publishers.
Dourado, E., & Brito, J. (2014). Cryptocurrency. In Palgrave Macmillan (Ed.), The New Palgrave Dictionary of Economics (pp. 1–9). Palgrave Macmillan UK. https://doi.org/10.1057/978-1-349-95121-5_2895-1
el-Jazaery, A. B. J. (2012). The approach of the Muslim: A book outlining doctrins, ethics, morals, worships, and behaviors (A. M. M. Muhammed, Trans.). Dar Al-Kotob Al-Ilmiyah.
European Central Bank. (2012). Virtual currency schemes October 2012. European Central Bank. https://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf
Evans, C. W. (2015). Bitcoin in Islamic banking and finance. Journal of Islamic Banking and Finance, 3(1), 1–11. https://doi.org/10.15640/jibf.v3n1a1
Fang, F., Ventre, C., Basios, M., Kanthan, L., Martinez-Rego, D., Wu, F., & Li, L. (2022). Cryptocurrency trading: A comprehensive survey. Financial Innovation, 8(1), 13. https://doi.org/10.1186/s40854-021-00321-6
Frenkel, S., Popper, N., Conger, K., & Sanger, D. E. (2021, May 5). A brazen online attack targets V.I.P. Twitter users in a bitcoin scam. The New York Times. https://www.nytimes.com/2020/07/15/technology/twitter-hack-bill-gates-elon-musk.html
Haque, Z., Ahmad, R., & Ahmed, R. (1992). Nature and methodology of Islamic economics: An appraisal [with comments]. The Pakistan Development Review, 31(4), 1065–1075. https://www.jstor.org/stable/41259618
Härdle, W. K., Harvey, C. R., & Reule, R. C. G. (2019). Understanding cryptocurrencies. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3360304
Hermans, L., Ianiro, A., Kochanska, U., Törmälehto, V.-M., van der Kraaij, A., & Simón, J. M. V. (2022). Decrypting financial stability risks in crypto-asset markets [Financial Stability Review]. European Central Bank. https://www.ecb.europa.eu/pub/financial-stability/fsr/special/html/ecb.fsrart202205_02~1cc6b111b4.en.html
Houben, R., & Snyers, A. (2018). Cryptocurrencies and blockchain: Legal context and implications for financial crime, money laundering and tax evasion. Publications Office of the European Union. https://data.europa.eu/doi/10.2861/263175
Howcroft, E. (2022, June 13). Cryptocurrency market value slumps under $1 trillion. Reuters. https://www.reuters.com/business/finance/cryptocurrency-market-value-slumps-under-1-trillion-2022-06-13/
Ibrahim, B., & Mohd, A. (2017). Ownership of unlawful wealth from Islamic legal perspective. World Applied Sciences Journal, 35(8), 1512–1517. https://doi.org/10.5829/idosi.wasj.2017.1512.1517
Khan, S. N. (2023). The legality of cryptocurrency from an Islamic perspective: A research note. Journal of Islamic Accounting and Business Research, 14(2), 289–294. https://doi.org/10.1108/JIABR-02-2022-0041
Lawal, I. M. (2019). The suitability of cryptocurrency in the structure of Islamic banking and finance. Jurnal Perspektif Pembiayaan Dan Pembangunan Daerah, 6(6), 639–648. https://doi.org/10.22437/ppd.v6i6.6603
Macheel, T. (2022, April 30). Warren Buffett gives his most expansive explanation for why he doesn’t believe in bitcoin [HTML]. CNBC. https://www.cnbc.com/2022/04/30/warren-buffett-gives-his-most-expansive-explanation-for-why-he-doesnt-believe-in-bitcoin.html
Moten, A. R., & Bajulaiye-Shashi, M. O. K. (Eds.). (1990). Nature and methodology of Islamic economics. Bayero University.
Muhammad, S. D., Usman, M., Majid, A., & Lakhan, G. R. (2013). Distribution of wealth an Islamic perspective: Theoretical consideration. World Applied Sciences Journal, 23(8), 1118–1124. https://doi.org/10.5829/idosi.wasj.2013.23.08.949
NAN. (2021, April 4). Revisiting CBN ban on cryptocurrency transactions [HTML]. The Guardian Nigeria News. https://editor.guardian.ng/news/revisiting-cbn-ban-on-cryptocurrency-transactions/
Nawang, N. I., & Azmi, I. M. A. G. (2021). Cryptocurrency: An insight into the Malaysian regulatory approach. Psychology and Education Journal, 58(2), Article 2. https://doi.org/10.17762/pae.v58i2.2319
Orji, C. (2022, August 25). The countries where Bitcoin and crypto are banned or restricted [HTML]. Euronews. https://www.euronews.com/next/2022/08/25/bitcoin-ban-these-are-the-countries-where-crypto-is-restricted-or-illegal2
Oziev, G., & Yandiev, M. (2017). Cryptocurrency from shariiah perspective. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3101981
Paizin, M. N. (2021). Community views about zakat on cryptocurrencies. Al Qalam: Jurnal Ilmiah Keagamaan Dan Kemasyarakatan, 15(2), 146–165. https://doi.org/10.35931/aq.v15i2.724
Perkins, D. W. (2020). Cryptocurrency: The economics of money and selected policy issues (CRS Report No. R45427). Congressional Research Service. https://crsreports.congress.gov/product/details?prodcode=R45427
Polas, M., Muhibbullah, M., & Bhattacharjee, A. (2020). Is bitcoin halal or haram in the Islamic banking and finance? An overview. Journal of Economics, Business and Market Research, 1(2), 96–104. https://doi.org/10.13140/RG.2.2.17286.40008
Qasmi, N. A. (2009). Economy: The Islamic approach (Z. Bainter, Trans.). Darul Ishaat.
Rafii, R. (2022, April 29). Fatwās on cryptocurrency: The Syrian Islamic Council and the International Union of Muslim Scholars’ al-Qaradaghi [HTML]. Islamic Law Blog. https://islamiclaw.blog/2022/04/29/the-syrian-islamic-councils-cryptocurrency-fatwa/
Rosele, M. I., Muneem, A., Seman, A. B. C., Abdullah, L. B. H., Rahman, N. N. B. A., Sukor, M. E. B. A., & Ali, A. K. B. (2022). The concept of wealth ( māl ) in the Sharīʿah and its relation to digital assets. SAGE Open, 12(2), 215824402211024. https://doi.org/10.1177/21582440221102424
Salim, R., Hossain, M., & Al-Mawali, N. (2016). Distribution of wealth and resources in Islam: Restoring social justice, peace and prosperity. International Journal of Economic Research, 13, 571–586. https://www.researchgate.net/publication/305656408_Distribution_of_wealth_and_resources_in_Islam_Restoring_social_justice_peace_and_prosperity
Shah, S. M., & Rashid, A. (2015). Governing principals of shari’ah: A study of Islamic business transactions for contemporary practices. Al-Azhar, 1(2), 158–170. https://www.researchgate.net/publication/326344554_Governing_Principals_of_Shari'ah_A_Study_of_Islamic_Business_Transactions_for_Contemporary_Practices
Shariyah Review Bureau. (2018). The shariah factor in cryptocurrencies and tokens [HTML]. Insights. https://shariyah.net/the-shariah-factor-in-cryptocurrencies-and-tokens/
Siswantoro, D., Handika, R., & Mita, A. F. (2020). The requirements of cryptocurrency for money, an Islamic view. Heliyon, 6(1), e03235. https://doi.org/10.1016/j.heliyon.2020.e03235
Sukumaran, S., Bee, T. S., & Wasiuzzaman, S. (2022). Cryptocurrency as an investment: The Malaysian context. Risks, 10(4), 86. https://doi.org/10.3390/risks10040086
The Investopedia Team. (2022, July 10). Understanding wealth: How is it defined and measured? [HTML]. Investopedia. https://www.investopedia.com/terms/w/wealth.asp
The Jakarta Post. (2021, November 12). Indonesia Ulema Council forbids cryptocurrency trading [HTML]. The Jakarta Post. https://www.thejakartapost.com/indonesia/2021/11/12/indonesia-ulema-council-forbids-cryptocurrency-trading-.html
World Bank. (2018). Cryptocurrencies and blockchain (Text/HTML No. 125990; Working Paper). World Bank Group. https://documents.worldbank.org/en/publication/documents-reports/documentdetail/293821525702130886/Cryptocurrencies-and-blockchain
Yahoo! Finance. (2022, January 20). ‘Fatwa’ issued against bitcoin as crypto gets declared haram in Indonesia [HTML]. Yahoo! Finance. https://finance.yahoo.com/news/fatwa-issued-against-bitcoin-crypto-154709797.html
Zaman, A. (2009). Islamic economics: A survey of the literature: I. Islamic Studies, 48(3), 395–424. https://www.jstor.org/stable/20839173
Zarqa, A. (1980). Islamic economics: An approach to human welfare. In K. Ahmad (Ed.), Studies in Islamic economics (pp. 3–18). The Islamic Foundation.
References
Abbas, H. (2012). Islamic law and judiciary. Random Publications.
Ahmad, Y. A.-H. (2010). The unchallengeable miracles of the Quran (N. Al-Khattab, Ed.; 1st edition). Dar-us-Salam Publications.
Aitken, P. (2022, April 30). Charlie Munger: Bitcoin is “stupid, evil and makes me look bad,” says Xi Jinping “smart” to ban it in China [Text.Article]. FOXBusiness; Fox Business. https://www.foxbusiness.com/business-leaders/charlie-munger-bitcoin-stupid-evil-bad
Ali, G. A. (2018, October 23). Islamic finance and cryptocurrencies: Governance and regulation [PowerPoint Presentation]. AAOIFI-World Bank 13th Annual Conference, Diplomat Hotel, Kingdom of Bahrain. https://aaoifi.com/wp-content/uploads/2018/10/Session-3-Islamic-Finance-and-cryptocurrencies-governance-and-regulation-Dr.-Arbouna.pdf
Aliyu, A., Abu Bakar, K., Matsuda, G., Darwish, T., Abdullah, A. H., Ismail, A. S., Raja Mohd Radzi, R. Z., Yusof, A. F., Mohamad, M. M., Idris, M. Y., Ismail, Z., Yaacob, A. C., & Herman, H. (2020). Review of some existing shariah-compliant cryptocurrency. Journal of Contemporary Islamic Studies, 6(1), 23–44. https://doi.org/10.24191/jcis.v6i1.2
Al-Qaradawi, Y. (1999). The lawful and the prohibited in Islam (K. El-Helbawy, M. M. Siddiqui, & S. Shukry, Trans.). American Trust Publications.
ar-Ruhayli, S. (2018, June 6). A detailed ruling on bitcoin and cryptocurrencies [Youtube]. DaarusSunnah. https://www.youtube.com/watch?v=ffdF54M8I0k
Asif, S. (2018). The halal and haram aspects of cryptocurrencies in Islam. Journal of Islamic Banking and Finance, 35(2), 91–101. https://www.academia.edu/37137631/The_Halal_and_Haram_Aspects_of_Cryptocurrencies_in_Islam
Auer, R., & Claessens, S. (2018). Regulating cryptocurrencies: Assessing market reactions. BIS Quarterly Review, September 2018, 51–65. https://www.bis.org/publ/qtrpdf/r_qt1809f.htm
Bintarto, M. al ikhwan, Setiawan, Y., Alqarni, M. U., & Hilmi, F. (2022). Zakah and waqf for cryptocurrency in islamic law. Al-Istinbath : Jurnal Hukum Islam, 7(1), 21. https://doi.org/10.29240/jhi.v7i1.4229
Bunjaku, F., Gjorgieva-Trajkovska, O., & Miteva-Kacarski, E. (2017). Cryptocurrencies – Advantages and disadvantages. Journal of Economics, 2(1), 31–39. https://js.ugd.edu.mk/index.php/JE/article/view/1933
Chiu, J., & Koeppl, T. V. (2022). The economics of cryptocurrency: Bitcoin and beyond. Canadian Journal of Economics/Revue Canadienne d’économique, 55(4), 1762–1798. https://doi.org/10.1111/caje.12625
CNN Business. (2021, November 12). Indonesian Islamic body forbids crypto as currency [HTML]. CNN Business. https://www.cnn.com/2021/11/11/business/indonesia-ulema-council-crypto-intl-hnk/index.html
Conlon, T., Corbet, S., & McGee, R. J. (2020). Are cryptocurrencies a safe haven for equity markets? An international perspective from the COVID-19 pandemic. Research in International Business and Finance, 54, 101248. https://doi.org/10.1016/j.ribaf.2020.101248
Daskalakis, N., & Georgitseas, P. (2020). An introduction to cryptocurrencies: The crypto market ecosystem. Routledge.
Doi, A. R. I. (1998). Shari’ah: The Islamic law (5th edition). Ta-Ha Publishers.
Dourado, E., & Brito, J. (2014). Cryptocurrency. In Palgrave Macmillan (Ed.), The New Palgrave Dictionary of Economics (pp. 1–9). Palgrave Macmillan UK. https://doi.org/10.1057/978-1-349-95121-5_2895-1
el-Jazaery, A. B. J. (2012). The approach of the Muslim: A book outlining doctrins, ethics, morals, worships, and behaviors (A. M. M. Muhammed, Trans.). Dar Al-Kotob Al-Ilmiyah.
European Central Bank. (2012). Virtual currency schemes October 2012. European Central Bank. https://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf
Evans, C. W. (2015). Bitcoin in Islamic banking and finance. Journal of Islamic Banking and Finance, 3(1), 1–11. https://doi.org/10.15640/jibf.v3n1a1
Fang, F., Ventre, C., Basios, M., Kanthan, L., Martinez-Rego, D., Wu, F., & Li, L. (2022). Cryptocurrency trading: A comprehensive survey. Financial Innovation, 8(1), 13. https://doi.org/10.1186/s40854-021-00321-6
Frenkel, S., Popper, N., Conger, K., & Sanger, D. E. (2021, May 5). A brazen online attack targets V.I.P. Twitter users in a bitcoin scam. The New York Times. https://www.nytimes.com/2020/07/15/technology/twitter-hack-bill-gates-elon-musk.html
Haque, Z., Ahmad, R., & Ahmed, R. (1992). Nature and methodology of Islamic economics: An appraisal [with comments]. The Pakistan Development Review, 31(4), 1065–1075. https://www.jstor.org/stable/41259618
Härdle, W. K., Harvey, C. R., & Reule, R. C. G. (2019). Understanding cryptocurrencies. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3360304
Hermans, L., Ianiro, A., Kochanska, U., Törmälehto, V.-M., van der Kraaij, A., & Simón, J. M. V. (2022). Decrypting financial stability risks in crypto-asset markets [Financial Stability Review]. European Central Bank. https://www.ecb.europa.eu/pub/financial-stability/fsr/special/html/ecb.fsrart202205_02~1cc6b111b4.en.html
Houben, R., & Snyers, A. (2018). Cryptocurrencies and blockchain: Legal context and implications for financial crime, money laundering and tax evasion. Publications Office of the European Union. https://data.europa.eu/doi/10.2861/263175
Howcroft, E. (2022, June 13). Cryptocurrency market value slumps under $1 trillion. Reuters. https://www.reuters.com/business/finance/cryptocurrency-market-value-slumps-under-1-trillion-2022-06-13/
Ibrahim, B., & Mohd, A. (2017). Ownership of unlawful wealth from Islamic legal perspective. World Applied Sciences Journal, 35(8), 1512–1517. https://doi.org/10.5829/idosi.wasj.2017.1512.1517
Khan, S. N. (2023). The legality of cryptocurrency from an Islamic perspective: A research note. Journal of Islamic Accounting and Business Research, 14(2), 289–294. https://doi.org/10.1108/JIABR-02-2022-0041
Lawal, I. M. (2019). The suitability of cryptocurrency in the structure of Islamic banking and finance. Jurnal Perspektif Pembiayaan Dan Pembangunan Daerah, 6(6), 639–648. https://doi.org/10.22437/ppd.v6i6.6603
Macheel, T. (2022, April 30). Warren Buffett gives his most expansive explanation for why he doesn’t believe in bitcoin [HTML]. CNBC. https://www.cnbc.com/2022/04/30/warren-buffett-gives-his-most-expansive-explanation-for-why-he-doesnt-believe-in-bitcoin.html
Moten, A. R., & Bajulaiye-Shashi, M. O. K. (Eds.). (1990). Nature and methodology of Islamic economics. Bayero University.
Muhammad, S. D., Usman, M., Majid, A., & Lakhan, G. R. (2013). Distribution of wealth an Islamic perspective: Theoretical consideration. World Applied Sciences Journal, 23(8), 1118–1124. https://doi.org/10.5829/idosi.wasj.2013.23.08.949
NAN. (2021, April 4). Revisiting CBN ban on cryptocurrency transactions [HTML]. The Guardian Nigeria News. https://editor.guardian.ng/news/revisiting-cbn-ban-on-cryptocurrency-transactions/
Nawang, N. I., & Azmi, I. M. A. G. (2021). Cryptocurrency: An insight into the Malaysian regulatory approach. Psychology and Education Journal, 58(2), Article 2. https://doi.org/10.17762/pae.v58i2.2319
Orji, C. (2022, August 25). The countries where Bitcoin and crypto are banned or restricted [HTML]. Euronews. https://www.euronews.com/next/2022/08/25/bitcoin-ban-these-are-the-countries-where-crypto-is-restricted-or-illegal2
Oziev, G., & Yandiev, M. (2017). Cryptocurrency from shariiah perspective. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3101981
Paizin, M. N. (2021). Community views about zakat on cryptocurrencies. Al Qalam: Jurnal Ilmiah Keagamaan Dan Kemasyarakatan, 15(2), 146–165. https://doi.org/10.35931/aq.v15i2.724
Perkins, D. W. (2020). Cryptocurrency: The economics of money and selected policy issues (CRS Report No. R45427). Congressional Research Service. https://crsreports.congress.gov/product/details?prodcode=R45427
Polas, M., Muhibbullah, M., & Bhattacharjee, A. (2020). Is bitcoin halal or haram in the Islamic banking and finance? An overview. Journal of Economics, Business and Market Research, 1(2), 96–104. https://doi.org/10.13140/RG.2.2.17286.40008
Qasmi, N. A. (2009). Economy: The Islamic approach (Z. Bainter, Trans.). Darul Ishaat.
Rafii, R. (2022, April 29). Fatwās on cryptocurrency: The Syrian Islamic Council and the International Union of Muslim Scholars’ al-Qaradaghi [HTML]. Islamic Law Blog. https://islamiclaw.blog/2022/04/29/the-syrian-islamic-councils-cryptocurrency-fatwa/
Rosele, M. I., Muneem, A., Seman, A. B. C., Abdullah, L. B. H., Rahman, N. N. B. A., Sukor, M. E. B. A., & Ali, A. K. B. (2022). The concept of wealth ( māl ) in the Sharīʿah and its relation to digital assets. SAGE Open, 12(2), 215824402211024. https://doi.org/10.1177/21582440221102424
Salim, R., Hossain, M., & Al-Mawali, N. (2016). Distribution of wealth and resources in Islam: Restoring social justice, peace and prosperity. International Journal of Economic Research, 13, 571–586. https://www.researchgate.net/publication/305656408_Distribution_of_wealth_and_resources_in_Islam_Restoring_social_justice_peace_and_prosperity
Shah, S. M., & Rashid, A. (2015). Governing principals of shari’ah: A study of Islamic business transactions for contemporary practices. Al-Azhar, 1(2), 158–170. https://www.researchgate.net/publication/326344554_Governing_Principals_of_Shari'ah_A_Study_of_Islamic_Business_Transactions_for_Contemporary_Practices
Shariyah Review Bureau. (2018). The shariah factor in cryptocurrencies and tokens [HTML]. Insights. https://shariyah.net/the-shariah-factor-in-cryptocurrencies-and-tokens/
Siswantoro, D., Handika, R., & Mita, A. F. (2020). The requirements of cryptocurrency for money, an Islamic view. Heliyon, 6(1), e03235. https://doi.org/10.1016/j.heliyon.2020.e03235
Sukumaran, S., Bee, T. S., & Wasiuzzaman, S. (2022). Cryptocurrency as an investment: The Malaysian context. Risks, 10(4), 86. https://doi.org/10.3390/risks10040086
The Investopedia Team. (2022, July 10). Understanding wealth: How is it defined and measured? [HTML]. Investopedia. https://www.investopedia.com/terms/w/wealth.asp
The Jakarta Post. (2021, November 12). Indonesia Ulema Council forbids cryptocurrency trading [HTML]. The Jakarta Post. https://www.thejakartapost.com/indonesia/2021/11/12/indonesia-ulema-council-forbids-cryptocurrency-trading-.html
World Bank. (2018). Cryptocurrencies and blockchain (Text/HTML No. 125990; Working Paper). World Bank Group. https://documents.worldbank.org/en/publication/documents-reports/documentdetail/293821525702130886/Cryptocurrencies-and-blockchain
Yahoo! Finance. (2022, January 20). ‘Fatwa’ issued against bitcoin as crypto gets declared haram in Indonesia [HTML]. Yahoo! Finance. https://finance.yahoo.com/news/fatwa-issued-against-bitcoin-crypto-154709797.html
Zaman, A. (2009). Islamic economics: A survey of the literature: I. Islamic Studies, 48(3), 395–424. https://www.jstor.org/stable/20839173
Zarqa, A. (1980). Islamic economics: An approach to human welfare. In K. Ahmad (Ed.), Studies in Islamic economics (pp. 3–18). The Islamic Foundation.