Cryptocurrency According to the Objectives of Islamic Law: Bitcoin as a Case Study
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Apr 24, 2019
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Abstract
Purpose: The study aims to reach the rule of cryptocurrencies in the light of Shari'a objectives. There are many questions about cryptocurrencies, the rule of participation in mining pools, and the rule of their use in contracts of Sale, Purchase and Exchange; the study answers these questions in the light of the objectives of Islamic Shari’a law.
Methodology: The descriptive method is used as well as the deductive and analytical methods. The issue is studied according to the scientific foundations of the study of Fiqh An-Nawazil (contemporary issues jurisprudence), and after consulting a number of experts; for a correct true-to-life understanding of the issue.
Findings: It has been concluded that cryptocurrencies do not meet the requirements of currency according to Islamic law, lack public acceptance and popularity among the people, and is not used to evaluate goods and services in general. Furthermore, cryptocurrency neither holds intrinsic value nor can it be utilized in deferred payments, and no state or authority adopts or is able to guarantee them.
Originality: The magnitude of the economic and monetary problems that may arise as a result of the trading of cryptocurrencies should be the subject of a Fiqhi (Islamic Jurisprudential) research. Accordingly, this study addresses the ruling of those currencies in the light of the objectives related to financial conduct. A recommendation is made to present the matter to Fiqhi councils in order to reach all the related Shari’a provisions.
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Keywords
Cryptocurrencyobjectives of Islamic Lawbitcoinelectronic currency
References
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Irshad, 1390 A.H.), 1st ed..
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• Al-Izz, Abd Al-Aziz bin Abdul-Salam, Qawaid Al-Ahkam fi Masalih Al-Anam, (in Arabic), ed. Taha Abdul-Rauf Sad, (Cairo: Maktabat Al-Kulliyaht Al-Azhariyyah, 1991) 1st ed..
• Al-Jazrawi, Nura Sabah Aziz, Athar Istimal Al-Nuqud ala Al-Iliktroniyyah Ala Al-Umlah Al-Masrafiyyah, (in Arabic), (Unpublished MA thesis – Kulliyyat Al-Huquq: Jamiat Al-Sharq Al-Awsat, 2011).
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• Al-Musawi, Nuha, et al, Al-Nizam Al-Qanuni li Al-Nuqud Al-Aliktroniyyah, (In Arabic), Majallat Jamiat Babil, (Vo.22, 2nd edition, 2014)
• Al-Nawawi, Muhyuddin b. Sharaf, Al-Majmu, (in Arabic), (Damascus: Dar Al-Fikr), 1st ed..
• Al-Nawawi, Muhyuddin b. Sharaf, Al-Minhaj Sharh Sahih Muslim, (in Arabic), (Beirut: Dar Ihya Al- Turath, 1392 A.H.), 2nd ed..
• Al-Qurtubi, Abu Abdillah Muhammad ibn Ahmad, Al-Jami li Ahkam Al-Quran, (In Arabic), ed. Ahmad Al-Barduni, (Cairo: Dar Al-Kutub Al-Misriyyah, 1384 A.H.), 8th ed..
• Al-Ramli, Shams Al-Din Muhammad, Nihayat Al-Muhtaj, (in Arabic), (Beirut: Dar Al-Fikr, 1984), 1st ed..
• Al-Raysuni, Ahmad, Nazariyyat Al-Maqasid inda Al-Shatibi, (in Arabic), (Al-Dar Al-Ilmiyyah lil Kitab, 1992), 1st ed..
• Al-Razi, Muhammad b. Abi Bakr, Mukhtar Al-Sihah, (in Arabic), ed. Yusuf Muhammad, (Beirut: Al- Maktabah Al-Asriyyah, 1999), 5th ed..
• Al-Saghir, Jawad, Badalan min Shiraiha, Tariqah Ukhra lil-Husul ala Bitcoin, (In Arabic), https://www. alhurra.com/a/bitcoin-mining/410470.html, retrieved on January 2, 2018.
• Al-Salus, Ali Ahmad, Al-Nuqud wa Istibdal Al-Umlat, (in Arabic), (Kuwait: Maktabat Al-Falah, 1405 A.H,), 1st ed..
• Al-Saudi, Muassasat Al-Naqd Al-Arabi, Mujaddadan Al-Tahthir min Al-Tamul bi-Umlat Bitcoin”, (In Arabic), http://www.ajel.sa/local/1905566, retrieved on December 27, 2017.
• Al-Sharqawi, Mahmud, Mafhum Al-Amwal Al-Masrafiyyah Al-Aliktroniyyah, (In Arabic), (Dubai: Mutamar Al-Amal Al-Masrafiyyah, 2003).
• Al-Shatibi, Abu Ishaq Ibrahim, Al-Muwafaqat fi Usul Al-Shariah, (in Arabic), ed. Abdullah Darraz, (Beirut, Dar Al-Kutub Al-Ilmiyyah), 1st ed..
• Al-Shirbini, Shams Al-Din Muhammad Al-Khatib, Mughni Al-Muhtaj, (In Arabic), (Beirut: Dar Al-Kutub Al-Ilmiyyah, 1415 A.H.), 1st ed..
• Al-Subki, Taj Al-Din. Al-Ashbah wa Al-Nazair, (in Arabic), (Beirut: Dar Al-Kutub Al-Ilmiyyah, 1411 A.H.), 1st ed..
• Al-Suyuti, Jalal Al-Din, Al-Ashbah wa Al-Nazair, (in Arabic), (Beirut: Dar Al-Kutub Al-Ilmiyyah, 1411 A.H.), 1st ed..
• Al-Zabidi, Abu Al-Fayd Muhammad, Taj Al-Arus, (in Arabic), (Dar Al-Hidayah). 1st ed..
• Al-Zarqa, Ahmad, Sharh Al-Qawaid Al-Fiqhiyyah, (in Arabic), (Dar Al-Gharb Al-Islami, 1403 A.H.), 1st ed..
• ArabBit, Fariq Mawqi “ArabBit”, (In Arabic), https://arabbit.net, retrieved on January 31, 2018.
• Dar Al-Ifta Al-Filistiniyyah, Qarar Majlis Al-Ifta Raqam 58/1 - (Dec, 14,2017).
• Eng-Tuck Cheah, John Fry, Speculative bubbles in Bitcoin markets, Economics Letters, Volume 130, May 2015, Pages 32 - 36.
• Fariz, Ziyyad, “Al-Bank Al-Markazi Al-Urduni Yuhathiru min Al-Tamul ma Umlat Bitcoin”, (In Arabic), http://www.gerasanews.com/article/287007, retrieved on December 26, 2017.
• Gerald P. Dwyer, The economics of Bitcoin and similar private digital Currencies, Journal of Financial Stability, Volume 17, April 2015, Pages 81 -91.
• Husayn, Ali Musa, Maqsad Hifz Al-Mal Fi Al-Tasarrufat Al-Maliyyah, (in Arabic), (Unpublished PhD Thesis – Jamiat Al-Haj Lakhdar, Batna, 2010).
• Ibn Ali, Yuqarza, Sharh Mufassal li-Umlat Bitcoin, (In Arabic), http://www.it-scoop.com/2014/02/bit coins a-detailed-yet-easy-to-understand-explaination, retrieved on December 12, 2017.
• Ibn Al-Qayyim, Shams Al-Din Muhammad, Ilam Al-Muwaqqin, (in Arabic), ed. Muhammad A. Ibrahim, (Beirut, Dar Al-Kutub Al-Ilmiyyah, 1411 A.H.), 1st ed..
• Ibn Ashur, Muhammad Al-Tahir, Maqasid Al-Sharia Al-Islamiyyah, (in Arabic), ed. Muhammad Al-Misawi, (Amman: Dar Al-Nafais, 2001), 2nd ed..
• Ibn Manzur, Jamal Al-Din b. Makram, Lisan Al-Arab, (In Arabic), (Beirut: Dar Sadir, 1414 A.H.), 3rd ed..
• Ibn Muflih, Burhan Al-Din Ibrahim, Al-Mubdi fi Sharh Al-Muqni, (In Arabic), (Beirut: Dar Al-Kutub Al- Ilmiyyah, 1418), 1st ed..
• Ibn Rushd, Abu Al-Walid Al-Qurtubi, Bidayat Al-Mujtahid, (in Arabic), (Cairo: Dar Al-Hadith, 2004).
• Ibn Taymiyyah, Ahmad b. Abd Al-Halim, Al-Qawaid Al-Nuraniyyah,(in Arabic), ed. Ahmad Al-Khalil, (Dar Ibn Al-Jawzi, 1422 A.H.), 1st ed..
• Ibn Taymiyyah, Ahmad b. Abd Al-Halim, Majmu Al-Fatawa, (in Arabic), ed. Abd Al-Rahman b. Qasim, (Al- Madinah Al-Munawwarah: Mujamma Al-Malik Fahad, 1416 A.H.) 1st ed..
• Ibn Zaghiba, Izz Al-Din, Maqasid Al-Sharia Al-Khasah bi Al-Tasarrufat Al-Maliyyah, ed. Nur Al-Din Saghiri, (in Arabic), (Dubai, Markaz Jumuah Al-Majid, 2001), 1st ed.
• Ibrahim Ashraf, Al-Umlah Al-Muzlimah”, (In Arabic), http://midan.aljazeera.net/reality/economy/2017/10/31/%D8%A7%D9%84%D8%B9%D9%85, retrieved on January 7, 2018.
• Nakamatu, Satushi, Al-Bitcoin Nizam Umlat Al-Nad li Al-Nad Al-Iliktroniyyah, (In Arabic), www.bitcoin.org/bitcoin.pdf, retrieved on December 28, 2017.
• Salah, Abdul-Fattah, Al-Bitcoin Umlah Iliktroniyyah Mushaffarah, (In Arabic), https://www.alaraby. co.uk/economy/2017/12/31), retrieved on January 2, 2018.
• Talab, Ahmad, Tharwat Al-Arab Talhathu Khalfa Bitcoin, (In Arabic), https://www.sasapost.com/thewealth- of-the-arabs-is-behind-the-bitcoin-is-it-a-threat-to-the-economy, Retrieved on January 5, 2018.
• Turkiyya, Al-Hayah Al-Ulya li Al-Shun Al-Diniyyah, Al-Tamul bi Al-Umlah Al-Iliktroniyyah Haram”, (In Arabic), http://www.altoprealestate.ae/tahrim-taamol-bi-takwin, retrieved on January 2, 2018.
How to Cite
Assaf, Mohammad Motlaq. 2019. “Cryptocurrency According to the Objectives of Islamic Law: Bitcoin As a Case Study”. Journal of College of Sharia and Islamic Studies 36 (2). https://doi.org/10.29117/jcsis.2019.0215.
Section
Articles in Arabic