In-depth analysis of blockchain, cryptocurrency and sharia compliance

Shahnawaz Khan and Mustafa Raza Rabbani

International Journal of Business Innovation and Research, 2022, vol. 29, issue 1, 1-15

Abstract: The high return on cryptocurrency has not only attracted the Muslim investors but it has also provided an opportunity for the Muslim entrepreneurs to raise funds by issuing the online coin. Most of the scholars believe that blockchain technology is consistent with sharia requirements. Still, cryptocurrency is considered controversial and declared haram by most of the sharia scholars. Against such a backdrop, the present study tries to achieve two objectives. The first objective of this study is to investigate the technical architecture of blockchain technology and its application in cryptocurrencies. The second objective of the study is to find out the sharia compliance of the cryptocurrency and online tokens like Bitcoin.

Keywords: blockchain; Merkle tree; cryptocurrency; disruptive technology; financial technology; FinTech; digital banking; financial innovation; Bahrain; Bitcoin. (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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