A qualitative approach to evaluate the reconciliation of GOLDX and OneGram in Islamic Finance

Marwan Abdeldayem and Saeed Hameed Al Dulaimi (saeed.aldulaimi@asu.edu.bh)
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Saeed Hameed Al Dulaimi: College of Administrative Sciences, Applied Science University (ASU), P.O Box 5055 Manama Kingdom of Bahrain

Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, 2021, vol. 39, issue 1, 113-134

Abstract: The purpose of this study is two-folded. The first purpose is to examine the perception of Islamic finance experts and Shariah scholars on the Islamic cryptocurrency (i.e., GOLDX and OneGram). The question is whether it has a role in reconciling cryptocurrency in Islamic finance. The second is to introduce the new Islamic cryptocurrency to serve these rich Islamic populaces. The study used a qualitative research approach by conducting interviews to explore the Islamic scholars’ views on the framework of the new Islamic cryptocurrency. The scholars have been deemed to meet particular requirements of having comprehensive knowledge and have extensive experience in both the Islamic Shariah and cryptocurrency. Accordingly, the number of such scholars was limited, and eventually, with the access offered only to five scholars from different Islamic countries. We thoroughly analyzed the collected data from the interviews. The findings reveal that Islamic law is absent on the essential models for the conventional cryptocurrency utilization(such as bitcoin) as either a legitimate or illicit apparatus exchange device. Consequently, introducing new Islamic cryptocurrencies is to reconcile cryptocurrencies such as GOLDX and OneGram. They will play a vital role in attracting more than 1.5 billion Muslims around the globe to enter the world of cryptocurrency.

Keywords: cryptocurrency; GOLDX; OneGram; Fintech; Islamic finance (search for similar items in EconPapers)
JEL-codes: G15 G32 (search for similar items in EconPapers)
Date: 2021
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