Beyond the Jurisprudential Quagmire: Perspectives on the Application of Digital Currencies and Blockchain Technology in Islamic Economics and Finance

Evren Tok ()
Additional contact information
Evren Tok: Hamad Bin Khalifa University

Chapter Chapter 8 in Fintech, Digital Currency and the Future of Islamic Finance, 2021, pp 147-167 from Springer

Abstract: Abstract Digital currencies have received a mixed response from the Islamic banking and finance (IB&F) industry. As Shariah permissibility (or ‘compliance’) strongly influences the demand for and supply of products in the IF&B industry, the verdicts reached by Shariah scholars on digital currencies have a strong bearing on their adoption amongst users. However, the degree of divergence in verdicts (fatwas) on cryptocurrencies—ranging from impermissibility to permissibility—has added to uncertainty regarding the viability of digital currencies within the industry. Nevertheless, actors within the industry are trying to find ways in which digital currencies and the underlying technology may be applied successfully to promote the principles and objectives of Islamic economics and finance that seek to promote the holistic wellbeing of humankind. This chapter analyses pertinent regulatory issues surrounding digital currencies in general, and for Islamic economics and finance in particular.

Keywords: Bitcoin; Blockchain; Regulation; Islamic economy and finance (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-49248-9_8

Ordering information: This item can be ordered from
http://www.springer.com/9783030492489

DOI: 10.1007/978-3-030-49248-9_8

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().