Degree
Master of Science in Islamic Banking & Finance
Department
Department of Finance
Faculty/ School
School of Business Studies (SBS)
Date of Submission
Summer 2024
Supervisor
Dr. Fawad Ahmed, Assistant Professor, Department of Finance, Institute of Business Administration (IBA), Karachi
Keywords
Cryptocurrencies, Blockchain, Bitcoin, Fintech, Shariah screening of cryptocurrencies, Shariah scholars
Abstract
This Qualitative study aims to know cryptocurrencies' legal and Shariah status, the perspective of scholars, adoption, basis, and parameters of Halal and Haram, not only crypto but also the Shariah status of Crypto related products Like NFT (Non-fungible tokens), Zakat on cryptocurrencies, and general misconception about cryptocurrencies. Data for qualitative research were collected through interviews with Shariah scholars, IT experts especially in Blockchain, Islamic Finance professionals, and Academia. This information was gathered from 20 people including 4 PhD Doctors, 10 Shariah scholars, 5 Islamic finance enthusiasts, and 1 Full-time Professor from all around the globe (including Pakistan, UAE, UK, and others). The data were collected from Shariah scholars from different schools of thought. Thematic analysis was performed based on answers received by Shariah Scholars responses. The problem is cryptocurrencies are a comparatively new topic among Scholars, IT, and Finance experts because of their complex structure called Blockchain. Most scholars come from NON-IT and Finance backgrounds, so it is difficult for them to understand the mechanism of cryptocurrencies. Very few scholars comprehend cryptocurrencies. Another problem is that there are more than 30,000 active coins, and tokens listed in the market and new ones are coming daily. It is very difficult to evaluate and scrutinize every coin by Shariah scholars, so they make a few propositions to analyze and evaluate them. This Research paper undertakes a qualitative analysis of the views of Shariah scholars about cryptocurrencies. Shariah scholars are the ones who can assist and guide the proletariat. Their judgment is very important to follow the right because laymen cannot find everything directly in the Quran and Sunnah.
Document Type
Restricted Access
Submission Type
Research Project
Recommended Citation
Huzaifa, M. (2024). Overview of Cryptocurrencies and Shariah Status around the Globe (Unpublished graduate research project). Institute of Business Administration, Pakistan. Retrieved from https://ir.iba.edu.pk/etd-ms-ibf/48
Backup Presentation. M.Huzaifa 19875.pptx (4667 kB)
Final Presentation-MUhammad Huzaifa 19875.pptx (919 kB)
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