A comparative fiqh in Islamic finance: analysis for bitcoin issues in Islamic perspective / Ainul Fatinah Dayini Mohd Sabri … [et al.]

Mohd Sabri, Ainul Fatinah Dayini and Norlizal, Norain Husna and Roslan, Ruhil Farhanim and Sabri, Nur Huda Syazana and Abdul Moin, Nur Asyiqin (2023) A comparative fiqh in Islamic finance: analysis for bitcoin issues in Islamic perspective / Ainul Fatinah Dayini Mohd Sabri … [et al.]. [Student Project] (Unpublished)

Abstract

The public has been debating the currency problem on a regular basis recently. In addition to operating on a decentralized network known as the blockchain, which acts as a public ledger maintaining a record of all transactions ever made with the currency, Bitcoin also becomes one of the commodities tools. Although Bitcoin has been introduced to the public since 2009, it is still not trusted as an investment tool. Islamic teachings do not refuse to make changes or improvements to existing things. Existing improvements are highly encouraged for the benefit of the Muslim community in knowing the law for all matters. However, every improvement must be referred to Scholars and experts in determining the law, especially Bitcoin. An article in Berita Malaysia Now online, states that Malaysia does not recognize cryptocurrencies including Bitcoin and Ethereum as legal tender for daily transactions. Cryptocurrencies are not suitable for use as payment instruments because they do not exhibit the universal characteristics of money. (Malaysia Now)

The scarcity of Bitcoin makes it unique. In contrast to conventional fiat currencies, which may be manufactured at will, there are a maximum of 21 million coins available in Bitcoin. Its value has increased dramatically over time as a result of its scarcity and rising demand, making it an appealing investment asset for many.

Metadata

Item Type: Student Project
Creators:
Creators
Email / ID Num.
Mohd Sabri, Ainul Fatinah Dayini
2021603808
Norlizal, Norain Husna
2021847212
Roslan, Ruhil Farhanim
2021822574
Sabri, Nur Huda Syazana
2021462186
Abdul Moin, Nur Asyiqin
2021899826
Contributors:
Contribution
Name
Email / ID Num.
Advisor
Mustapha, Ahmad Murshidi
UNSPECIFIED
Subjects: B Philosophy. Psychology. Religion > BP Islam. Bahaism. Theosophy, etc > Islam > Islamic ethics
B Philosophy. Psychology. Religion > BP Islam. Bahaism. Theosophy, etc > Islam > Islam and economics
B Philosophy. Psychology. Religion > BP Islam. Bahaism. Theosophy, etc > Islam > Study and teaching. Research
Divisions: Universiti Teknologi MARA, Kelantan > Machang Campus > Academy of Contemporary Islamic Studies (ACIS)
Programme: IMU 601: Fiqh Muqaran
Keywords: Bitcoin, Muslim, Islamic teachings, Cryptocurrencies, transactions, study
Date: 2023
URI: https://ir.uitm.edu.my/id/eprint/114283
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