Bitcoin in Islamic model

• Main Authors: Alkamali, Mohammed Abdulrahman, Hassanmohamedalyassi, Hamad Mohamed, Alfzari, Ali Mohamed, Alyahyaee, Uhannadsulaiman, Ishaqgholoom, Abdallah, Rosman, Arieffsalleh
• Format: Article
• Language: English
• Published: International Journal Documentation & Research Institute (IJDRI) 2022
• Subjects: H Social Sciences (General)
• Online Access: http://eprints.utm.my/104720/1/ArieffsallehRosman2022_BitcoininIslamicModel.pdf; http://eprints.utm.my/104720/; http://dx.doi.org/10.5281/zenodo.5889111
• Institution: Universiti Teknologi Malaysia

This research deals with the topic of virtual currencies and the possibility of investing in them from an Islamic point of view, as it is one of the most important outputs of technological development in the last decade, with a unique specification that some will accept as a method of payment. The research problem lies in the fact that virtual currencies are the subject of great controversy and disagreement between a category in which there are many suspicions as it is fake and has no physical existence and a category in which you see the salvation from the control of the US dollar over the world, and since these virtual currencies are still modern, there is no unified legal ruling that determines dealing with them, the provisions of financial transactions do not apply to them, and banks and financial bodies do not control their exchange rate, as well as the existence of a number of obstacles that prevent them from being used in Islamic financial transactions, in addition to the scarcity of research on this topic. On this basis, we tried in this research to achieve a set of goals, starting with identifying the history of virtual currencies, their origins, their generation techniques, studying how to invest in Islamic way, knowing the legal controls for Islamic investment, and finally arriving to present the Islamic model for the issue of investing in virtual currencies, relying on the deductive approach to reach the desired results using mental and logical thinking.