Author First name, Last name, Institution

Man Baker, Zayed University
Muhammed Semai, University of Sharjah

ORCID Identifiers

0000-0002-4880-6666

Document Type

Article

Source of Publication

Religions

Publication Date

7-1-2020

Abstract

© 2020 by the authors. Licensee MDPI, Basel, Switzerland. This article discusses the Islamic juristic position of virtual currencies. In the classical period, jurists differed on the reason behind Islam’s prohibition of usury when dealing with precious metals and their derivatives, with the majority arguing that this is because they are considered to hold value (thamaniyya). The cause (illa) of “holding value” can therefore be applied through analogy (qiyās) to all things understood by the laity to hold value in any era. In the contemporary period, this cause can also be applied to virtual currencies such as Bitcoin if they fulfill the following ethical conditions: customary acceptance, legal validity, and value stability.

ISSN

2077-1444

Publisher

MDPI AG

Volume

11

Issue

7

First Page

1

Last Page

11

Disciplines

Business

Keywords

Bitcoin, Islamic law, Virtual currencies

Scopus ID

85089539657

Creative Commons License

Creative Commons Attribution 4.0 License
This work is licensed under a Creative Commons Attribution 4.0 License.

Indexed in Scopus

yes

Open Access

yes

Open Access Type

Gold: This publication is openly available in an open access journal/series

Included in

Business Commons

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