Islamic approach toward purification of transaction with cryptocurrency
This paper presents a qualitative study that examine the perception of users on Islamic approach toward purification of transaction with cryptocurrency. Bitcoin is has been used as a case study which is one of the type of cryptocurrency. There are huge discrepancies from many Islamic school of tho...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English English |
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Journal of Theoretical and Applied Information Technology
2020
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/80375/ http://irep.iium.edu.my/80375/1/80375_Islamic%20approach%20toward%20purification.pdf http://irep.iium.edu.my/80375/2/80375_Islamic%20approach%20toward%20purification_SCOPUS.pdf |
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| author | Al-Hussaini, Nigeria Ibrahim, Adamu Abubakar Noordin, Mohamad Fauzan Mohd Mohadis, Hazwani |
| author_facet | Al-Hussaini, Nigeria Ibrahim, Adamu Abubakar Noordin, Mohamad Fauzan Mohd Mohadis, Hazwani |
| author_sort | Al-Hussaini, Nigeria |
| building | IIUM Repository |
| collection | Online Access |
| description | This paper presents a qualitative study that examine the perception of users on Islamic approach toward
purification of transaction with cryptocurrency. Bitcoin is has been used as a case study which is one of the
type of cryptocurrency. There are huge discrepancies from many Islamic school of thought about
transaction with bitcoin. Specifically, some school of thought viewed it as a tool used for illegal purposes
and that the global public already uses Bitcoin mostly for illegal and non-Shari’ah-compliant purposes
under Islamic perceptions. As a result, this study developed an interview-qualitative research approach in
order to examine how the negative perceptions of cryptocurrency from Islamic views cnd be purify. Sample
of Eight informant were used in the study. The finding of this study indicated that the use of cryptocurrency
as a legitimate as any payment method. It is also argued that it facilitated transactions and cut the normal
cost of international money transfer, and some Muslim countries are actively encouraging the use of
cryptocurrency due to its easy use and transparency. This has been also supported by “hadith”. Finally, the
analysis also confirmed that from the Shari'ah point of view, cryptocurrencies are as compliant as fiat
money and ought to be accepted as another mode of payment that can be used in transaction as its value can
be measured and quantified. Therefore, this study has contributed in understanding the Islamic views
behind the implementation of cryptocurrency. |
| first_indexed | 2025-11-14T17:48:53Z |
| format | Article |
| id | iium-80375 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English English |
| last_indexed | 2025-11-14T17:48:53Z |
| publishDate | 2020 |
| publisher | Journal of Theoretical and Applied Information Technology |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | iium-803752020-09-28T02:52:09Z http://irep.iium.edu.my/80375/ Islamic approach toward purification of transaction with cryptocurrency Al-Hussaini, Nigeria Ibrahim, Adamu Abubakar Noordin, Mohamad Fauzan Mohd Mohadis, Hazwani HG221 Bitcoin/Cryptocurrency/Block Chain This paper presents a qualitative study that examine the perception of users on Islamic approach toward purification of transaction with cryptocurrency. Bitcoin is has been used as a case study which is one of the type of cryptocurrency. There are huge discrepancies from many Islamic school of thought about transaction with bitcoin. Specifically, some school of thought viewed it as a tool used for illegal purposes and that the global public already uses Bitcoin mostly for illegal and non-Shari’ah-compliant purposes under Islamic perceptions. As a result, this study developed an interview-qualitative research approach in order to examine how the negative perceptions of cryptocurrency from Islamic views cnd be purify. Sample of Eight informant were used in the study. The finding of this study indicated that the use of cryptocurrency as a legitimate as any payment method. It is also argued that it facilitated transactions and cut the normal cost of international money transfer, and some Muslim countries are actively encouraging the use of cryptocurrency due to its easy use and transparency. This has been also supported by “hadith”. Finally, the analysis also confirmed that from the Shari'ah point of view, cryptocurrencies are as compliant as fiat money and ought to be accepted as another mode of payment that can be used in transaction as its value can be measured and quantified. Therefore, this study has contributed in understanding the Islamic views behind the implementation of cryptocurrency. Journal of Theoretical and Applied Information Technology 2020-03-30 Article PeerReviewed application/pdf en http://irep.iium.edu.my/80375/1/80375_Islamic%20approach%20toward%20purification.pdf application/pdf en http://irep.iium.edu.my/80375/2/80375_Islamic%20approach%20toward%20purification_SCOPUS.pdf Al-Hussaini, Nigeria and Ibrahim, Adamu Abubakar and Noordin, Mohamad Fauzan and Mohd Mohadis, Hazwani (2020) Islamic approach toward purification of transaction with cryptocurrency. Journal of Theoretical and Applied Information Technology, 98 (6). pp. 1050-1067. ISSN 1992-8645 E-ISSN 1817-3195 http://www.jatit.org/volumes/Vol98No6/12Vol98No6.pdf |
| spellingShingle | HG221 Bitcoin/Cryptocurrency/Block Chain Al-Hussaini, Nigeria Ibrahim, Adamu Abubakar Noordin, Mohamad Fauzan Mohd Mohadis, Hazwani Islamic approach toward purification of transaction with cryptocurrency |
| title | Islamic approach toward purification of transaction with cryptocurrency |
| title_full | Islamic approach toward purification of transaction with cryptocurrency |
| title_fullStr | Islamic approach toward purification of transaction with cryptocurrency |
| title_full_unstemmed | Islamic approach toward purification of transaction with cryptocurrency |
| title_short | Islamic approach toward purification of transaction with cryptocurrency |
| title_sort | islamic approach toward purification of transaction with cryptocurrency |
| topic | HG221 Bitcoin/Cryptocurrency/Block Chain |
| url | http://irep.iium.edu.my/80375/ http://irep.iium.edu.my/80375/ http://irep.iium.edu.my/80375/1/80375_Islamic%20approach%20toward%20purification.pdf http://irep.iium.edu.my/80375/2/80375_Islamic%20approach%20toward%20purification_SCOPUS.pdf |