Tri Lingual Categorization of Opinions on Bitcoin and Crypto Currencies: An Islamic Perspective

Authors

  • Owais Paracha Jamia tur Rasheed, Karachi

Keywords:

Bitcoin, Crypto, Currencies, Islam, Investment

Abstract

Bitcoin and other Virtual currencies (which are called “crypto currencies”) have been very popular during the last few years. Specially, in case of Bitcoin which became a hot topic on media when its price surged to $20,000 in 2017. People rushed towards it and tried to buy as much as they can. Muslim people started asking scholars about the Shariah guidance. That was a very new technology and scholars and legislators, both knew very little about them. Also there were many points which have to be considered before issuing Fatwa (Shariah guidance) like nature of money and its status according to Shariah, status of a money which have no guarantee or support from a government, possibility of fraud and hacking in these currencies and uncertainty if invested in them etc. Due to these points and difference of research results scholar have different opinions. The aim of this study is to collect popular opinions from Arabic, Urdu and English work and categorize their result so it can be easy to do more work on this topic.

Author Biography

Owais Paracha , Jamia tur Rasheed, Karachi

Scholar, Jamia tur Rasheed, Karachi, Sindh, Pakistan

References

Abu-Bakar, M. M. (2018, May 24). Shariah Analysis of Bitcoin, Cryptocurrency, and Blockchain. Retrieved 04 29, 2020, from Blossomfinance: bolama.io/wp-content/uploads/2018/08/Shariah-Analysis-of-Bitcoin-Cryptocurrency-Blockchain-3-1.pdf

Adam, M. F. (2017). Bitcoin: Shariah Compliant? Amanah Finance Consultancy. Retrieved 4 29, 2020, from http://www.iefpedia.com/english/wp-content/uploads/2017/12/Bitcoin-Shariah-Compliant-Mufti-Faraz-Adam.pdf

Al-Aqeel, A. (2018, 01 14). الأحكام الفقهية المتعلقة بالبتكوين. Retrieved 04 29, 2020, from islamway: https://ar.islamway.net/book/29585/%D8%A7%D9%84%D8%A3%D8%AD%D9%83%D8%A7%D9%85-%D8%A7%D9%84%D9%81%D9%82%D9%87%D9%8A%D8%A9-%D8%A7%D9%84%D9%85%D8%AA%D8%B9%D9%84%D9%82%D8%A9-%D8%A8%D8%A7%D9%84%D8%A8%D8%AA%D9%83%D9%88%D9%8A%D9%86

Allen, L. (2009). The Encyclopedia Of Money (2nd ed.). ABC-CLIO.

Al-Shareef, Y. (2020). الاحكام و الضوابط الفقهية المتعلقة بالنقود الرقمية الالكترونية. مجلة جامعة الملك عبدالعزيز: الآداب و العلوم الانسانية, 28(5), 29-57. doi:10.4197/Art.28-5.2

Antonopoulos, A. M. (2014). Mastering Bitcoin. O'Reilly Media Inc.

Berkey, W. A. (1876). The Money Question. Grand Rapids Mich. Retrieved 4 26, 2020, from https://archive.org/details/moneyquestion00berkrich/page/n6/mode/2up

Black, H. C. (1990). Black's Law Dictionary (6th ed.). St. Paul, Minn. West Publishing Co.

Collom, E. (2005). Community currency in the United States: the socialenvironments in which it emerges and survives. Environment and Planning, 37, 1565-1587. doi:10.1068/a37172

Crowther, G. (1941). An Outline Of Money. Thomas Nelson And Sons Ltd.

Darulifta Al-Misriyah. (2017, 12 28). تداول عملة البيتكوين والتعامل بها. Retrieved 04 30, 2020, from dar-alifta.org: https://www.dar-alifta.org/AR/ViewFatwa.aspx?ID=14139&LangID=1

Davies, G. (2002). A History of Money (3rd ed.). University of Wales press.

Deoband, D. (n.d.). Retrieved 04 29, 2020, from darulifta-deoband.com: https://www.darulifta-deoband.com/home/ur/Halal--Haram/146744

Desai, M. I. (2018, September 23). Retrieved 04 30, 2020, from Ask Imam: http://www.askimam.org/public/question_detail/40855

Frankenfield, J. (2020, 2 2). Altcoin. Retrieved 4 23, 2020, from investopedia: https://www.investopedia.com/terms/a/altcoin.asp

General authority of Islamic affairs and endowment. (2018, 01 30). حكم التعامل بالبتكوين. Retrieved 04 30, 2020, from awqaf.gov.ae: https://www.awqaf.gov.ae/ar/Pages/FatwaDetail.aspx?did=89043

Global Legal Research Directorate. (2018). Regulation of cryptocurrency around the world. The Law Library of Congress.

Graeber, D. (2011). Debt, The First 5000 Years. Melville House.

Gupta, M. (2017). Blockchain for Dummies. John Wiley & Sons Inc.

Hayderi, T. (2017, June). ڈیجیٹل کرنسی اور ون کوائن (Onecoin) کمپنی کا کاروبار! Retrieved 04 29, 2020, from banuri.edu.pk: https://www.banuri.edu.pk/bayyinat-detail/%DA%88%DB%8C%D8%AC%DB%8C%D9%B9%D9%84-%DA%A9%D8%B1%D9%86%D8%B3%DB%8C-%D8%A7%D9%88%D8%B1-%D9%88%D9%86-%DA%A9%D9%88%D8%A7%D8%A6%D9%86-onecoin-%DA%A9%D9%85%D9%BE%D9%86%DB%8C-%DA%A9%D8%A7-%DA%A9%D8%A7%D8%B1%D9%88%D8%A8

Hazarvi, M. A. (2017, November 17). بٹ کوئن کی ٹریڈنگ کا کیا حکم ہے؟. Retrieved 04 30, 2020, from thefatwa: https://www.thefatwa.com/urdu/questionID/4523/%D8%A8%D9%B9-%DA%A9%D9%88%D8%A6%D9%86-%DA%A9%DB%8C-%D9%B9%D8%B1%DB%8C%DA%88%D9%86%DA%AF-%DA%A9%D8%A7-%DA%A9%DB%8C%D8%A7-%D8%AD%DA%A9%D9%85-%DB%81%DB%92/

Hollander, D. (2007). Money in the Late Roman Republic. Boston: Brill.

Ibn Abideen, A. (n.d.). مجموعة رسائل ابن عابدين.

Ibn Khaldun, A. (1988). ديوان المبتداء و الخبر (2nd ed.). Dar ul Fikr.

IMF, S. (2016). Virtual Currencies And Beyond. IMF.

Khazan, A. (2018). الاحكام الفقهية للصرف الالكتروني. University of Eloued. Retrieved 04 29, 2020, from http://dspace.univ-eloued.dz/handle/123456789/2681

Lee, R. (1996). Moral money? LETS and the social construction of local economic geographies in Southeast England . Environment and Planning, 28, 1377-1394. Retrieved 4 28, 2020, from https://journals.sagepub.com/doi/pdf/10.1068/a281377

Lewis, N. (2007). Gold The Once And Future Money. John Wiley And Sons.

Mazahiri, M. M. (2018). بٹ کوئن کی حقیقت اور اس کا شرعی حکم. Ethical Business Consultants.

Meera, A. M. (2018). Cryptocurrencies From Islamic Perspectives: The Case Of Bitcoin. Buletin Ekonomi Moneter Dan Perbankan, 20(04), 475-492. doi:10.21098/bemp.v20i4.902

Miqreezi, T. (1998). رسائل المقريزي (1st ed.). Cairo: Dar ul Hadith.

Miqreezi, T. U. (2007). اغاثة الامة (1st ed.). Ein For Human And Social Studies.

Muhammad, Z., & Muhammad, S. (2017). Crypto Mania: The Shariah Verdicts. CIAWM. Retrieved 04 29, 2020, from https://ikr.inceif.org/bitstream/INCEIF/2889/1/crypto_mania_ziyaad_shamsher.pdf

Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System (1st ed.). https://bitcoin.org. Retrieved from https://bitcoin.org/bitcoin.pdf

Oram, A. (2001). Peer-to-Peer, Hanessing the Benefits of Disruptive technology (1st ed.). USA: O'Reilly. Retrieved April 21, 2020, from https://archive.org/details/peertopeerharnes00oram_0/page/n21/mode/2up

Paracha, O. (2018). ورچوئل کرنسیوں کی شرعی حیثیت (1st ed.). Retrieved 4 22, 2020, from https://archive.org/details/VCs_Sharai_Hesiat/mode/2up

Rehmani, K. S. (2018, July). بٹ کوئن ایک فرضی کرنسی. آئینہ مظاہر علوم سہارنپور, 21-25. Retrieved 04 30, 2020, from http://www.elmedeen.com/read-book-5424&page=21&q=%D8%A8%D9%B9%20%DA%A9%D9%88%D8%A6%D9%86#page-21&viewer-text

Downloads

Published

30-06-2022

How to Cite

Owais Paracha. (2022). Tri Lingual Categorization of Opinions on Bitcoin and Crypto Currencies: An Islamic Perspective. Karachi Islamicus, 2(1). Retrieved from http://karachiislamicus.com/index.php/ki/article/view/7