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559 results · page 19 of 24
Mobeen Ur Rehman, Nadia Asghar, Sang Hoon Kang
No abstract is available for this record.
Nigeria Al-Hussaini, Adamu Abubakar Ibrahim, Mohamad Fauzan Noordin, Hazwani Mohd Mohadis
This paper presents a qualitative study that examine the perception of users on Islamic approach toward \npurification of transaction with cryptocurrency. Bitcoin is has been used as a case study which is one of the \ntype of cryptocurrency. There are huge discrepancies from many Islamic school of thought about \ntransaction with bitcoin. Specifically, some school of thought viewed it as a tool used for illegal purposes \nand that the global public already uses Bitcoin mostly for illegal and non-Shariâah-compliant purposes \nunder Islamic perceptions. As a result, this study developed an interview-qualitative research approach in \norder to examine how the negative perceptions of cryptocurrency from Islamic views cnd be purify. Sample \nof Eight informant were used in the study. The finding of this study indicated that the use of cryptocurrency \nas a legitimate as any payment method. It is also argued that it facilitated transactions and cut the normal \ncost of international money transfer, and some Muslim countries are actively encouraging the use of \ncryptocurrency due to its easy use and transparency. This has been also supported by âhadithâ. Finally, the \nanalysis also confirmed that from the Shari'ah point of view, cryptocurrencies are as compliant as fiat \nmoney and ought to be accepted as another mode of payment that can be used in transaction as its value can \nbe measured and quantified. Therefore, this study has contributed in understanding the Islamic views \nbehind the implementation of cryptocurrency.
Shipeng Yan
Although societies are becoming increasingly secularized, religion continues to play an important role worldwide. However, few studies have focused on how religion affects the entrepreneurial emergence novel markets. To address this gap, I examine the impact of Islam, as a decentralized belief system, on entrepreneurship in the context of developing Islamic investment fund markets across countries. I focus on religious diversity within Islam as an instance of intrainstitutional complexity and analyze a country-level panel dataset of Islamic investment funds in addition to complementary qualitative data. Intriguingly, I find that religious diversity within Islam plays a paradoxical role: it promotes the entrepreneurial supply of Islamic investment funds in a country, but it also reduces the investor demand for these funds. This complex effect is moderated by interinstitutional forces: the market logic positively moderates the effect on supply dynamics, whereas the state logic negatively moderates the effect on supply and positively that on demand. This study contributes to the research on religion and market emergence, institutional complexity, and Islamic finance.
Muhammad Shoaib Farooq, Misbah Khan, Adnan Abid
No abstract is available for this record.
Mousa Ajouz, Adam Abdullah, Salina Kassim
The suitability of assets-backed money has been the subject of considerable debate, although hampered in part by lack of theoretical and empirical evidence. Therefore, the motivation of this research is to investigate the perceptions of Shariâah scholars and financial experts on the concepts and salient features of Shariâah-compliant precious metal backed crypto-currency (PMC). To achieve this, this study adopted a qualitative method using semi-structured interview based on saturation technique. The results from Shariâah advisors and financial experts indicated that the informants have differences of views on the assets-backed money, but they agreed that it ensures stability of money and adding the cryptocurrency technology is found to be desirable and recommendable. It is also found that PMC would be subjected to financial regulation challenges and using blockchain technology will increase the transparency. The informants agreed that PMC is closer to MaqÄsid al-Shariâah and there is some form of justice and equality compared to the current interest-based financial system. Therefore, the informants recommended the implementation of PMC.
Mohd Shahid Mohd Noh, Mohamed Syakir Abu Bakar
Cryptocurrency is a new phenomenon in investment industry in particular and financial world in large. The opportunities and threats come one over another in cryptocurrency debate that left people in perplex state whether to accept or reject the currency. In other view, it also brings advantages and inevitable disadvantages since it is operated online that vulnerable to number of threats and danger. This paper tries to examine maqasid views on this currency relying on SWOT analysis then will be viewed on the mirror of maslahah dan mafsadah as main pillars in maqasid al-syariâah. As a result, this issue needs to be studied further since the maslahah and mafsadah sometime interchange the roles as particular, general maslahah and its counterparty since the system is always been designed for the benefits, that yet created the negative implication simultaneously. Furthermore, this innovation could be designed followed the desire of designers with dynamics structure in fulfilling the marketâs needs.
Marco Valeri, Rosario Fondacaro, Cinzia De Angelis, Andrea Barella
This paper aims to evaluate where the application of new fintech solutions like blockchain and cryptocurrencies can be considered as an opportunity to build bridges between Islamic and western culture in order to create a trusted money transfer with low commission and a big transparency and trust. The research question is: Can an Hawala systems based on DLT technologies be considered compliant both with anti-money laundry regulations and with Sharia values? This is a conceptual paper relying upon an understanding of the literature in the fields of technology, sociology, anthropology, criminology and regulatory, as applied to the topic of Islamic practice known as Hawala and emerging new disruptive technologies like Distributed Ledger Technology. The research has been conducted by a literature reviewing on Scopus data base by searching the following keywords: Islamic finance, cryptocurrencies, hawala, stablecoin, globalcoin, money laundering, blockchain. The searching period was set on the last 10 years. The paper discusses some scenarios to define new fintech Hawala system in an evolving scenario of cryptocurrencies, social network commitments and different type of blockchain where it can be digitally transformed by using new fintech technologies while became compliance with anti-money laundering regulations with the respect of Islamic values. As practical implications, this paper could help to encourage researcher and entrepreneurs to evaluate and propose a digital transformation approach with the aim to maintain ancient tradition and, at the same time, apply new technology that improve the life of citizens. As social implications this paper expands upon the understanding of how new fintech solution can be easily be integrated in the real life by using common devices like a mobile phone to be used as wallet for the daily expenses and to receive money from relatives from western countries. The originality/value of this paper is that it covers the literature gap in the field of new fintech solutions applied to Islamic finance by providing a likely proposal by integrating popular tradition, regulations and new technologies. The research limitations and implications are related to that this is a conceptual paper; case studies havenât been treated, so it is not able to say definitively if the outcomes discussed can be defined as an effective solution and can be developed in the real global society, in a future prospective itâll be possible to continue to make researches in this field of application with fintech technologies and Islamic Finance.
Jim Wong, Kelvin Ho
No abstract is available for this record.
Larisa Yarovaya, Ahmed H. Elsayed, Shawkat Hammoudeh
No abstract is available for this record.
Khaled Lafi AL-Naif
The purpose of this study is to investigate the relationship between the exchange rate returns of the top three cryptocurrencies (Bitcoin, Ethereum and Ripple) and eight of Arabian currencies, namely; Egyptian Pound, Iraqi dinar, Lebanese Lira, Moroccan Dirham, Omani Riyal, Qatari riyal Saudi Arabian Riyal, and Tunisian Dinar, against US dollar. Daily exchange rate closing price (against US$) data for the chosen sample in the period between 1st of Jan 2017 and 1st of Jan 2020 were obtained from different sources. To analyze these data, several statistical methods have been used, such as multiple regression analyses, unit root test, and correlations. The results indicated that, (with the exception of Lebanese Lira with Bitcoin and with Ripple, Moroccan Dirham with Ethereum, Iraqi dinar with Ripple), there were no significant relationships between the Arabian currencies and cryptocurrencies exchange rate. On the other hand, the results showed a significant positive relationship between Bitcoin, Ethereum and Ripple. Finally, the study concluded that, since there was a negative relationship between Iraqi dinar and Ripple, the former can benefit in hedging and diversification. The study also concluded that Arabian countries exchange markets do not highly affect the cryptocurrencies markets, which may be due to the absence of legal recognition by governments besides the absence of the public acceptance for such currency.
Mahmuod Lafee Obeedan Khalaf and Thamer Ali Alnwairan
Several major developments have occurred in the world in the field of information technology. That led to the occurrence of several changes in political, social and economic areas of life. The most prominent changes are the ones that occurred in economic areas. Such changes include: the development of virtual currencies. The most prominent virtual currency is Bitcoin. There has been a debate about the use of virtual currencies among contemporary economists and the ones specialized on Fiqh3. Some people support the use of virtual currencies, whereas others are against using them. The present study aims at identifying the meaning of (virtual currencies). It aims to identify the stand of Islamic economy on the use of virtual currencies. There is a need to identify these things due to the increasing use and prevalence of such currencies. ItÂs expected that virtual currency shall become number one currency in the future. It was found that the use of virtual currencies is associated with several risks and suspicious issues which may negatively affect individuals and countries. Therefore, such currencies mustnÂt be sold, bought, or exchanged until providing clear mechanisms for controlling their use.
Mousa Ajouz, Adam Abdullah, Salina Kassim Mousa Ajouz, Adam Abdullah, Salina Kassim
Under the fiat standard, money is no longer backed by any assets, but rather it is backed by debt. The implication of such a system is the emergence of many socio-economic problems. Restoring the value of money has long been a controversial topic, hampered in part by the lack of theoretical and empirical evidences.
Feras Shehada, Mohanad Shehada
No abstract is available for this record.
Shahnawaz Khan, Mustafa Raza Rabbani
The high return on cryptocurrency has not only attracted the Muslim investors but it has also provided an opportunity for the Muslim entrepreneurs to raise funds by issuing the online coin. Most of the scholars believe that blockchain technology is consistent with sharia requirements. Still, cryptocurrency is considered controversial and declared <i>haram</i> by most of the sharia scholars. Against such a backdrop, the present study tries to achieve two objectives. The first objective of this study is to investigate the technical architecture of blockchain technology and its application in cryptocurrencies. The second objective of the study is to find out the sharia compliance of the cryptocurrency and online tokens like Bitcoin.
Mustafa Mustafa, Shahnawaz Khan, Eleftherios
Purpose: The paper aims to review the academic research work done in the area of Islamic financial technology. The Islamic FinTech area has been classified into three broad categories of the Islamic FinTech, Islamic Financial technology opportunities and challenges, Cryptocurrency/Blockchain sharia compliance and law/regulation. Finally, the study identifies and highlights the opportunities and challenges that Islamic Financial institutions can learn from the conventional FinTech organization across the world. Approach/Methodology/Design: The study collected 133 research studies (50 from Social Science Research Network (SSRN), 30 from Research gate, 33 from Google Scholar and 20 from other sources) in the area of Islamic Financial Technology. The study presents the systematic review of the above studies. Findings: The study classifies the Islamic FinTech into three broad categories namely, Islamic FinTech opportunities and challenges, Cryptocurrency/Blockchain sharia compliance and law/regulation. The study identifies that the sharia compliance related to the cryptocurrency/Blockchain is the biggest challenge which Islamic FinTech organizations are facing. During our review we also find that Islamic FinTech organizations are to be considered as partners by the Islamic Financial Institutions (IFIâs) than the competitors. If Islamic Financial institutions want to increase efficiency, transparency and customer satisfaction they have to adopt FinTech and become partners with the FinTech companies. Practical Implications: The study will contribute positively to the understanding of Islamic Fintech for the academia, industry, regulators, investors and other FinTech users. Originality/Value: The study believes to contribute positively to understanding of Fintech based technology like cryptocurrency/Blockchain from sharia perspective.
Dodik Siswantoro, Rangga Handika, Aria Farah Mita
This research aims to evaluate the suitability of cryptocurrency as money from the Islamic perspective. Money, in the Islamic perspective, has specific characteristics and requirements, such as stability and is based on assets. Cryptocurrency may not fulfil this as it has queries as money from the Islamic perspective. The research method applied data of 23 cryptocurrency prices and related information. The result shows that cryptocurrency is hugely volatile and has limits to being called 'money,' as it is limited and used for speculation, which is prohibited in Islam. The research implies that Muslims would be reluctant to use cryptocurrency as money, as a currency of transaction. This reason raise an expectation that the cryptocurrency will not develop rapidly in Muslim countries.
Somjai Fongthiwong, Kanokwan Chancharoenchai
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Questionnaires were employed to collect the data from people that knew about digital currency. The sample consisted of 400 respondents. The statistics employed in the analysis of the data were percentage, arithmetic mean, and standard deviation. The t-test and F-test and logistic regression analysis were applied to estimate the change in the probability of using digital currency with a 0.05 conventional significance level. The results of the study revealed that 172 out of 400 respondents used digital currency for speculative purposes and 288 respondents never used digital currency. It was also revealed that 344 respondents intend to use digital currency in the future. The main reason for using it concerns convenience. The Internet is a main channel for obtaining digital currency information, and government agencies were considered the most reliable source. Additionally, risk was seen as the most important factor regarding digital currency. According to the marginal effects obtained from the logit model, it was found that being male, working in a private company, being a business owner and others, and adventurous characteristics, tended to increase the chance of using digital currency at around 10 percent. Moreover, reliable information was a statistically-significant factor in terms of increasing the chance of using digital currency at 15 percent. The Thai government should focus on providing information and promoting reliable sources with real-time updates that are easy to access by the public. In this way, people would be encouraged to use digital currency, and have more confidence in it, according to the globalization of the financial system. Keywords: Digital Currency, Cryptocurrency, Logistic Model
Osama Hamza
Smart Sukuk structure is the new generation of Sukuk issuances structures. It uses Blockchain technology to allow more investors in both retail and corporate sectors to participate in Sukuk issuances. Through this technology, all financial institutions can issue their Sukuk. All types of documents and information related to the issuance of Sukuk are kept with the issuer's chains and the chains of the Central Registration Institution. Limited research was conducted on the transactions of smart Sukuk structures, such as Sukuk issuance model, traded Sukuk transactions and committed transactions market, from the Sharia compliance perspective and its financing benefits. This paper presents an in-depth study of the AAOIFI Standards, the decisions of Islamic Jurisprudence Academies and Sharia Boards, that related the Sukuk structures, applied in the Islamic bank of the paper's study society and the transactions of smart contracts from Sharia compliance perspective. On the other hand, this paper presents how to apply proposed smart Sukuk structures models that use Blockchain technology and smart contracts, within the largest Islamic bank in Turkey, in order to find out its financing benefits. The research findings indicate that from the Sharia perspective there are some issues in some applicable Sukuk models, such as the issue of capital guarantees. The use of Blockchain technology in smart Sukuk structures reflects several benefits on the financing markets, as it gives more capacity to access to more investors and markets, faster processing capability, transparency, invariance, and low transaction cost.
M. Ruslianoor Maika, Fidiana Fidiana, Irwan Alnarus Kautsar
Cryptocurrency is predicted to have a bright future as a new form of \nmoney becomes more popular. This research analyses the \npotential disruption of cryptocurrency from an Islamic perspective. \nHowever, this promising Islamic cryptocurrency has shifted from \nnon-asset backed to physical asset- backed of cryptocurrencies. We \nproposed design implementation the most straightforward way of the \ntransaction with cashless wireless payments using one device \nthrough Distributed Ledger Technology (DLT) of blockchain \ntechnology. We use digital currency with underlying asset Dinar and \nDirham for a commercial transaction. However, the disruption of \ncryptocurrencies may adapt Dinar and Dirham tokenization in \nexchanging services in the conversion of fiat money into \ncryptocurrency that complies with Islamic. Except comply with \nIslam, it also needs a Special Purpose Vehicle (SPV) as a party who \nguarantees the existence of assets. It concludes that the \nintermediation function of third parties such a bank will be disrupted \nin the profound shift of digital money based on Islamic \ncryptocurrency
Emna Mnif, Anis Jarboui
This paper proposes to analyze the agent behavior by means of big data extracted from the search engine ÂŦ Google trends Âŧ and Twitter API to visualize the emotions and the manner of thinking about ÂŦ Bitcoin Âŧ in the Islamic context. Two kinds of sentiment measures are constructed. The first is based on the search query of the word ÂŦ Bitcoin Âŧ with religious connotation all over the world from 14/04/2017 to 14/04/2018 in weekly frequency. The second is built on twitter data from 03/04/2018 to 13/04/2018, by using a Bayesian machine learning device exploiting deep natural language processing modules to assign emotions and sentiment orientations. In the next step, the Granger causality analysis is used to investigate the hypothesis that this sentiment causes the volatility and the returns of ÂŦ Bitcoin Âŧ. The results show that, at a first-level that twitter users of the word ÂŦ Islamic Bitcoin Âŧ improve positive sentiment. Secondly, the Twitter sentiment measure has a significant effect on lagged Bitcoin returns and volatility. Furthermore, this sentimental variable Granger causes Bitcoin returns and volatility. This study contributes to the literature by studying the influence of the doctrinal view towards Bitcoin on his prices dynamics. Knowing that Bitcoin is a new financial asset and there is a large debate on his compliance with shariah
Mousa Ajouz, Adam Abdullah, Salina Kassim
In the crypto world, there is a proverbial (and literal) gold rush now occurring. Currently, more than 37 goldâbacked cryptocurrency companies have now emerged. Interestingly, some of them also claim to be SharÄŦĘŋah âcompliant. Introducing precious metalâbacked cryptocurrencies is perceived to be an innovation among global payment systems, hampered in part by lack of supporting empirical evidence. Therefore, this research investigates potential users' tendency to adopt a SharÄŦĘŋah âcompliant precious metalâbacked cryptocurrency. As such, this study adopts an extended adoption model, which consists of eight factors. Partial least squares structural equation modeling (PLSâSEM) analysis was conducted on data elicited from economic active residents in Klang Valley from questionnaires. Overall, it was found six out of the eight constructs specified to influence the adoption of precious metalâbacked cryptocurrency were statistically significant where 54.5% of the variation in adoption of PMBC can be explained by the structure model provided by this research. It was also found 63.55% of the respondents are willing to adopt precious metalâbacked cryptocurrency in their future transactions.
Mohammad Abdul Matin Chowdhury, Dzuljastri Bin Abdul Razak
Technology advanced has brought rapid changes in all human activities along with financial activities and tools. Digital currency one of the technological innovations which have taken significant focuses from consumers, investors, researchers, entrepreneurs and policy makers around the world. with the trend of changing patterns, Islamic finance is rapidly developing all over the world by serving Muslims and non-Muslims, as a result, it is mandatory for Islamic finance to adapt with modern technology systems in terms of providing innovative products and services to the consumers in line with shariah perspectives. As a result, cryptocurrency (digital currency) has taken the focus on Islamic scholars in regards of its permissibility. There are many arguments over the permissibility issues. Therefore, this study aims to explore those issues and mechanisms of cryptocurrency in order to evaluate with Islamic perspective. This study gathered secondary sources from past literatures, books, news and websites with qualitative approach. The findings inclined that there are still lacking in mechanisms of digital currency to comply with Islamic perspective such as real asset backed and legal authorization. The findings of this study will benefit the Islamic scholars and policy makers along with Muslim consumers and investors in regards of permissibility and developing existing cryptocurrency to widely use in the Islamic finance and banking sector.
Universiti Utara Malaysia, Norliza Katuk
No abstract is available for this record.
Andrea Borroni
Why this book? In this Liber Amicorum, compiled in honour of the 60th anniversary of CFE Tax Advisers Europe, renowned tax experts discuss key tax issues that challenge tax advisers, tax academics and tax officials on a daily basis. Part I looks at EU decision-making in the tax area and some of the challenges of exercising tax jurisdiction in a digital world (taxing digital business models, robot taxes, etc.). Part II discusses the legal limits, particularly in Europe, to the traditional ways in which states exercise their tax jurisdiction (e.g. the need for equal treatment, the prohibition of discriminatory exit taxes and the ECJ Sofina decision) and the closely related issue of taxpayer rights (under EU law and the European Convention on Human Rights). Part III reports on recent developments in the fight against tax avoidance and tax evasion (e.g. the OECD BEPS Action Plan, the European Unionâs external âtax good governanceâ policy, international exchange of information, transfer pricing documentation requirements, the ECJ Denmark decisions and the Commissionâs Apple decision). Part IV presents an in-depth analysis of VAT (lessons learned) and suggests new ways forward, including in respect of dispute management (cross-border rulings). Finally, Part V reflects on non-tax issues that may have implications on international taxation and finance. With its practical approach, the book provides an interesting and insightful read for all those involved in international taxation. Downloads Sample excerpt, including table of contents Editor(s) Servaas van Thiel, Piergiorgio Valente, Stella RaventÃģs-Calvo Contributor(s) Christian Amand, Krister Andersson, Dick Barmentlo, Claudia Barsotti, Andrea Borroni, Paolo Centore, Matteo Dellapina, Christina Dimitropoulou, Ana Paula Dourado, Steef Huibregtse, Georg Kofler, Paul Kraan, Howard M. Liebman, Marco Nicoli, Tom OâShea, Pasquale Pistone, Stella Raventos-Calvo, Franco Roccatagliata, Marina Menezes da Silva, Kartika Sukmatullahi, Alexander van Thiel, Servaas van Thiel, Alessandro Valente, Piergiorgio Valente, Jeremy Woolf.