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A qualitative approach to evaluate the reconciliation of GOLDX and OneGram in Islamic Finance

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  • Marwan Mohamed Abdeldayem

    (Cairo University, Egypt and College of Administrative Sciences, Applied Science University (ASU), P.O Box 5055 Manama, Kingdom of Bahrain)

  • Saeed Hameed Al Dulaimi

    (College of Administrative Sciences, Applied Science University (ASU), P.O Box 5055 Manama Kingdom of Bahrain)

Abstract

The purpose of this study is two-folded. The first purpose is to examine the perception of Islamic finance experts and Shariah scholars on the Islamic cryptocurrency (i.e., GOLDX and OneGram). The question is whether it has a role in reconciling cryptocurrency in Islamic finance. The second is to introduce the new Islamic cryptocurrency to serve these rich Islamic populaces. The study used a qualitative research approach by conducting interviews to explore the Islamic scholars’ views on the framework of the new Islamic cryptocurrency. The scholars have been deemed to meet particular requirements of having comprehensive knowledge and have extensive experience in both the Islamic Shariah and cryptocurrency. Accordingly, the number of such scholars was limited, and eventually, with the access offered only to five scholars from different Islamic countries. We thoroughly analyzed the collected data from the interviews. The findings reveal that Islamic law is absent on the essential models for the conventional cryptocurrency utilization(such as bitcoin) as either a legitimate or illicit apparatus exchange device. Consequently, introducing new Islamic cryptocurrencies is to reconcile cryptocurrencies such as GOLDX and OneGram. They will play a vital role in attracting more than 1.5 billion Muslims around the globe to enter the world of cryptocurrency.

Suggested Citation

  • Marwan Mohamed Abdeldayem & Saeed Hameed Al Dulaimi, 2021. "A qualitative approach to evaluate the reconciliation of GOLDX and OneGram in Islamic Finance," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 39(1), pages 113-134.
    • Handle: RePEc:rfe:zbefri:v:39:y:2021:i:1:p:113-134
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    References listed on IDEAS

    as
    1. Nafis Alam & Lokesh Gupta & Abdolhossein Zameni, 2019. "Fintech and Islamic Finance," Springer Books, Springer, number 978-3-030-24666-2, June.
    2. Mohd Ma’Sum Billah, 2019. "Islamic Financial Products," Springer Books, Springer, number 978-3-030-17624-2, June.
    3. Mohd Ma'Sum Billah, 2019. "Modern Islamic Investment Management," Springer Books, Springer, number 978-3-030-17628-0, June.
    4. Nashirah Abu Bakar & Sofian Rosbi & Kiyotaka Uzaki, 2017. "Cryptocurrency Framework Diagnostics from Islamic Finance Perspective: A New Insight of Bitcoin System Transaction," International Journal of Management Science and Business Administration, Inovatus Services Ltd., vol. 4(1), pages 19-28, November.
    5. Adam Hayes, 2015. "A Cost of Production Model for Bitcoin," Working Papers 1505, New School for Social Research, Department of Economics.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    cryptocurrency; GOLDX; OneGram; Fintech; Islamic finance;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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