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Islamic cryptoassets: model structure, operational mechanisms, and Shariah review

In: Islamic Finance in the Digital Age

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  • Mohd Ma’Sum Billah

Abstract

In the contemporary world of advanced technology, it is observed that fintech is among the fastest-growing sectors in the eco-financial landscape. The concept of a cryptoasset represents a new and hypothetical dimension, distinctly different from cryptocurrency (CC), as outlined by Adrian et al. (2022). Unlike the existing model of cryptocurrency, which does not require an underlying asset for operation, a cryptoasset, by contrast, necessitates an underlying valued asset for backing, thereby endowing it with intrinsic value. This paper aims to analyze the structural model, operational mechanisms, and potential Shariah compliance of cryptoassets (CA), within the framework of Maqasid al-Shariah principles. The findings of this research could contribute significantly to the post-COVID eco-paradigm (Everingham and Chassagne, 2020), fostering eco-opportunities for people at all levels in alignment with the spirit of Maqasid al-Shariah.

Suggested Citation

  • Mohd Ma’Sum Billah, 2024. "Islamic cryptoassets: model structure, operational mechanisms, and Shariah review," Chapters, in: Syed Nazim Ali & Zul H. Jumat (ed.), Islamic Finance in the Digital Age, chapter 8, pages 134-149, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:22863_8
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035322954.00018
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    Keywords

    Economics and Finance;

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