Cryptocurrency as A Main Currency: A Maqasidic Approach
DOI:
https://doi.org/10.26740/al-uqud.v4n1.p115-132Keywords:
Cryptocurrency, Maqasid al-Syari’ah, Islamic finance, Currency, Islamic economics.Abstract
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-syariah. 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 markets needs.
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Abubakar, Y. S., Ogunbado, A. F., & Saidi, M. A. (2018). Bitcoin and its Legality from Shariah Point of View. SEISENSE Journal of Management, 1(4), 1321. https://doi.org/10.5281/zenodo.1400535.
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Ahmad, N. H., Ab Rahman, A., Abd Rani, N. F. MaqÄá¹£id Al-Syará¿™˜Ah Dalam Penawaran Produk Takaful Wanita: Kajian di Pengendali Takaful Terpilih Di Malaysia. Jurnal Syariah, 25(1). 23-50, https://ejournal.um.edu.my/index.php/JS/article/view/3238.
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Al-Ghazali, A.H. (1993). Al-Mustosfa. Beirut: Beirut: Dar al-Kutub al-˜Ilmiyah.
Al-Khadimī, N. (2010), Al-Ijtihad al-Maqasidī, Dar Ibn Hazm, Beirut.
Al-Kilani, ˜A. I. Z. (2006). Athar al-Maqaá¹£id al-Juziyah wa al-Kulliyah fi Fahmi al-Nuá¹£uá¹£ al-Shariyah. Dirasat ˜Ulum al-SharÄ«ah wa al-QÄnÅ«n, 33(1), 99-115. Beirut: Dar al-Kutub al-˜Ilmiyah.
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Al-Sayuti, Abd Al-Rahman. 1990. Al-AshbÄh wa Al-NazÄir. Beirut: Dar al-Kutub al-˜Ilmiyah.
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Al-Qurrah Daghi. (2018). Al-˜UmlÄt al-Raqmiyah al-IliktrÅ«niyah Bayna al-Hil Wa al-TahrÄ«m, Bayna al-WÄqÄ« Wa al-MashÅ«d Dirasah Fiqhiyah Iqtiá¹£Ädiayh Maa BayÄn al- BadÄÄ«l al-MaqbÅ«lah SharÄn. Islamic Finance Knowledge Repository. Retrieve from https://ifikr.isra.my/library/viewer2/10482.
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Berentsen, A., & Schär, F. (2018). A short introduction to the world of cryptocurrencies. Federal Reserve Bank of St. Louis Review, 100(1), 116. https://doi.org/10.20955/r.2018.1-16
Biais, B., Bisière, C., Bouvard, M., & Casamatta, C. (2019, May 1). The Blockchain Folk Theorem. Review of Financial Studies. Oxford University Press. https://doi.org/10.1093/rfs/hhy095.
Bitvol. (2019). ...% - The Bitcoin Volatility Index. Retrieved 28 November 2019, from https://bitvol.info/.
Casey, M. J., & Vigna, P. (2015, January 23). Bitcoin and the Digital-Currency Revolution. Retrieved from https://www.wsj.com/articles/the-revolutionary-power-of-digital-currency-1422035061
Choudhury, M.A. (2015), œMonetary and fiscal (spending) complementarities to attain socioeconomic sustainability, Journal of Finance and Risk Perspectives, Vol. 4 No. 3, pp. 63-80. http://www.acrn-journals.eu/iframe-4/jofrp/jofrp0403.html
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Haron, M. S., & Rahman, R. (2016). Pengagihan Zakat Dalam Konteks Kesejahteraan Masyarakat Islam: Satu Tinjauan Berasaskan Maqasid Al-Syariáh. Labuan E-Jurnal of Muamalat and Society, 10, 129140.
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Husairi, A. & Dahlan, A. (2019). Bitcoin: Analisis Mata Wang Maya Menurut Perspektif SiyÄsah Shariyah. Journal of Contemporary Islamic Law. Vol 4(1). 29-40. http://www.ukm.my/jcil/2019-4-1-article-4-1/?et_fb=1&PageSpeed=off
Ibn al-Qayyim. (1991). I`Lam al-Muwaqqi`in `an Rabb al`Alamin, 3 vols. Beirut: Dar
Ismail, A. G., Ghani, N. A., Rahim, N. A., Zain, M. N. M. (2014). "Tawarruq Time Deposit With Wakalah Principle: An opinion That Triggers New Issues," Working Papers 1435-2, The Islamic Research and Teaching Institute (IRTI). https://doi.org/10.1108/imefm-05-2014-0048
Jughaim, N. (2014). Turuq al-Kashf ˜an Maqasid al-ShÄri. DÄr al-Nafais. https://ia801306.us.archive.org/21/items/FP146475s/146475s.pdf.
Kharpal, A. (2018, August 7). Bitcoin market share is at the level it was just after it hit its near-$20,000 record high. Retrieved from https://www.cnbc.com/2018/08/07/bitcoin-market-share-near-level-when-price-hit-record-high.html.
Lee, D. K. C., Guo, L., & Wang, Y. (2017). Cryptocurrency: A new investment opportunity? Journal of Alternative Investments, 20(3), 1640. https://doi.org/10.3905/jai.2018.20.3.016.
Lo, S., & Wang, J. C. (2014). Bitcoin as Money? Federal Reserve Bank of Boston, 14(4), 128. Retrieved from https://assets.ctfassets.net/sdlntm3tthp6/resource-asset-r28/d81b1beee70843bdb34e2ce4235b959a/adf67893-8930-428e-a0a0-10169c7bfdaa.pdf
Lokmanul, H. H. (2017). Analisis Syariah Terhadap Penggunaan Konsep Maslahah ˜Ammah dalam Produk Kewangan Islam. Jurnal Muamalat. 10. 125- 145.
Mahazan, A. M., Nurhafizah, S., Rozita, A., Aishah, H. S., Mohd. Fazrul Azdi, W. R. W., Mohd. Rumaizuddin, G., ¦ Khairunneezam, M. N. (2015). Islamic Leadership and Maqasid Al-Shariah: Reinvestigating The Dimensions Of Islamic Leadership Inventory (Ili) Via Content Analysis Procedures. IJASOS- International E-Journal of Advances in Social Sciences, 1(2), 153. https://doi.org/10.18769/ijasos.29171.
Meera, M., A. K., & Larbani, M. (2006). Seigniorage of fiat money and the Maqasid al-Syariah: The compatibility of the gold dinar with the Maqasid. Humanomics, 22(2), 8497. https://doi.org/10.1108/08288660610669383.
Nast, C. (2019). Hackers Stole $40 Million From Binance Crypto Exchange. [online] Wired. Available at: https://www.wired.com/story/hack-binance-cryptocurrency-exchange/ [Accessed 28 Nov. 2019].
Oladapo, I. A. and Ab Rahman, A. (2016) Maqasid SharÄ«˜Ah: The Drive For An Inclusive Human Development Policy.Jurnal Syariah, Jil. 24, Bil. 2. 287-302 Shariah Journal, Vol. 24, No. 2. 287-302. http://jummec.um.edu.my/index.php/JS/article/view/4348
Peprah, W. K., Afriyie, A. O., Abandoh-Sam, J. A., & Afriyie, E. O. (2018). Dollarization 2.0 a Cryptocurrency: Impact on Traditional Banks and Fiat Currency. International Journal of Academic Research in Business and Social Sciences, 8(6). https://doi.org/10.6007/ijarbss/v8-i6/4213.
Peter, D. D. (2016). (PDF) An Analysis of Cryptocurrency, Bitcoin, and the Future. International Journal of Business Management and Commerce, Vol. 1 No. (October 2016). https://www.researchgate.net/publication/316656878_An_Analysis_of_Cryptocurrency_Bitcoin_and_the_Future
Rafikov, I. and Saiti, B. (2017), "", Humanomics, Vol. 33 No. 1, pp. 2-14. https://doi/10.1108/H-10-2016-0077
Reddy, A. (2019, May 8). Hackers stole $40 million of bitcoin from one of the world's largest crypto-exchanges. Retrieved from https://www.businessinsider.my/btc-binance-suffers-40-million-hack-2019-5/?r=US&IR=T.
Ridhwan, A. A. and Shahid, M. N. (2013). Tools of Usul al-Fiqh in Realizing Maqasid al-Shariah in Sukuk Structure in Malaysia: An Initial Analysis. International Journal of Education and Research. Vol. 1(10). 1-10. http://www.ijern.com/October-2013.php
Seetharaman, A., Saravanan, A. S., Patwa, N., & Mehta, J. (2017). Impact of Bitcoin as a World Currency. Accounting and Finance Research, 6(2), 230. https://doi.org/10.5430/afr.v6n2p230.
Sidel, R., Deng, C., & Horobin, W. (2013, December 6). Central Banks Warn of Bitcoin Risks. Retrieved October 17, 2019, from https://www.wsj.com/articles/china-central-bank-warns-of-bitcoin-risks-1386234633.
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Published
2020-01-13
How to Cite
Mohd Noh, M. S., & Abu Bakar, M. S. (2020). Cryptocurrency as A Main Currency: A Maqasidic Approach. Al-Uqud : Journal of Islamic Economics, 4(1), 115–132. https://doi.org/10.26740/al-uqud.v4n1.p115-132
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