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Shari’ah Code of Ethics in Cryptocurrency

  • Mohd Ma’Sum Billah
  • Mohammed Fawzi Aminu Amadu
Chapter

Abstract

The world of this contemporary era witnesses the Cryptocurrency revolution began in recent years. Noting that facilitating ease is desired by Allah (swt) and that Cryptocurrency seems to be doing this. In any chapter of life, the normative observation by complying the standard etiquette is among the prime concern thus, the Cryptocurrency in the eyes of Shari’ah is no exception and hence, it has to comply with the divine code of ethics within the ambit of Maqasid al-Shari’ah. This chapter proceeds to look at how Cryptocurrency is created and managed as well as analyzes the ethical considerations that arise when the whole Cryptocurrency system is analyzed, this, especially in light of the Shari’ah code of ethics. Issues about the lack of central control and government influence are looked at in view of its potential to make Cryptocurrency more risky. Major concepts like the prohibition of gambling and Garar, equity, harm to the environment and other negative aspects of the Cryptocurrency are equally analyzed. Finally, the paper looks at the way forward and gives recommendations as well as summarizes the issue at hand in the conclusion.

Keywords

Shari’ah code Ethics Cryptocurrency Guidelines 

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Mohd Ma’Sum Billah
    • 1
  • Mohammed Fawzi Aminu Amadu
    • 2
  1. 1.Finance, Insurance, Fintech and InvestmentIslamic Economics Institute, King Abdul Aziz UniversityJeddahKingdom of Saudi Arabia
  2. 2.Islamic Finance and Business DevelopmentAccraGhana

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