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Islamic Finance and Cryptocurrency: A Systematic Review

In: FinTech in Islamic Financial Institutions

Author

Listed:
  • Mustafa Raza Rabbani

    (University of Bahrain)

  • M. Kabir Hassan

    (University of New Orleans)

  • Fahmi Ali Hudaefi

    (Institute Agama Islam Darussalam (IAID) Ciamis, Indonesia and BAZNAS Center of Strategic Studies)

  • Zakir Hossen Shaikh

    (Bahrain Training Institute)

Abstract

The present study aims to do a systematic review of the literature on cryptocurrency and Shariah compliance. It also explores the Shariah compliance of the conventional cryptocurrencies, such as the Bitcoin, Ethereum and Litecoin, among others. The review is undertaken based on the Scopus database. The findings of the study indicate that financial technology (Fintech) has emerged as the most disruptive technology in recent times. Cloud computing with its disruptive technological innovation has changed the landscape of many industries and one such innovation is the Blockchain-based cryptocurrency. The study concludes that trading in cryptocurrencies, such as the Bitcoin, Ripple and Ethereum is not Shariah-compliant. We discuss further to add to the literature on Shariah-compliant cryptocurrency market and instruments.

Suggested Citation

  • Mustafa Raza Rabbani & M. Kabir Hassan & Fahmi Ali Hudaefi & Zakir Hossen Shaikh, 2022. "Islamic Finance and Cryptocurrency: A Systematic Review," Springer Books, in: M. Kabir Hassan & Mustafa Raza Rabbani & Mamunur Rashid (ed.), FinTech in Islamic Financial Institutions, pages 279-306, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-14941-2_14
    DOI: 10.1007/978-3-031-14941-2_14
    as

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