Compliance of cryptocurrency with Islam and Sharia
Journal Title: Альманах міжнародного права - Year 2018, Vol 19, Issue
Abstract
The article is devoted to the aspects of cryptocurrency compliance with the precepts of Islam and the requirements of Islamic Law (Sharia). The article also aims at analyzing of Sharia theorists` approaches to the issue of integration of the cryptocurrency phenomenon into Muslim social realities. Currently the theorists of Sharia and the practitioners of Fiqh (Islamic jurisprudence) have no unified view on the mechanism of conducting the cryptocurrency business in the countries ruled by both secular and theocratic norms. In addition, the particularly problematic aspect deals with creation of state legal acts that would simultaneously comply with standards of Islamic law and requirements of International Law, that is the only way to establish financial relations based on cryptocurrency between the Middle East and the outside world. Taking into consideration that some Arab countries gained a status of powerful players on international financial scene while maintaining a certain level of economic independence, they must react dynamically and effectively on modern inventions that enter steadfastly into the international economy. From the other hand, we must admit that Sharia is considered to be the “moral gate” that prevents intervention of undesirable phenomenon into Islamic society. Thus, the process of cryptocurrency presenting in the framework of Islamic financial market needs to be fully compliant with the norms of Islam and Sharia in order to avoid a complete resistance on the part of Muslim religious leaders and legal professionals.
Authors and Affiliations
М. О. КІРПАЧОВА
Keywords
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