A review of monetary determinants of cryptocurrency adoption in Islamic financial system

Sadiq, Afdzaal Jehabar and Akbar, Mohamed Aslam (2022) A review of monetary determinants of cryptocurrency adoption in Islamic financial system. Journal of Information Systems and Digital Technologies, 4 (1). pp. 46-55. E-ISSN 2682-8790

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Abstract

This paper discusses the money and financial system from both the conventional and Islamic points of view. To further elucidate this topic, some aspects of the conventional financial system are discussed on the applicability from an Islamic perspective. First, the advancements of technology that had led to the invention of cryptocurrency and how the Islamic financial system can evaluate the determinants of the adoption of such cryptocurrencies were reviewed. Second, the use of digital wallet and how it is encouraged by the government to increase transparency in the financial system and finally, the applicability of a dual-currency model, which covers the idea of revitalizing the dinar and the dirham as well as the implementation of a dual-currency regime in a nation and how it benefits the economy and prevents the failures of the financial system are discussed along the way. The paper reviews scholarly work conducted by both contemporary conventional and Islamic economic scholars. In addition to that, this paper incorporates the views from the classical Islamic scholars such as al-Ghazali, as well as reviewing the money, banking, and financial systems that were conducted during the early Islamic reign, which would be deemed helpful in formulating an Islamic monetary system that could be pre-eminent in today’s world.

Item Type:	Article (Journal)
Uncontrolled Keywords:	Dinar, Dirham, Cryptocurrency, Monetary Analysis, Financial System
Subjects:	H Social Sciences > HG Finance > HG201 Money H Social Sciences > HG Finance > HG201 Money H Social Sciences > HG Finance > HG221 Bitcoin/Cryptocurrency/Block Chain H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Economics and Management Sciences > Department of Economics Kulliyyah of Economics and Management Sciences
Depositing User:	Dr Mohamed Aslam Akbar
Date Deposited:	07 Nov 2022 16:49
Last Modified:	07 Nov 2022 16:49
URI:	http://irep.iium.edu.my/id/eprint/100846

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