Reimagining global financial settlements: a gold-backed cryptocurrency framework anchored in blockchain and Islamic finance principles

Mushaddik, Irma Naddiya (2025) Reimagining global financial settlements: a gold-backed cryptocurrency framework anchored in blockchain and Islamic finance principles. Al-Fadilah: Islamic Economics Journal, 3 (2). pp. 235-249. E-ISSN 3031-0210

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Abstract

In a world where economic turbulence and financial inequities are increasingly driven by the shortcomings of fiat currency systems, this paper advances a bold and timely proposition: the integration of gold-backed cryptocurrencies into global net settlement systems through blockchain technology. Bridging the philosophical depth of Islamic economic principles with the technical power of decentralized digital infrastructure, this study outlines a visionary framework that addresses the core weaknesses of inflation, centralization, and systemic risk. Grounded in qualitative research, including expert interviews and content analysis, the paper proposes a decentralized, ethically anchored, and technologically secure model that restores intrinsic value to money. Malaysia is identified as a strategic pioneer in this transformation, leveraging its leadership in Islamic finance and fintech to initiate a paradigm shift in global monetary governance. This work not only challenges existing financial orthodoxy but also provides a blueprint for a more stable, just, and transparent future of international finance.

Item Type:	Article (Journal)
Uncontrolled Keywords:	Gold-Backed Cryptocurrency, Blockchain, Islamic Finance, Net Settlement, Fiat System, Financial Stability, Malaysia, Central Banks
Subjects:	BPH Islamic Economics BPH Islamic Economics > BPH589.2 Riba - Interest
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Dr. Irma Naddiya Mushaddik
Date Deposited:	03 Mar 2026 11:02
Last Modified:	03 Mar 2026 11:02
Queue Number:	2026-02-Q2352
URI:	http://irep.iium.edu.my/id/eprint/127669

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