Cryptocurrency in Islamic Finance: A New Paradigm

The main purpose of this research is to find out where Islamic Banking and Finance standpoint regarding this fast-growing industry of Cryptocurrencies. The aims and objectives of this research are to analyse and evaluate the following sections from an Islamic finance perspective: 1. A collection of Sharia scholar opinion and fatwas on this significant subject to comprehend the position of Islamic sharia from the virtual currency. 2. Estimate the real cost/commissions of the minors (network). 3. Since the cryptocurrencies depend on the network, then can we regulate the network/minors. 4. Is Bitcoin sustainable, and whether it is permitted or forbidden in Islamic banking? 5. The new perspective of the Digital Currency initiative from the Bank of England and US Federal Reserve. The research outcomes of this proposed study can be utilized by KSAs government, financial institutions, investors and regulators as policy guidance, protocols, and systems by the Islamic banks and specifically intermediaries (particularly minors) to regulate, consistently improve and retain best banking practices integrating the cryptocurrency and Islamic finance.