The Legal Cause of “Holding Value” and Its Impact on Islamic Provisions Regarding Virtual Currencies

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ID: 171599
2020
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Abstract
This article discusses the Islamic juristic position of virtual currencies. In the classical period, jurists differed on the reason behind Islam’s prohibition of usury when dealing with precious metals and their derivatives, with the majority arguing that this is because they are considered to hold value (thamaniyya). The cause (ʿilla) of “holding value” can therefore be applied through analogy (qiyās) to all things understood by the laity to hold value in any era. In the contemporary period, this cause can also be applied to virtual currencies such as Bitcoin if they fulfill the following ethical conditions: customary acceptance, legal validity, and value stability.
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baker2020thereligions Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Baker, Man;Semai, Muhammed;
Journal religions
Year 2020
DOI
DOI not found
URL
https://www.mdpi.com/2077-1444/11/7/339
Keywords
Medicine (General) Science business economics as a science economic history and conditions economic theory. demography law computer engineering. computer hardware mathematics industrial engineering. management engineering law in general. comparative and uniform law. jurisprudence religions. mythology. rationalism

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