This study seeks to explore and treat the literature of the Islamic scientific heritage as relates to money, whilst focusing on the functions and conditions of money, and ascertaining the extent of the presence of these conditions and parameters in the Bitcoin currency. The study attempts to answer the following questions: what are the functions of money as presented in the Islamic intellectual and scientific tradition? What are the conditions governing money in light of the Islamic scientific tradition? What is the extent of the fulfillment of these conditions in the Bitcoin currency? This study relies on the inductive method as relates to the Muslim literature on money. It then analyzes the position of the Islamic intellectual tradition as regards the Bitcoin currency. The study concluded that, in the Islamic heritage, money serves to measure the value of commodities and services, as it acts as a medium for the exchange of goods and services. It is also observed that money is being recognized and adopted in the Muslim tradition due to the widespread presence of money, the stability of its value, and the people’s acceptance of it. On the contrary, however, with regards to the Bitcoin currency, the study concluded that the conditions and requirements for issuing the Bitcoin currency according to the Islamic intellectual traditions are not fulfilled or met.
|Translated title of the contribution||Money in the Islamic Tradition: Addressing the Contemporary Bitcoin Currency|
|Number of pages||12|
|Journal||Global Journal Al-Thaqafah|
|Publication status||Published - 2022|
ASJC Scopus subject areas
- Cultural Studies
- Arts and Humanities(all)