Case Study of Bitcoin and Its Halal Dimension

  • Farrukh Habib
  • Salami Saheed Adekunle


Crypto-asset is a form of digital or electronic asset, which was introduced with the inception of Bitcoin in 2009. The authors’ own definition of crypto-asset is that ‘it is a digital representation of value that uses cryptographic encryption technique.’ Before delving into the main discussion, it is crucial to mention at the very beginning of this chapter that according to the authors, the term ‘cryptocurrency’ is a misnomer and a nomenclature which is used inappropriately. It has been made clearer in another chapter of this book that neither all types of crypto-assets are ‘currencies,’ nor ‘cryptocurrencies’ are the only type of crypto-assets. Actually, cryptocurrencies are a subset of crypto-assets, while there are many other types of crypto-assets.


Bitcoin Case study Shari’ah Cryptocurrency 


  1. Acheson, N. (2018). What Can You Buy with Bitcoin? Accessed on 10 May 2018:
  2. Al-Ghazali, M. (2004). Ihya Uloom Al-Deen. Beirut, Lebanon: Dar Al-Marefah.Google Scholar
  3. Al-Ghazzi, M. S. (2003). Mausuah Al-Qawaid Al-Fiqhiyyah. Beirut, Lebanon: Muassasah Al-Risalah.Google Scholar
  4. Al-Suyuti, I. (1983). Al-ashbah Wa Al-nazair Fi Qawa’id Wa Furu’Fiqh Al-shafi’iyah. Beirut, Lebanon: Dar Al-Hadith.Google Scholar
  5. Al-Zuhayli, W. (2010). Fiqih Al-Islami Wa Adillatuh. Damascus, Syria: Dar Al-Fikr Al-Islami Gema Insani.Google Scholar
  6. Antonopoulos, A. M. (2015). Mastering Bitcoin. Sebastopol, CA: O’Reilly Media, Inc.Google Scholar
  7. Bajpai, P. (2017). The 6 Most Important Cryptocurrencies Other Than Bitcoin. Accessed on 9 May 2018:
  8. Bakar. M. D. (2018). Shari’ah and Financial Technology: Alignment or Rejection? Malaysian Business, February 2018 edition.Google Scholar
  9. (2018). Accessed on 17 January 2018:
  10. Damad Affandi, A. R. S. (n.d.). Majma Al-Anhar. Beirut, Lebanon: Dar Ihya Al-Turath Al-Arabi.Google Scholar
  11. Dar Al-Ifta‘Al-Falasteeniyya. (2017). Ruling of Dealing in Electronic Currency Named Bitcoin and Its Mining. Fatwa1/158, Number 297/2017/16, Issued on 14 December 2017. Accessed on 10 May 2018:
  12. De, N. (2017). Malaysia’s Central Bank Releases Draft Rules for Cryptocurrency Exchanges. Accessed on 9 May 2018:
  13. Deloitte. (2015). Blockchain: Disrupting the Financial Services Industry? Ireland: Deloitte & Touche House.Google Scholar
  14. Estevao, P. (2018). The Bitcoin Transaction Life Cycle. Accessed on 6 February 2019:
  15. Franco, P. (2015). Understanding Bitcoin. Chichester, UK: Wiley.Google Scholar
  16. Higgins, S. (2017). $300 Billion: Bitcoin Price Boosts Crypto Market Value to Record High. Accessed on 9 May 2018:
  17. Hurriyet Daily News. (2017). Turkey’s Top Religious Body Declares Bitcoin ‘Inappropriate’. Ankara, Turkey: Hurriyet Daily News, 29 November 2017, 12:38:00. Accessed on 10 May 2018:
  18. Ibn Abidin, M. (1992). Radd Al-Muhtar Ala Durr Al-Mukhtar. Beirut, Lebanon: Dar Al-Fikr.Google Scholar
  19. Ibn Manzur, Y. A. D. M. (1975). Lisan Al-Arab. Beirut, Lebanon: Al Dar al-Misriyya Li-l-ta’lif wa-l-tarhim.Google Scholar
  20. Ibn Qayyim, M. (1973). Ilam Al-Muaqqeen An Rabb Al-Alameen. Beirut, Lebanon: Dar Al-Kotob Al-Ilmiyyah.Google Scholar
  21. Ibn Taymiyyah, A. (1995). Majmu Al-Fatawa. Medina, Saudi Arabia: King Fahd Complex for the Printing of the Holy Qur’an.Google Scholar
  22. (2018). Money. Accessed on 10 May 2018:
  23. Kaye Scholer. (2016). An Introduction to Bitcoin and Blockchain Technology. Washington, USA: Arnold & Porter Kaye Scholer LLP.Google Scholar
  24. Middle East Monitor. (2018). Egypt Says ‘Bitcoin’ Currency Is Prohibited by Islam. Egypt: Middle East Monitor, 2 January 2018, 09:22:00. Accessed on 10 May 2018:
  25. Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Retrieved from:
  26. Scott, A. (2016). These Are the World’s Top 10 Bitcoin-Friendly Countries. Accessed on 9 May 2018:
  27. Smart, E. (2015). Top 10 Countries in Which Bitcoin Is Banned. Accessed on 9 May 2018:
  28. (2018). Accessed on 10 May 2018:
  29. Turkamani, A. K. (1988). Al-Syasah Al-Naqdiyah Wa Al-Masrafiyah Fi Al-Islam. Oman: Muassasah Al-Risalah.Google Scholar
  30. Usmani, M. T. (2015). Fiqh al-Buyu. Damascus, Syria: Dar al-Qalam.Google Scholar
  31. Wyk, G. V. (2013). The Idiot’s Guide to Bitcoin. Chaos Publications.Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Farrukh Habib
    • 1
  • Salami Saheed Adekunle
    • 2
  1. 1.International Shari’ah Research Academy for Islamic Finance (ISRA)Kuala LumpurMalaysia
  2. 2.International Centre for Education in Islamic Finance (INCEIF)Kuala LumpurMalaysia

Personalised recommendations