Even though a Cryptocurrency management is a digital financial platform operated in the borderless cyberspace, but it shall require to be established as a registered company with a separate legal entity. Among the prerequisite of a Shari’ah (Islamic law) alternative Cryptocurrency model is to be formalized under the company’s rules either in the onshore or offshore as a separate legal entity. It shall be managed based on an acceptable system, operational mechanism, standard planning and strategies, legitimate objectives and manifesto, documentations and manuals, policies and guidelines, which all shall be complying to the Shari’ah, law and policies within the Maqasid al-Shari’ah (divine objectives). In this chapter however, an attempt is made to analyze the operational mechanisms of Cryptocurrency amidst Maqasid al-Shari’ah.
- Ahmat, N., and Bashir, S. (2017), Central Bank Cryptocurrency: A Monetary Policy Perspective, Bank Negara Malaysia, September.Google Scholar
- Alexandre, A. (2018), Stellar Becomes ‘First’ Shari’ah-Certified Blockchain for Payments and Asset Tokenization, in The Cointelegraph, The Future of Money, 18 July 2018.Google Scholar
- Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT)—Digital Currencies (Sector 6), Bank Negara Malaysia.Google Scholar
- Asif, S. (2018), The Halal and Haram Aspects of Digital Currencies in Islam, https://www.researchgate.net/publication/326398987_The_Halal_and_Haram_Aspects_of_DigitalCurrencies_in_Islam.
- Bangash, A. (2018), Bitcoin, Digital Currencies, Blockchain Shari’ah Analysis and their Applications in Islamic Finance, February, https://www.linkedin.com/pulse/bitcoin-DigitalCurrencies-blockchain-Shari’ah-analysis-islamic-bangash/.
- Malaysia Central Bank Publishes Study about Digital Currencies, Fintechnews, Singapore, 1 November 2017.Google Scholar
- Noordin, K. A. (2018), Islamic Finance: Is Cryptocurrency halal? The Edge, Malaysia, 6 September.Google Scholar
- Oziev, G., and Yandiev, M. (2017), Cryptocurrency from Shari’ah perspective, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3101981.
- Rahajeng, D. (2013), Shari’ah Governance: Shari’ah Supervisory Board Model of Islamic Banking and Finance in Indonesia, in SSRN, 11 December.Google Scholar
- Vejzagic, M., and Smolo, E. (2011), Maqasid Al-Shari’ah in Islamic Finance: An Overview, Paper presented at the conference on Post-Crisis Economic Challenges for the Contemporary Muslim Ummah, held in October 2011 at Universiti Sains Islam Malaysia (USIM), Nilai, Malaysia.Google Scholar
- Wardhani, N. (2012), The Role of Shari’ah Board in Islamic Banks: A Case Study of Malaysia, Indonesia and Brunei Darussalam, Paper presented at the ISRA Colloquium on November 2012.Google Scholar