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DOAJ Open Access 2020

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

Man Baker Muhammed Semai
Lihat Sumber DOI

Abstrak

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 (<i>thamaniyya</i>). The cause (<i>ʿilla</i>) of “holding value” can therefore be applied through analogy (<i>qiyās</i>) 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.

Topik & Kata Kunci

Religions. Mythology. Rationalism

Penulis (2)

M

Man Baker

M

Muhammed Semai

Format Sitasi

APA MLA BibTeX
Baker, M., Semai, M. (2020). The Legal Cause of “Holding Value” and Its Impact on Islamic Provisions Regarding Virtual Currencies. https://doi.org/10.3390/rel11070339

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Lihat di Sumber doi.org/10.3390/rel11070339
Informasi Jurnal
Tahun Terbit
2020
Sumber Database
DOAJ
DOI
10.3390/rel11070339
Akses
Open Access ✓