Crypto assets: the need for Shariah screening criteria for digital assets in Malaysia

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Date
2023
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Abstract
In recent years, the rise of crypto assets, particularly with the prominence of Bitcoin, has garnered substantial attention from investors, governmental bodies, and analysts. Digital tokens, a subset of crypto assets, have gained considerable traction as fundraising instruments through Initial Coin Offerings (ICOs), presenting a novel means of capital acquisition exempt from government or international regulation. Despite their popularity, there exists a lack of comprehensive understanding and regulatory frameworks for digital tokens, especially from a Shariah perspective. This study undertakes an exploratory approach to address the necessity of establishing Shariah screening criteria for digital assets, focusing on the Malaysian context. The study crafts a framework to guide Muslim investors in engaging with halal digital tokens by employing qualitative research methods, including unstructured interviews with experts and textual analysis of primary and secondary sources. The qualitative methodology ensures an in-depth exploration of this multifaceted subject, bridging the domains of finance and technology. The study's findings offer insights into the demand for a Shariah-compliant approach to digital tokens, with a particular emphasis on creating a framework for Initial Exchange Offerings (IEOs). This research is anticipated to contribute to the understanding of Shariah compliance for crypto assets in Malaysia, offering a valuable guide for Muslims seeking to navigate the digital asset landscape in alignment with their religious principles
Keywords
Crypto assets , Islamic principles , Shariah compliance , Shariah screening criteria
Citation
Jailani, M. A., & Muneeza, A. (2023). Crypto assets: the need for Shariah screening criteria for digital assets in Malaysia. International Journal of Islamic Economics and Financial Research, 1, 27-47. https://doi.org/10.53840/ijiefer111
Publisher
International Research Centre of Islamic Economics and Finance (IRCIEF), Kolej Universiti Islam Antarabangsa Selangor (KUIS)
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