Discussion on Islamic Finance and Cryptocurrency
DOI:
https://doi.org/10.58968/icm.v2i2.602Keywords:
Islamic Finance, Cryptocurrency, Research MapAbstract
This study aims to see the development of research on the topic of "Islamic Finance & Cryptocurrency" and research plans that can be carried out based on journals published on the theme. This research uses a qualitative method with a bibliometric analysis approach. The data used is secondary data with the theme "Islamic Finance & Cryptocurrency" which comes from the Scopus database with a total of 40 journal articles. Then, the data is processed and analyzed using the R-Biblioshiny and VosViewer applications with the aim of knowing the bibliometric map of "Islamic Finance & Cryptocurrency" research development in the world. The results of the study found that there are 4 clusters with the most used words are cryptocurrencey, islamic finance, blockchain technology, money, bitcoin, fintech, digital currency, and islamic crypto assets. Then, the research path topics related to Islamic Finance & Cryptocurrency are (1)Blockchain Adoption in Islamic Finance, (2)Digital Currency Transactions in Islam, (3)Potential and Challenges of Islamic Crypto, and (4)Islamic Law Implications on Cryptocurrency.
References
Abadi, K., Taufiq, A., & Roikhana, R. (2023). Cryptocurrency and Crypto Assets in the Perspective of Islamic Legal System Philosophy. Hikmatuna: Journal for Integrative Islamic Studies, 9(2), 131-146.
Abdeldayem, M. M., Al Dulaimi, S. H., & Nekhili, R. (2020). Cryptocurrency as a Fin Tech instrument and Islamic finance: The GCC perspective. Journal of Xi'an University of Architecture & Technology, 12(5), 2736-2747.
Alaeddin, O., Al Dakash, M., & Azrak, T. (2021). Implementing the blockchain technology in the Islamic financial industry: opportunities and challenges. Journal of Information Technology Management, 13(3), 99-115.
Alam, N., & Nazim, S. (2021). Fintech, digital currency and the future of Islamic finance. Cham: Springer International Publishing, 257.
Alam, N., Gupta, L., Zameni, A., Alam, N., Gupta, L., & Zameni, A. (2019). Cryptocurrency and Islamic finance. Fintech and Islamic Finance: Digitalization, Development and Disruption, 99-118.
Al-Okaily, M., & Alsmadi, A. A. (2024). The role of metaverse and blockchain in enhancing digital Islamic finance: an empirical perspective. Journal of Islamic Marketing, (ahead-of-print).
Alzubaidi, I. B., & Abdullah, A. (2017). Developing a digital currency from an Islamic perspective: the case of blockchain technology. International Business Research, 10(11), 79-87.
Asyiqin, I. Z., Akbar, M. F., & Genovés, M. B. (2024). Cryptocurrency as a Medium of Rupiah Exchange: Perspective of Sharia Islamic Law and Jurisprudential Analysis. Volksgeist: Journal of Legal and Constitutional Sciences, 227-292.
Aysan, A. F., & Bergigui, F. (2021). Sustainability, trust, and blockchain applications in Islamic finance and circular economy: Best practices and FinTech prospects. Islamic finance and circular economy: Connecting impact and value creation, 141-167.
Bakar, N. A., Rosbi, S., & Uzaki, K. (2017). Cryptocurrency framework diagnostics from Islamic finance perspective: a new insight of Bitcoin system transaction. International Journal of Management Science and Business Administration, 4(1), 19-28.
Batubara, M., & Tho'in, M. (2023). Transactions of Cryptocurrency in the Perspective of Islamic Finance and Economics. Muqtasid, 14(2), 133-147.
Bedoui, H. E., & Robbana, A. (2019). Islamic social financing through cryptocurrency. Halal cryptocurrency management, 259-274.
Chaldaeva`, L.A., & Danilin, A.A. (2021). The history of blockchain technology and cryptocurrency market development. https://doi.org/10.24891/FC.27.4.740
Chong, F. H. L. (2021). Enhancing trust through digital Islamic finance and blockchain technology. Qualitative Research in Financial Markets, 13(3), 328-341.
Chowdhury, M. A. M., & Razak, D. B. A. (2019). Dynamism and mechanism of digital currency (cryptocurrency) towards Islamic finance. European Journal of Islamic Finance, (14).
Dahdal, A., Truby, J., & Ismailov, O. (2022). The role and potential of blockchain technology in Islamic finance. European Business Law Review, 33(2).
Fageh, A. (2021). Digital Currency under the Perspective of Islamic Law. Maliyah: Journal of Islamic Business Law, 11(1), 110-128.
Fatarib, H., & Sali, M. A. (2020). Cryptocurrency and digital money in Islamic law: is it legal? Jurisdictie: Journal of Law and Sharia, 11(2), 237-261.
Gaol, C. P. L., Morales, U., & Lopez, V. (2022). Juridical Review Concerning the Legitimacy of Cryptocurrency in Islamic Law. At-Tasyrih: journal of Islamic education and law, 8(2), 115-125.
Hassan, M. K., Muneeza, A., Abubakar, M., & Haruna, M. A. (2021). Application of precious metal backed cryptocurrency in Islamic finance. Journal of Islamic Finance Accountancy, 5(1), 17-26.
Kabuye, M. (2018). Technology and Financial Disintermediation with a Special Reference to Blockchain and Islamic Finance. Available at SSRN 3436923.
Khalifah, M. H., Kasri, R. A., & Aslan, H. (2024). Mapping the evolution of ZAKAH theme publications years 1964-2021: a bibliometric analysis. Journal of Islamic Accounting and Business Research, 15(2), 265-290.
Khan, S. N. (2023). The legality of cryptocurrency from an Islamic perspective: a research note. Journal of Islamic Accounting and Business Research, 14(2), 289-294.
Lajuni, N., Janteng, J., & Janteng, A. Past, Present, and Future of Cryptocurrency: A Bibliometric Review. International Journal of Academic Research in Business and Social Sciences. https://doi.org/10.6007/ijarbss%2Fv14-i11%2F23592
López-Sorribes, S., Rius-Torrentó, J., & Solsona-Tehàs, F. (2023). A bibliometric review of the evolution of blockchain technologies. Sensors, 23(6), 3167.
Mbaidin, H., Sbaee, N., AlMubydeen, I., & Alomari, K. (2024). Key success drivers for implementation of blockchain technology in UAE Islamic banking. Uncertain Supply Chain Management, 12(2), 1175-1188.
Mi'raj, D. A., & Ulev, S. (2024). A bibliometric review of Islamic economics and finance bibliometric papers: an overview of the future of Islamic economics and finance. Qualitative Research in Financial Markets, 16(5), 993-1035.
Mohamed, H. B., & Sari, N. M. (2020). Artificial Intelligence and Blockchain-Driven Islamic Capital Markets. In Handbook of Research on Theory and Practice of Global Islamic Finance (pp. 874-888). IGI Global.
Muedini, F. (2018). The compatibility of cryptocurrencies and Islamic finance. European Journal of Islamic Finance, (10).
Muharam, A. S., & Osman, D. (2024). Transformative Trends: Exploring the Nexus of Innovation, Technology, Blockchain, and Islamic Social Finance for Global Sustainability. Ekonomi İşletme ve Maliye Araştırmaları Dergisi, 6(Özel Sayı 1), 107-119.
Mustofa, I., Junaidi, A., Rahmad, R. A., & Jafar, W. A. (2023). The Law of Bitcoin Transactions as a Digital Currency from the Maslahah Perspective. Manchester Journal of International Economic Law, 20(1).
Nabeel, M., & Sumathy, M. (2023). Cryptocurrency: An islamic finance perspective. Al-Muhasib: Journal of Islamic Accounting and Finance, 3(1), 55-69.
Napitupulu, R. M., Sukmana, R., & Rusydiana, A. S. (2024). Governance of Islamic social finance: learnings from existing literature. International Journal of Islamic and Middle Eastern Finance and Management, 17(3), 552-571.
Özdemir, M., & Selçuk, M. (2021). A bibliometric analysis of the International Journal of Islamic and Middle Eastern Finance and Management. International Journal of Islamic and Middle Eastern Finance and Management, 14(4), 767-791.
Prasetiyo, L., & Janah, U. R. (2022). Cryptocurrency as money: Islamic monetary system perspective. Al-Tahrir: Journal of Islamic Thought, 22(1), 71-94.
Rabbani, M. R., Hassan, M. K., Hudaefi, F. A., & Shaikh, Z. H. (2022). Islamic finance and cryptocurrency: a systematic review. FinTech in Islamic Financial Institutions: Scope, Challenges, and Implications in Islamic Finance, 279-306.
Rusydiana, A. S., As-Salafiyah, A., Sanrego, Y. D., & Marlina, L. (2021). Fiqh on finance: a scientometric analysis using bibliometrix. Library Philosophy and Practice (e-journal), 5436.
Rusydiana, A. S., Irfany, M. I., As-Salafiyah, A., & Tieman, M. (2023). Halal supply chain: A bibliometric analysis. Journal of Islamic Marketing, 14(12), 3009-3032.
Sanneh, A. (2022). Cryptocurrency in Islamic Finance; Justifications, Limitations, and Challenges.
Santoso, B., Rahmana, M. I., & Surono, A. A. (2021). Digital currency studies in Islamic perspective. Dinar, 8(2), 47-65.
Sharma, D., Pant, D., & Kumar, A. (2023). Cryptocurrency: An Overview of its History, Technology and Future Prospects. International Journal of Advanced Research in Science, Communication and Technology, 427-430.
Shuib, M. S., Abd Muin, M. A., Mohamad Nor, M. N., Ishak, S., Mohamad, T. M., Mansor, N. H., ... & Mohd Assrudin, W. A. W. (2024). Digital Payment Transactions: Islamic Finance Perspective. Journal of Advanced Research in Applied Sciences and Engineering Technology, 36(2), 12-20.
Siddique, M. S., & Shah, H. S. (2023). Blockchain and Cryptocurrency for Islamic Finance: A Perspective of Scholars. Integrated Business and Financial Studies, 1(02), 1-16.
Siswantoro, D., Handika, R., & Mita, A. F. (2020). The requirements of cryptocurrency for money, an Islamic view. Heliyon, 6(1).
Stevanović, S., Starčević, V., & Mićić, L. (2023). DEVELOPMENT OF THE GLOBAL CRYPTOCURRENCY MARKET. НОВИ ЕКОНОМИСТ. https://doi.org/10.7251/noeen2334025s
Sukmana, R., Rusydiana, A. S., & Laila, N. (2023). Waqf and Sustainability: A Text Mining. Management and Sustainability, 2(2).
Supriadi, I., Maghfiroh, R. U., & Abadi, R. (2024). DECENTRALIZED ISLAMIC FINANCE: HARNESSING BLOCKCHAIN TECHNOLOGY. EL DINAR: Journal of Islamic Finance and Banking, 12(1), 108-131.
Tlemsani, I., & Matthews, R. (2023). Digitalization and the prospects of cryptocurrency in Islamic finance. International Journal of technology management & sustainable development, 22(2), 131-152.
Tok, E. (2021). Beyond the Jurisprudential Quagmire: Perspectives on the Application of Digital Currencies and Blockchain Technology in Islamic Economics and Finance. Fintech, Digital Currency and the Future of Islamic Finance: Strategic, Regulatory and Adoption Issues in the Gulf Cooperation Council, 147-167.
Unal, I. M., & Aysan, A. F. (2022). Fintech, digitalization, and blockchain in Islamic finance: A retrospective investigation. FinTech, 1(4), 388-398.
Wahid, N. A., Amanatillah, D., & Fitri, C. D. (2023). From Fiqh to Finance: Assessing Bitcoin Status in Indonesian Monetary System. Share: Journal of Islamic Economics and Finance, 12(2), 308-333.
Wiwoho, J., Trinugroho, I., Kharisma, D. B., & Suwadi, P. (2024). Islamic crypto assets and regulatory framework: evidence from Indonesia and global approaches. International Journal of Law and Management, 66(2), 155-171.
Yenice, A. C., Ozdemir, M., & Koc, A. (2022). Looking at the ‘Big Picture’in Islamic Economics and Finance Literature A Bibliometric Analysis of WoS Indexed Documents. Turkish Journal of Islamic Economics, 9(1).
Yusra, M. N. B. P., Runturambi, A. J. S., & Widiawan, B. (2024). Trends and Prevention of Cryptocurrency-Based Money Laundering Crimes. Asian Journal of Engineering, Social and Health, 3(8), 1751-1759.
Zaman, A., Khan, M. H., & Zhu, Z. (2024). An empirical evaluation of blockchain technology: challenges and opportunities for Islamic cryptoassets. Islamic Finance in the Digital Age, 225-247.
Zaman, A., Tlemsani, I., Matthews, R., & Mohamed Hashim, M. A. (2025). Assessing the potential of blockchain technology for Islamic crypto assets. Competitiveness Review: An International Business Journal, 35(2), 229-250.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Islamic Capital Market

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.