Crypto Economic in the Islamic Finance

Islamic Finance today it’s in its dynamic and active state recognized by the intergovernmental and international organization as a form of financial intermediation, that is full of potential in strengthening links between financial intuitions and the real economy. Even though Islamic Finance makes use of the Islamic principles and values in its administration such as the Sharia law, it is has expanded to the crypto economic world where finances or banking is done by the trading of crypto-currencies with other asserts.

Yes, you might be thinking how possible is Crypto economy growing in the Islamic finance world, especially with the strict and tight rules. Well, the news is that the interests of Islamic investors have been keen on the crypto-currency economy in these few past years, with this interest being expressed in the creation of crypto-currency projects in Islamic countries such as Malaysia, Indonesia and the United Arab of Emirates. With a current assessment of Islamic crypto investments of $ 0.5 billion and the potential of 71.68 billion us dollars, Islamic crypto-investment has a growth rate of about 270% on average. With these figures, one can easily tell how large and fast the crypto-economy is growing in the Islamic Finance world. That being said, crypt economy is still yet to get to most in the Islam world, this is because they are many who are of the limited knowledge that the engaging or the involvement of a Muslim in crypto-Economics is either “Halal” or “Haram.”

There is a connotative idea that from the Shariah point of view, engaging in the crypto economy is “Gharar” (uncertainty of the transaction) and Maysir(high risk inherent in gambling) this has made a lot who do not understand the concept fully be reluctant in joining. However, just as mentioned by most Islamic scholars, anyone who acquired electronic money in a legitimate way can use them as this is permissible. This is so because just like paper money, the digital currency through purchased electronically is regarded as a full-fledged currency exchange. This is how ADAB Solutions is trying to use their project is also teaching Muslims that the blockchain platform that is being created for the exchanging of digital currency is indeed acquired way legitimately. Crypto-currency economic system is not “Haram” nor “Halal” in itself, but however, a technology that can be turned to the benefit of Muslims.

ADAB Solutions purpose is to create a platform for the exchanging of crypto-currency but fully complying with the norms of the Sharia and operate on the principles of Islam, so as Muslims can engage in such financial activities without the fear or feeling of breaking Islamic principles. It will completely exclude the possibility of speculative transactions, margin trading, and operations that do not correspond to Sharia. These wills exclude the “Gharar,” “Maisie” and “Ribu” from the work of the Exchange. The company will be regulated with crypto asserts in strict accordance with the norms of Sharia as well as adhere to documents and procedures stated in the Islamic principles

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