crypto

Sifting Through The Crypto Junk

According to CoinMarketCap’s data, there are nearly 20,000 cryptos in circulation and 527 exchanges[1]. Based on this data, an average of 22 cryptocurrencies entered the market daily to date[2].  Many of the crypto-assets that are being released seem to be emulating established crypto-assets such as Bitcoin and Ethereum, with a few cosmetic changes. A lack […]
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Shariah Controls on Crypto Market Manipulation

The Crypto industry is prone to manipulation and exposed to fraudulent activity. Due to the unregulated nature of such markets at present, there is much more useless tokens and junk being sold to naive investors. Further, fraudsters are using several techniques and strategies to create an artificial hype and demand for junk tokens. This article […]
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Integrating Blockchain in Islamic Finance

Blockchain is called blockchain because data is stored in blocks and the data is connected in a chain. A very simple explanation is that blockchain is a digital record that is split into pieces, called “blocks,” which are stored in multiple places. Essentially, blockchain enables record-keeping that is secure, accurate, and fast. Blockchain is a […]
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Designing a Shariah-compliant Metaverse

Defining the Metaverse Metaverse is a combination of the prefix “meta”, meaning beyond, and “universe”. A simple way to appreciate ‘the Metaverse’ is simply to think cyberspace or virtual worlds. It is being argued as the next big disruptive wave in current technology and internet experience. And as such, it is a leap in the […]
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What is the Zakat treatment of crypto-assets?

QUESTION What is the Zakat treatment of Crypto-assets?  ANSWER In the Name of Allah, the Most Gracious, the Most Merciful As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh Answer: The Zakat treatment of crypto-assets depends on two things: The type of crypto-asset The investment and trading strategy in crypto-asset To read more on our explanation of crypto-assets, you can […]
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NFTs: Shariah Compliant?

What are NFTs?  One of latest hypes in the crypto-space is Non-Fungible Tokens (NFTs). NFTs are described as a special type of token that represents a unique asset. The term fungible means something that can be replaced by something similar. It is a type of token that can’t be replaced by another similar token as […]
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My Thoughts on Crypto-assets

by Mufti Faraz Adam, Amanah Advisors from the book “Introduction to Islamic Fintech” The Nature of Crypto-assets My personal view regarding crypto-assets is that many can be deemed digital assets, whilst some have the potential to be even recognised as a medium of exchange for their specific networks only. To deny the existence of crypto-assets […]
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