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Article
Publication date: 1 March 2001

Moshin Habib and Joseph Coombs

This article examines the influence of culture and socioeconomic variables on national invention.

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Abstract

This article examines the influence of culture and socioeconomic variables on national invention.

Details

New England Journal of Entrepreneurship, vol. 4 no. 1
Type: Research Article
ISSN: 1550-333X

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Article
Publication date: 10 July 2024

Habib Ahmed

Shariah-compliant security tokens can play an important role in developing innovative solutions to resolve voluntary and involuntary financial exclusion in Muslim societies. This…

169

Abstract

Purpose

Shariah-compliant security tokens can play an important role in developing innovative solutions to resolve voluntary and involuntary financial exclusion in Muslim societies. This paper aims to present features of Shariah-compliant security tokens and supporting ecosystems that can provide additional sources of financing for small and medium enterprises (SMEs) and create alternative investment opportunities for retail investors.

Design/methodology/approach

This conceptual paper presents the building blocks of security tokens, their ecosystem and key functions and activities and then examines these features from Islamic perspectives. This is done by reviewing the contemporary literature on cryptoassets and their ecosystems and analysing these in light of Islamic legal and ethical values and principles.

Findings

The paper provides a framework of how Shariah-compliant asset- and equity-based security tokens can be used by SMEs to raise funds quickly and efficiently on crypto exchanges. Given the novelty and complexity of the technology involved and the lack of understanding and skills to develop blockchain-based systems among SMEs, this paper suggests developing security tokens and exchanges in a controlled manner under the supervision of a nation’s stock markets.

Originality/value

Although several studies examine cryptocurrencies from Islamic perspectives, literature on other cryptoassets and their role in financial inclusion is scant. This paper identifies Shariah-compliant asset- and equity-based security tokens and supporting ecosystems that can contribute to the development of digital capital markets where SMEs can raise funds efficiently and retail investors can invest in alternative asset classes.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 17 no. 4
Type: Research Article
ISSN: 1753-8394

Keywords

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Article
Publication date: 2 January 2025

Muhammad Ikhlas Rosele, Abdul Muneem, Abdul Karim Ali, Azizi Che Seman, Luqman Haji Abdullah, Noor Naemah Abdul Rahman and Mohd Edil Abd Sukor

The purpose of this study is to propose and develop a zakat model for digital assets from the Sharīʿah perspective.

47

Abstract

Purpose

The purpose of this study is to propose and develop a zakat model for digital assets from the Sharīʿah perspective.

Design/methodology/approach

This research adopts a qualitative research method while studying the literature thoroughly, and it analyzes the data through an exploratory research approach to propose a zakat model for the digital assets.

Findings

This research aims to develop a zakat model for digital assets within the framework of Sharīʿah. Using a qualitative research method, the study thoroughly examines existing literature and uses an exploratory research approach to propose this zakat model. The findings suggest that digital assets hold the potential to be considered for zakat in the contemporary digital age. Previous studies indicate that both commodity-based and currency-based digital assets meet the criteria for zakat imposition. Given zakat’s significant impact on socioeconomic development, it is imperative to carefully manage these assets to maximize their potential benefits. However, variations in interpretations by different jurisdictions and Sharīʿah scholars regarding the understanding and classification of digital assets lead to ongoing scrutiny from legal and religious perspectives. This research aims to contribute to the discourse by proposing a zakat model for digital assets and identifying potential assets eligible for zakat.

Originality/value

This research seems to be the pioneer in providing a zakat model for digital assets, combining different segments of digital assets.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8394

Keywords

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Article
Publication date: 21 November 2023

Rahman Ullah Khan, Karim Ullah and Muhammad Atiq

This study aims to synthesize the existing literature with insights gained from interviews conducted with regulatory experts. The objective is to analyse the challenges associated…

299

Abstract

Purpose

This study aims to synthesize the existing literature with insights gained from interviews conducted with regulatory experts. The objective is to analyse the challenges associated with incorporating cryptocurrencies into regulatory frameworks and to explore constraints in the regulatory institutionalization of cryptocurrencies.

Design/methodology/approach

The study methodology consists of two steps. The first step is to identify regulatory constraints in the literature review and in the next step, interviews are conducted with officials of the State Bank of Pakistan (SBP). The study used a qualitative case study methodology, in which a single case (regulatory constraint) was selected as a unit of analysis.

Findings

The findings show that lack of traceability, legal status, lack of governmental control due to decentralization, difficulty enforcing laws, volatility, lack of skills with regulators and difficulty integrating cryptocurrencies into the current financial system are the main obstacles to the introduction of a regulatory framework. Thus, on a broader conceptual level, the findings can be grouped into opportunism, lack of strategic capability and fragmented global laws.

Research limitations/implications

This study could inform global cryptocurrency regulation discussions, sharing a developing country’s views on balancing the government, central banks, the financial sector and public interests. This could guide countries to consider cryptocurrency adoption in similar situations. This could affect the cryptocurrency market, impacting demand, supply and investor trust in Pakistan.

Practical implications

The study has implications for policy making officials. The research aims to offer valuable insights to the SBP and other regulatory authorities, helping them identify potential risks and create an effective regulatory framework for cryptocurrencies.

Social implications

The study has implications for society in knowing about the volatile nature of cryptos and anonymity of their issuers, which poses regulatory constraints. This then implies its harmfullness to its traders and the huge losses that may arise from their trading due to its volatile nature.

Originality/value

This study contributes to the literature on the constraints, responsibilities and consultation framework of cryptocurrency regulations.

Details

Qualitative Research in Financial Markets, vol. 16 no. 4
Type: Research Article
ISSN: 1755-4179

Keywords

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