An industry expert challenges the status quo about crypto-assets and Fintech

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Speaking in the 5th International Conference on Islamic Finance (ICIF) on Doha, Dr Samir Alamad, Associate Director International Finance and Banking at Coventry University and Chief Adviser Islamic Banking and Finance at IIFS LTD addresses key industry questions.

In his speech in this global conference dedicated to address fintech and crypto in the context of the future of Islamic finance, Dr Samir provided a practical framework for assessing what would be acceptable from an Islamic finance and Sharia perspective as a fintech and crypto assets which includes cryptocurrencies.

By applying religious rules as a directive, he examines the concept of money and cryptocurrency within the theory of money and how it is enacted in the context of Islamic finance amid differences of opinions among its actors. Dr Samir commented on fatwas issued by national fatwa authorities in few countries as lacking appropriate Sharia and academic analysis. He adds, while his position about this matter is neutral, the grounds for those fatwas were attributed to issues, such as fraud, tax evasion, money laundering, gharar (uncertainty), but not to the core Sharia ruling.

He explained that this is something we expect to be the banning grounds from a central bank or a financial regulatory authority, rather than a fatwa authority. Dr Samir differentiates between assessing the permissibility or impermissibility of fintech and crypto assets on the basis of Sharia rulings in the Islamic jurisprudence and the Maslaha (Sharia public good). .—Zawya News

 

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