Do We Need to Review our Starting ?
,Bit coin / BTC? Its Halal Alternative
Risk Factors & Takaful Solution
Prof. Dr. Mohd Ma'Sum Billah (Speaker)
(Finance, Insurance, Investment, Capital Market & Trade)
Islamic Economics Institute
King Abdulaziz University, Kingdom of Saudi Arabia
Wednesday 18-10-2017 (28-01-1439H)
Bitcoin is a form of digital currency and a synonymous of cryptocurrency. Its idea was first discovered in 2005 while conceptually it had been developed till 2010 and the preparation for its execution took place till 2013. The actual operation of Bitcoin began in 2013 with a roaring price of $ 770 per unit. The growth of the Bitcoin is among the fastest of the financial components of the contemporary world. Despite its successful journey it's not free from any undesirable threat, one may be due to regulatory weakness, inadequate operational mechanisms and lack of market confidence. How this digital form of currency can be recognized under the Shari'ah principles, what are the risk factors in it and how those catastrophes could be ethically managed? An attempt is however is made in this research to establish a Halal alternative model of Bitcoin, its risk factors and to analyze on how those risks may be managed by Takaful system?
Keywords: Bitcoin, Halal, Risk & Takaful.
JEL Classification Code: E4, Z12, G22.