Research & Articles

Is Gold the Currency of Islam?

The Dinar is typically referred to as the ‘currency of Islam’. The idea stems from the fact that the initial currency minted by an Islamic government was that of the gold Dinar and silver Dirham. It was the Caliph Abdul Malik ibn Marwan who ordered the minting of these currencies in the year 76 AH....
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The Building of the Islamic Economy from the Plains of Arafat

The famous farewell sermon of the Prophet Muhammad (peace be upon him) in his final Hajj is full of wisdom and principles. This was the last time he addressed the faithful in such a large gathering. Within this sermon, he emphasised on the principles of the Islamic moral economy and Finance. Some of these principles...
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Shariah Coding of Consensus Algorithms

Introduction to consensus algorithms The value of Blockchain technology comes from the distributed security of the system. The distributed system relies on underlying protocols to keep the blockchain functional. One such protocol is the consensus algorithm. Blockchain users need to agree on the validity of the chain before adding more blocks. Every time a node adds...
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Shariah-Based Thoughts on the Proof-of-Work Consensus Algorithm

Introduction With the rise of blockchain solutions and blockchain adoption, Islamic financial institutions are increasingly looking into deploying blockchain into their operations and underlying workflows. Similarly, crypto-projects are being launched with several underlying structures and types of token issuances. Most of the crypto-projects are based on public blockchains and hence need consensus mechanisms. Private blockchains...
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How Smart are Smart Contracts from a Shariah Compliance Perspective?

With the rise of FinTech, we have all heard of various buzzwords and promises of revolution. One of the most common words referenced is blockchain. Another term which is beginning to gain traction is smart contracts. Whilst the actual use cases and implementation of smart contracts are still questionable and unsettled, it is no doubt...
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Zakat on Pensions – Determining a Proxy

This report outlines the juristic precedence in determining proxies for the Zakatable assets held in pension funds as well as the findings and the recommendations for Muslim pension fund members in the United Kingdom for calculating their Zakat liability. A four-month project in determining reasonable proxies for the various types of pension funds was undertaken...
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