A Systematic Literature Review on the Implementation of Cryptocurrency Use From an Islamic Perspective

The use of cryptocurrency among Muslims as a financial instrument has sparked a debate in its compatibility with Islamic principles. This systematic literature review examines the implementation of the use of cryptocurrency from an Islamic perspective, focusing on its compliance with Sharia law, issues and views of scholars on it and socio-economic implications. The review synthesizes existing research to explore key themes such as the trustworthiness of cryptocurrencies under Islamic jurisprudence, their potential as a medium for improving the Muslim economy, and the associated risks and benefits. The findings reveal different scholarly opinions, with some highlighting the innovative potential of cryptocurrencies in promoting the Muslim economy while others emphasize concerns over volatility, speculation and a lack of
intrinsic value, which may conflict with Islamic ethical and legal frameworks. This review also identifies gaps in the literature and provides recommendations for future research, emphasizing the need for collaborative efforts among Islamic scholars, economists and technologists to develop comprehensive guidelines for the use of cryptocurrencies in Islamic finance.