Toward an Islamic Cryptocurrency: A Proposed Halal Coin

Since its inception in 2009, cryptocurrencies have been a subject of debate in literature. In the general literature, the debate is mainly about the legality and application of these currencies while in Islamic literature, the debate is about its compliance with Sharia rules and directions. The primary objective of this study was to analyze current cryptocurrencies using a novel methodology and propose a new Islamic cryptocurrency, called “Halal Coin”. To achieve the objectives of this study, a qualitative research method was followed by analyzing how the included cryptocurrencies work, analyzing some of its data for the period from January 1, 2023 to May 31,2025, and determining the characteristics of the proposed coin. Data used in this study were analyzed using descriptive statistics and the measure of “value at risk”. The results revealed that none of the current cryptocurrencies are Sharia-compliant, and the proposed Halal coin is characterized by 15 attributes, including being accessible to all people, serving as a unit of account, and being free from high volatility.

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Publication Details

Journal
Journal of Accounting and Finance
Published
2025-09-21
DOI
https://doi.org/10.33423/jaf.v25i3.7858
Primary Topic
Halal products and consumer behavior
Type
article
Field-Weighted Citation Impact
0.00
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article

Toward an Islamic Cryptocurrency: A Proposed Halal Coin

Mohammad K. Elshqirat
Journal of Accounting and Finance
Halal products and consumer behavior
article

Toward an Islamic Cryptocurrency: A Proposed Halal Coin

Mohammad K. Elshqirat
article en

Abstract

Since its inception in 2009, cryptocurrencies have been a subject of debate in literature. In the general literature, the debate is mainly about the legality and application of these currencies while in Islamic literature, the debate is about its compliance with Sharia rules and directions. The primary objective of this study was to analyze current cryptocurrencies using a novel methodology and propose a new Islamic cryptocurrency, called “Halal Coin”. To achieve the objectives of this study, a qualitative research method was followed by analyzing how the included cryptocurrencies work, analyzing some of its data for the period from January 1, 2023 to May 31,2025, and determining the characteristics of the proposed coin. Data used in this study were analyzed using descriptive statistics and the measure of “value at risk”. The results revealed that none of the current cryptocurrencies are Sharia-compliant, and the proposed Halal coin is characterized by 15 attributes, including being accessible to all people, serving as a unit of account, and being free from high volatility.

Journal of Accounting and FinanceVol. 25(3)
Walden University (US)
Openalex Percentile: Top 65%
Halal products and consumer behavior
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