The Existence of Riba in The Products of Cryptocurrency Exchange Companies
This paper intends to examine the existence of riba elements (interest) in the products of cryptocurrency exchange companies locally in Malaysia and the international. Two of the chosen international cryptocurrency exchange companies, namely Huobi and KuCoin, and one local company, Luno Malaysia Sdn...
Published in: | GLOBAL JOURNAL AL-THAQAFAH |
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UNIV SULTAN AZLAN SHAH
2024
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Online Access: | https://www-webofscience-com.uitm.idm.oclc.org/wos/woscc/full-record/WOS:001335683500003 |
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Muhammad N.; Alwi S. F. Syed |
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Muhammad N.; Alwi S. F. Syed The Existence of Riba in The Products of Cryptocurrency Exchange Companies Religion |
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Muhammad N.; Alwi S. F. Syed |
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Muhammad |
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Muhammad, N.; Alwi, S. F. Syed The Existence of Riba in The Products of Cryptocurrency Exchange Companies GLOBAL JOURNAL AL-THAQAFAH English Article This paper intends to examine the existence of riba elements (interest) in the products of cryptocurrency exchange companies locally in Malaysia and the international. Two of the chosen international cryptocurrency exchange companies, namely Huobi and KuCoin, and one local company, Luno Malaysia Sdn. Bhd., were analyzed based on their websites and applications. It was found that riba exist in the products offered by international cryptocurrency exchange companies, specifically crypto loans, and lending. Meanwhile, the local one does not offer a product that generates riba. It can be concluded the two products that generate riba seem to be mirroring foreign exchange trading, which comprises leverage and margin in loans and lending. Hence, it is suggested not to subscribe to lending and loans products offered by international cryptocurrency exchange companies. This study implies for Muslim investors, who deal with cryptocurrency. It is recommended to do future research on awareness of riba in the products of cryptocurrency exchanges among Muslim investors. UNIV SULTAN AZLAN SHAH 2232-0474 2232-0482 2024 Religion WOS:001335683500003 https://www-webofscience-com.uitm.idm.oclc.org/wos/woscc/full-record/WOS:001335683500003 |
title |
The Existence of Riba in The Products of Cryptocurrency Exchange Companies |
title_short |
The Existence of Riba in The Products of Cryptocurrency Exchange Companies |
title_full |
The Existence of Riba in The Products of Cryptocurrency Exchange Companies |
title_fullStr |
The Existence of Riba in The Products of Cryptocurrency Exchange Companies |
title_full_unstemmed |
The Existence of Riba in The Products of Cryptocurrency Exchange Companies |
title_sort |
The Existence of Riba in The Products of Cryptocurrency Exchange Companies |
container_title |
GLOBAL JOURNAL AL-THAQAFAH |
language |
English |
format |
Article |
description |
This paper intends to examine the existence of riba elements (interest) in the products of cryptocurrency exchange companies locally in Malaysia and the international. Two of the chosen international cryptocurrency exchange companies, namely Huobi and KuCoin, and one local company, Luno Malaysia Sdn. Bhd., were analyzed based on their websites and applications. It was found that riba exist in the products offered by international cryptocurrency exchange companies, specifically crypto loans, and lending. Meanwhile, the local one does not offer a product that generates riba. It can be concluded the two products that generate riba seem to be mirroring foreign exchange trading, which comprises leverage and margin in loans and lending. Hence, it is suggested not to subscribe to lending and loans products offered by international cryptocurrency exchange companies. This study implies for Muslim investors, who deal with cryptocurrency. It is recommended to do future research on awareness of riba in the products of cryptocurrency exchanges among Muslim investors. |
publisher |
UNIV SULTAN AZLAN SHAH |
issn |
2232-0474 2232-0482 |
publishDate |
2024 |
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Religion |
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Religion |
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WOS:001335683500003 |
url |
https://www-webofscience-com.uitm.idm.oclc.org/wos/woscc/full-record/WOS:001335683500003 |
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wos |
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Web of Science (WoS) |
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