Imposing zakat on cryptocurrency (Bitcoin): A Shariah appraisal

Rosele, Muhammad Ikhlas and Muneem, Abdul and Che Seman, Azizi and Abdullah, Luqman and Abdul Rahman, Noor Naemah and Abd Sukor, Mohd Edil and Ali, Abdul Karim (2022) Imposing zakat on cryptocurrency (Bitcoin): A Shariah appraisal. Global Business and Economics Review, 28 (1). 91 – 111. ISSN 1097-4954, DOI

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This research aims to study whether zakat is due on cryptocurrency (Bitcoin) and to address the issues related to imposing zakat upon it. This study is conducted based on the qualitative research method following the inductive method and explanatory research approach. The findings show that Bitcoin is recognised as a digital asset in many countries and the tax is imposed accordingly. As such, Bitcoin is among the zakatable assets since it meets the conditions of zakat on assets. Moreover, Bitcoin as a digital currency would also be zakatable if a country recognises it as currency, as would any regulated digital currency issued by a government. Imposing zakat on Bitcoin would boost the total amount of zakat collectible, which would be beneficial for needy people. Further research is recommended to provide the zakat model for Bitcoin and other cryptocurrencies. © 2023 Inderscience Enterprises Ltd.

Item Type: Article
Uncontrolled Keywords: Bitcoin; Cryptocurrency; Digital asset; Shariah; Zakat
Subjects: B Philosophy. Psychology. Religion > BP Islam. Bahaism. Theosophy, etc > Islam
H Social Sciences > HG Finance
K Law > K Law (General)
Divisions: Academy of Islamic Studies > Dept of Fiqh & Usul
Academy of Islamic Studies > Dept of Syariah & Economics
Faculty of Business and Economics > Department of Finance
Depositing User: Ms. Juhaida Abd Rahim
Date Deposited: 04 Dec 2023 03:35
Last Modified: 04 Dec 2023 03:35

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