Islamic Market and Crypto-Currencies

Abstract

Praise be to Allah, the Almighty. We praise Him, seek His help and His forgiveness, and we seek refuge in Him from the evils of ourselves, and from the evils of our deeds. He whom Allah guides, nothing misleads him, and he who is misleaded, there is no guide for him, and I bear witness that there is no God but Allah alone, with no partner, and I bear witness that Mohammed is His servant and Messenger. The subject of the market and its organization in the Islamic economy enjoys special importance over other topics for many reasons, including:

• The market addresses many of the economic problems facing human societies. In this context, the market determines the values ​​of consumer and production economic products, and these prices resulting from the price apparatus are a measure of the values ​​of the things that are produced.


• The market acts as a regulator of production. This is achieved by coordinating between the decisions of consumers and the decisions of producers, and the final production becomes the fulfillment of the desires of consumers.


• Market forces work mainly on distributing the total product among those involved in the production process, considering that these forces determine the amount that each element receives in return for its contribution to production.


• Our contemporary economic reality reflect instability and deviations in its markets, which leads to the realization of material benefits that are not considered legal, as a result of the types of fraud, monopoly and concealment of goods and usurious contracts, and contracts of deception and gambling practiced by dealers in the market. These practices lead to a deviation in the distribution of income among members of society, a rise in prices and a deviation in the pattern of economic resource allocation, and thus a decrease in the level of productive efficiency.