The Role of Digital Currencies (Bitcoin As A Model) in Investing Money in Islamic Banks

Abstract

The ability of Islamic banks to continue the stage of proliferation witnessed by their financial activity since the beginning of this century, requires them to adopt the mechanisms of Islamic financial engineering in the best way to employ new developments in the banking industry, and this recruitment and accompaniment is not at the expense of the principles of work in Islamic law (sharia), which is the cornerstone characteristic of the business for these banks. The research aimed at analyzing the strengths of the Islamic banks' ability to keeping up of new developments in the field of blockchain technology and through them on digital currencies. The research was able to present the changes in this field and provide a legal and financial evaluation for their use by Islamic financial institutions after reviewing the most prominent employed aspects of investment in them and highlighting the employment aspects created for digital currencies through smart contracts and cloud storage.