Abstract:

The money has tracked a historical course from the barter economy, cash, fiat money, deposit, digital and crypto money. The widespread blockchain technology has managed to crypto money such as Bitcoin, Ripple and Ethereum being ubiquitous in financial markets after 2011. While the quest for new currencies and substitute payment systems in international economic markets have continued, it is observed that these progresses are appraised in terms of Islamic marketplaces, and a solution is needed in this area. Islamic Coin (IsCoin) was shown how the halal crypto money system has been designed with sharia compliance to current offers and suggests assurance in the markets as another payment system, which has been integrated by Islamic Development Banks (IDB). I comparatively examine Turkish Lira deposit interest, Euro and USD interest, Borsa Istanbul Stock Exchange (BIST), IsCoin, gold, NASDAQ, Bitcoin, and Ethereum return. This paper reveals that the return of the IsCoin is better than the return of Turkish Liras, Euro, USD Dollar, and BIST. However, the return of Bitcoin and Ethereum is better than IsCoin. Still, according to many Islamic scholars, these investment instruments have high volatility, and they have not accepted suitable investment tools due to sharia non-compliance risk.

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