Shariah-compliant central bank digital currency: proposed design and implementation
摘要
This study explores the design and implementation of a Shariah-compliant central bank digital currency (CBDC). The research aims to investigate how CBDC can be designed to comply with Shariah principles, facilitate Islamic monetary policy objectives, and assess the potential risks and benefits of issuing CBDC in a Shariah setting. The study employs qualitative methods, including library research and expert interviews. A total of seven interviews were conducted with experts and professionals in the fields of Islamic finance, central banking, and Islamic jurisprudence. The interviews were analysed using NVivo 14, a qualitative data analysis software. The findings reveal three main themes: Shariah compliance in CBDC design, monetary policy tools and CBDC, and the potential risks and benefits of issuing CBDC in a Shariah setting. This study concludes that a well-designed Shariah-compliant CBDC could have the potential to contribute meaningfully to Islamic finance by potentially promoting stability, enhancing inclusivity, and supporting ethical economic practices. Collaboration among central banks, Shariah scholars, and policymakers is essential for the successful implementation of CBDC in a Shariah setting. The originality of this research lies in its comprehensive examination of integrating Islamic finance principles into the design and implementation of CBDC. It presents a detailed analysis of how Shariah-compliant CBDC can be constructed by addressing the technological and ethical considerations. Furthermore, this study bridges the gap between contemporary financial technology and traditional Islamic finance principles by proposing innovative solutions for financial inclusion and ethical banking practices in the digital era.