This paper analyses the operation of cryptocurrency system in perspective of Islamic finance. The purpose of this study is to evaluate the cryptocurrency framework whether it is meet the Islamic Finance rule. In addition, this study performed in providing the Islamic minded investor a proper information regarding investment in Bitcoin. Cryptocurrency is a digital currency in which encryption techniques that implement to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. A transaction is a transfer of Bitcoin value that is broadcast to the network and collected into blocks. A transaction typically references previous transaction outputs as new transaction inputs and dedicates all input Bitcoin values to new outputs. This cryptocurrency has no physical form and exists only in the network. Bitcoin also has no intrinsic value in that it is not redeemable for another commodity, namely gold. Then, this study evaluates the framework according to Islamic Finance rule. The bitcoin account holder is anonymous. Therefore, it is difficult to track the real account holder if any suspicious activity occurs. In addition, the value of Bitcoin is unstable because of high volatility. Bitcoin also suffers variance in perceptions of Bitcoin's store of value and method of value. All of these three conditions contribute to uncertainty in transaction framework of Bitcoin. As a conclusion, Bitcoin transaction is classified as a transaction with high uncertainty (gharar).
Exchange rate is price of a nation's currency in terms of another currency. The value of exchange rate is important as one of the indicators to shows the strength of economic condition for particular country. This paper performed data clustering in analyzing the currency exchange rate which is 1 Malaysian Ringgit (MYR) to United States Dollar (USD). The method that is implemented in this study is Autoregressive Integrated Moving Average (ARIMA) model. This study performed stationary analysis, modeling analysis and diagnostics checking. In stationary evaluation process, the integration of order 1, I (1) is validated as stationary variable. The findings show ARIMA (1, 1, 1) is suitable for clustering the data between January 2010 until April 2017.The importance of this findings is to provide economists and researchers understand the dynamic behavior of currency movement. In addition, further study can be implement in evaluating the determinants factors that contributes to the dynamic behavior of currency exchange rate.
The development of electronic wallet (e-wallet) aims to encourage customers and small business owners to use digital payments for a safer, cashless, and efficient transaction. This study developed a procedure to discover the transactional framework for the e-wallet payment system in the digital economy. This study explained the procedure of the transaction process, starting from registration of user and service provider, payment composition, and profit generation for the business model of e-wallet provider. This study provides a precise and reliable analysis to increase public awareness about the e-wallet transaction. At the same time, the framework in this study functions to help small and medium industries grow in the digital economy segments.
This paper present framework of outcome-based-education (OBE) for massive open online courses (MOOCs) in Islamic finance education program. The framework that integrated outcome-based-education (OBE) with Bloom's taxonomy needs a clear explanation in developing a reliable delivery method of course in MOOCs. Therefore, this study developed continuous quality improvement framework, deep learning Bloom's taxonomy framework and MOOCs implementation framework with integration of outcome-based-education (OBE). This paper provides significant contribution of providing framework that reliable and robust for implementation of teaching procedure in massive open online courses (MOOCs) with integration of continuous improvement and outcome-based-education (OBE) approach.
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