Cryptocurrency applications in Islamic economies: Comparative analysis of OIC countries

Cryptocurrencies have become a significant component of the global financial system with the rapid advancement of digital financial technologies, generating normative, institutional, and regulatory debates within Islamic economies. Among the member states of the Organisation of Islamic Cooperation (OIC), the level of cryptocurrency adoption and regulatory approaches varies considerably, reflecting differences in financial structures, the institutional depth of Islamic finance ecosystems, macroeconomic conditions, and financial centre strategies. This thesis examines the position of cryptocurrencies in Islamic economies within the framework of theoretical and empirical literature and provides a comparative analysis based on the cases of Türkiye, Malaysia, Saudi Arabia, Indonesia, the United Arab Emirates, and Qatar. The findings, supported by descriptive statistics, tables, and figures, demonstrate that cryptocurrencies do not constitute a homogeneous policy or application area across OIC countries. Instead, distinct national models emerge depending on regulatory preferences, market depth, financial centre ambitions, and institutional capacity. While cryptocurrencies are primarily positioned as instruments of financial innovation and investment in some countries, more cautious and controlled approaches are adopted in others. The results indicate that cryptocurrencies should be viewed neither as elements that must be categorically excluded from Islamic economies nor as instruments that automatically generate economic benefits. The sustainable development of digital financial innovations in alignment with Islamic finance systems depends on the establishment of effective governance mechanisms, regulatory clarity, and a framework consistent with normative principles.