CryptoHalal: An Intelligent Decision-System for Identifying Halal and Haram Cryptocurrencies

TL;DR

This paper presents CryptoHalal, an intelligent system using machine learning to classify cryptocurrencies as Halal or Haram based on features relevant to Islamic jurisprudence, addressing a key concern for Muslim investors.

Contribution

The study introduces a dataset of cryptocurrencies with jurisprudence-based labels and develops a machine learning model for automated classification of Halal and Haram cryptocurrencies.

Findings

Successfully classified cryptocurrencies with the proposed model.

Identified key features influencing jurisprudence classification.

Provided a tool to assist Muslims in ethical investment decisions.

Abstract

In this research, we discussed a rising issue for Muslims in today world that involves a financial and technical innovation, namely: cryptocurrencies. We found out through a questionnaire that many Muslims are having a hard time finding the jurisprudence rulings on certain cryptocurrencies. Therefore, the objective of this research is to investigate and identify features that play a part in determining the jurisprudence rulings on cryptocurrencies. We have collected a dataset containing 106 cryptocurrencies classified into 56 Halal and 50 Haram cryptocurrencies, and used 20 handcrafted features. Moreover, based on these identified features, we designed an intelligent system that contains a Machine Learning model for classifying cryptocurrencies into Halal and Haram.