Sharia fintech is a digital financial innovation that integrates technology with sharia principles, one of which is through a Peer To Peer (P2P) lending platform. However, in practice, various sharia compliance issues are still found, such as the potential for usury, gharar, and non compliance with contracts. This is due to limited manual supervision and the complexity of digital transactions. This study aims to analyze the potential for implementing smart contract technology to improve sharia compliance on P2P lending platforms. Using a qualitative approach through literature studies, this article examines how smart contract characteristics such as transparency, automation, auditability, and resistance to manipulation can support the implementation of sharia contracts such as murabahah, mudharabah, and musyarakah. The results of the study show that smart contracts enable the automatic implementation of sharia compliant transactions, reject unauthorized processes, and provide an immutable blockchain based monitoring and reporting system. This potential makes it a strategic tool in building a more accountable, efficient, and trusted sharia fintech ecosystem. However, the implementation of this technology still faces challenges, such as limited regulations, the need for multidisciplinary human resources, and low digital sharia literacy. Therefore, collaboration between scholars, regulators, and technology developers is needed to ensure that the implementation of smart contracts is not only technically superior, but also in accordance with the maqashid sharia. This study recommends the development of prototypes and further empirical research as concrete steps for implementation.
Abdulbari Kaje Yamkee, Mohd Hafiz Bin Jamaludin, Hanira Hanafi, Moch. Bukhori Muslim
Bitcoin is the world’s first cryptocurrency, created by Satoshi Nakamoto in 2008. Initially designed as a currency, Bitcoin has increasingly been used as a speculative investment instrument in recent years. The growing popularity of Bitcoin investment among investors has raised questions about its compatibility with the principles of maqasid syariah in general and the concept of ḥifẓ al-māl in particular. This study aims to analyze the concept of ḥifẓ al-māl from the perspective of maqasid syariah in relation to Bitcoin investment. Ḥifẓ al-māl is one of the five essential objectives of maqasid syariah, emphasizing financial security, asset protection, avoidance of excessive risk, fraud and other non-compliant elements. This study adopts a qualitative approach through a literature review to assess the suitability of Bitcoin investment within the framework of ḥifẓ al-māl and maqasid syariah. Data was collected from primary and secondary sources. The data were than analyzed based on the established themes. The findings indicate that Bitcoin investment carries both high profit potential and significant risk. Furthermore, ensuring that Bitcoin investment fully aligns with maqasid syariah, particularly in the context of ḥifẓ al-māl, present considerable challenges due to elements that may lead to both benefit and harm. Contribution: This study makes a significant contribution in legal, economics and social aspects. From a legal perspective, it proposes a comprehensive guideline for Bitcoin investment. Economically, it enhances understanding of Bitcoin’s potential as an alternative investment within the framework of ḥifẓ al-māl. Socially, it promotes awareness of syariah-compliant financial management within community.
Waqf is an Islamic economic instrument with significant potential to promote community welfare, yet it continues to face challenges related to transparency, asset certification, and public engagement. The advancement of blockchain technology particularly the use of Non-Fungible Tokens (NFTs) presents an innovative opportunity for the digitalization of waqf, especially as a means of creating unique, transparent, and verifiable asset certifications. This study employs a qualitative approach through a literature review to analyze the potential and challenges of utilizing NFTs within the framework of sharia-compliant digital waqf. The findings indicate that NFTs hold great promise in enhancing efficiency, expanding public participation, and promoting digitally-driven productive waqf models. However, several critical issues remain, including legal uncertainty, the risk of gharar (ambiguity), value volatility, and the lack of supporting infrastructure and digital literacy. This study recommends strengthening regulatory frameworks, developing adaptive fiqh guidelines, and increasing public education to support the implementation of NFTs as a waqf instrument aligned with maqāṣid al-sharī‘ah and capable of delivering broad benefits to the Muslim community.
Web3 technology echoes the paradigm of a secure, transparent, and privacy-preserving decentralized internet. Unfortunately, this digital transformation has opened up new opportunities for cybercriminals, for example online gambling bookies can utilize the Blockchain Domain Name System (BDNS) running on Web3 as a way to avoid tracking and blocking. This analysis aims to map the potential threats from misuse of BDNS technology through a two-dimensional scenario matrix approach using two main types of variables: (1) Native Web3 integration into popular browsers, and (2) Level of BDNS adoption by online gambling sites. The four scenarios produced will describe various levels of risk that require different mitigation strategies, in certain combination conditions will create the highest threat conditions where the conventional domain name blocking system is no longer effective in blocking online gambling sites. The results of this study are expected to identify weak signals from the evolution of online gambling threats, as well as become a basis for government agencies or policy makers in preparing anticipatory steps in dealing with the dynamics of digital threats in the Web3 era.
Muhammad Izzul Syahmi Zulkepli, Suffian Haqiem Nor Azelan, Nur Bakri Abdul Hamid, Hazrul Hizam Karim · 5 authors
A smart contract is a script that encodes and executes the terms of a contract or transaction on a blockchain platform. This technology offers a practical mechanism for delivering Islamic banking products. Smart contracts can be utilized for Islamic home financing, specifically to implement the diminishing partnership (musharakah mutanaqisah) structure. This arrangement has seen a decline in use, largely due to the rise of tawarruq contracts which benefit from more developed systems and facilities. Reassessing and redeploying the diminishing partnership model via smart contracts could reduce the industry’s heavy reliance on tawarruq in Islamic banking operations. Accordingly, this study evaluates the potential of smart contract technology to execute diminishing partnership agreements, especially within the context of housing finance offerings. We adopt a qualitative approach to achieve this aim, drawing on thematic analysis of prior studies and synthesizing findings through narrative methods. Our results indicate that smart contracts can serve as an effective operational mechanism for diminishing partnership-based home financing, thanks to automated workflows, enhanced transaction transparency, and improved risk management. However, these advantages can only be fully realized if the technological, operational, and Sharia-related risks are properly identified and controlled.
Yusril Rahman Hakim, Muchammad Rio Nugroho, Muhammad Hadyul Haq, Ladi Wajuba Perdini Fisabilillah · 5 authors
Sektor perbankan memiliki peran penting dalam perekonomian Indonesia, sehingga faktor-faktor yang memengaruhi harga saham perbankan menjadi menarik untuk diteliti. Penelitian ini bertujuan untuk menganalisis pengaruh harga Bitcoin, harga emas, dan BI Rate terhadap harga saham perbankan yang terdaftar di Bursa Efek Indonesia selama periode Januari 2022 hingga November 2024. Metode penelitian yang digunakan adalah pendekatan kuantitatif dengan regresi data panel berbasis Random Effect Model (REM). Data yang digunakan berupa data sekunder dari situs Investing.com. Hasil penelitian menunjukkan bahwa harga Bitcoin dan BI Rate memiliki pengaruh positif dan signifikan terhadap harga saham perbankan, sementara harga emas tidak memiliki pengaruh signifikan. Hal ini mengindikasikan bahwa Bitcoin sebagai aset digital alternatif semakin memengaruhi dinamika pasar keuangan, sedangkan emas lebih dianggap sebagai aset pelindung nilai tanpa keterkaitan langsung dengan saham perbankan. BI Rate yang meningkat juga mencerminkan kinerja positif perusahaan perbankan, sehingga menarik perhatian investor. Penelitian ini memberikan wawasan mengenai peran instrumen investasi alternatif dan kebijakan moneter dalam menentukan dinamika pasar saham perbankan.
This study aims to critically examine the compatibility of Bitcoin and blockchain technology with Islamic economic and legal principles within the context of a rapidly evolving digital financial system. Employing a literature review method based on the PRISMA approach, this research analyzes five authoritative classical Islamic jurisprudence texts alongside 40 scholarly articles from credible academic sources. The primary focus lies in evaluating how these emerging technologies correspond with key Islamic financial values, particularly the prohibitions of riba (interest), gharar (excessive uncertainty), and maysir (speculation/gambling), while also exploring their potential for innovation in building a Shariah-compliant financial infrastructure. The findings demonstrate that while Bitcoin, due to its high volatility and speculative nature, poses significant concerns under Shariah principles mainly due to its proximity to elements of maysir and gharar blockchain technology itself offers considerable promise. As a decentralized and transparent ledger system, blockchain can enhance justice (‘adl), trust (amanah), and efficiency in Islamic financial transactions. It supports the reduction of transaction costs, improves transparency, and eliminates reliance on intermediaries aligning with core objectives of Islamic economic ethics. Furthermore, blockchain technology provides a foundation for innovative financial instruments that uphold Shariah compliance, such as asset-backed stablecoins, automated smart contracts for contracts like murabahah or mudarabah, and real-time Shariah audits. The study finds increasing institutional support across Southeast Asia and the Middle East, where Islamic finance authorities, governments, and fintech developers are actively working to embed blockchain into compliant financial ecosystems. In conclusion, although Bitcoin's speculative characteristics challenge its Shariah compliance, blockchain technology opens significant opportunities to innovate and strengthen Islamic digital finance. The realization of this potential depends on sustained collaboration among Shariah scholars, technologists, regulators, and financial institutions to ensure all developments are guided by the objectives of maqasid al-shariah. This research contributes to the ongoing discourse on how Islamic values can shape the future of ethical and inclusive financial technologies.
The focus of this research is to identify the factors that make investors victims of fraud in the context of NFT investments. The theoretical foundation used in this study is the Lifestyle Exposure Theory, which helps in understanding how investors' lifestyles influence their risk of being scammed. This research employs a qualitative approach with a case study method through interviews to gain an in-depth understanding of fraudulent patterns in NFT projects. Data analysis is conducted using a descriptive approach to thoroughly illustrate and explain the phenomenon, providing insights into the factors that make investors vulnerable to fraud in the context of NFT investments. Lack of self-control and minimal verification of information make investors more susceptible to fraudulent schemes. The habitual factors identified above demonstrate their role as victims in fraud schemes, a concept known as Participating Victims.
Hendri Dewarto Silitonga, Ratna Artha Windari, Si Ngurah Ardhya
Penelitian ini bertujuan untuk (1) menganalisis dan memahami pengaturan hukum mengenai transaksi aset digital cryptocurrency di indonesia dalam Undang- Undang Informasi dan Transaksi Elektronik sebagai acuan dalam memberikan kepastian hukum terhadap penggunaan aset digital cryptocurrency di Indonesia, (2) mengidentifikasi keabsahan smart contract pada platform Ethereum berdasarkan sistem hukum kontrak di Indonesia berdasarkan perspektif syarat sahnya perjanjian yang dimuat di dalam pasal 1320 KUH Perdata. Jenis penelitian yang digunakan dalam penelitian ini adalah yuridis normatif , yakni melalui pendekatan perundang-undangan (statute approach) dan pendekatan perbandingan (comparative approach) . Sumber bahan hukum yang digunakan yaitu KUH Perdata, UU ITE, Bappebti, PP, dan artikel ilmiah yang relevan. Hasil penelitian menunjukkan bahwa (1) Undang-Undang Informasi dan Transaksi Elektronik tidak mencamtumkan secara eksplisit mengenai transaksi aset digital, istilah dokumen elektronik dan informasi elektronik, menkategorikan aset digital yang menjadikan aset digital memiliki kedudukan yang sah dan diakui secara hukum. (2) Keabsahan smart contract pada platform Ethereum jelas tidak memenuhi syarat subjektif dalam 1320 KUH Perdata yang membuat smart contract batal atau tidak sah sebagai suatu perjanjian yang mengikat para pihak.
The rapid growth of cryptocurrency and blockchain technology has raised significant legal and ethical questions, particularly in Muslim-majority countries like Indonesia, where Islamic law (Shariah) plays a central role in financial regulation. This study examines the role of Islamic law in regulating cryptocurrency and blockchain technology, focusing on Indonesia’s regulatory framework. The research aims to assess the compatibility of these technologies with Shariah principles and identify gaps in the current regulatory approach. By doing so, it seeks to provide recommendations for developing a Shariah-compliant regulatory framework that balances innovation with ethical and legal considerations. Using a mixed-methods approach, this study combines legal analysis of Indonesia’s regulatory framework with qualitative interviews with Islamic scholars, regulators, and industry experts. Data were analyzed to evaluate the alignment of cryptocurrency and blockchain technology with Shariah principles, such as the prohibition of riba (interest) and gharar (uncertainty). The findings reveal that while blockchain technology has potential applications in Islamic finance, cryptocurrencies face significant challenges due to concerns over volatility, speculation, and lack of intrinsic value. The study concludes that Indonesia’s regulatory framework must be adapted to address the unique challenges posed by cryptocurrency and blockchain technology while ensuring compliance with Shariah principles.
Muhammad Farid Romadhoni Alqodr, A. Fajar Awaluddin, Annas Fajar Rohmani, Muhammad Salman Al Farisi
The rapid development of digital finance has led to widespread adoption of cryptocurrency and Non-Fungible Tokens (NFTs), including among Indonesian Muslims. However, a gap remains between state policy and Islamic legal perspectives on the legitimacy of these digital assets. While the Indonesian government recognizes cryptocurrency as a tradable commodity, Islamic authorities such as the Indonesian Ulema Council (MUI) consider it haram due to elements of gharar (uncertainty) and maysir (gambling). This normative divergence, coupled with the absence of integrated sharia-based digital education, creates confusion and increases the risk of speculative or unethical practices. This study adopts a descriptive qualitative approach through library research, drawing on academic literature, state regulations, fatwas, and digital media content. The findings reveal that community-based Islamic education—rooted in platforms such as pesantren, majelis taklim, and digital Muslim communities—plays a strategic role in enhancing sharia literacy. Digital educational media like YouTube, podcasts, and e-learning serve as powerful tools for contextualizing Islamic teachings in the digital economy. Collaborative educational initiatives involving scholars, educators, and influencers have shown positive outcomes in building awareness and ethical understanding of digital financial instruments. This research suggests that integrating fintech content into Islamic educational curricula and empowering da'i and PAI teachers with digital literacy skills are essential to developing an ethically grounded and technologically literate Muslim society.
Andrian Purwanto, Yudi Sumayadi, Tri Karyono, Enry Johan Jaohari
The rapid development of digital technology has significantly transformed the music industry, influencing various aspects from production and distribution to audience engagement. This article explores the implications of technological advancements, particularly the integration of artificial intelligence (AI), blockchain, non-fungible tokens (NFTs), and the Metaverse in the music sector. Using a qualitative approach with a literature study method, this research analyzes various sources and case studies to examine the impact of these technologies. The findings reveal that AI has revolutionized music creation by enabling automation in composition and production, enhancing efficiency and creative possibilities. However, this innovation also raises ethical debates regarding originality and copyright ownership. In parallel, blockchain and NFTs introduce a transparent and decentralized distribution model, allowing musicians to control their intellectual property and earnings without relying on intermediaries such as record labels. Despite these advantages, challenges remain, including limited public understanding of blockchain and market instability due to cryptocurrency fluctuations. urthermore, Metaverse-based virtual concerts and music experiences using VR technology present new opportunities for immersive and inclusive entertainment. However, replicating the emotional depth of live performances and ensuring accessibility to VR devices remain significant challenges. Overall, while these technologies offer promising innovations in the music industry, concerns related to regulation, ethics, and accessibility must be addressed. A balanced approach is necessary to fully harness the benefits of digital transformation while mitigating its potential drawbacks.
Khoirul Hidayah, Muhammad In’am Esha, Dwi Hidayatul Firdaus, Ramadhita Ramadhita
The Non-Fungible Token (NFT) is one form of trade utilising crypto assets as a medium of exchange. This system has proven effective in assisting creators in protecting both their economic and moral rights. However, the existence of Regulation of the Minister of Finance No. 68/PMK.03/2022 concerning Value Added Tax and Income Tax on Cryptocurrency Trading does not adequately address the phenomenon of NFT trading. This raises an intriguing issue regarding the formulation of tax collection for NFTs as digital assets that can be traded and serve as a source of state revenue. This study employs a socio-legal approach with qualitative methods. Based on an analysis of legislation, the theory of justice, and tax collection theory, three alternative models for regulating income tax and VAT on NFTs in Indonesia are proposed. The first model suggests specific regulation in the form of a Minister of Finance Regulation. The second model recommends classifying NFT trading platforms as Permanent Establishments (PE). The third model advocates for the application of tax treaties to prevent double taxation. This study is expected to contribute to the development of NFT taxation regulations in Indonesia.
Nurul Ain Ahmad, Nurul Syafiqah Imran, Nur Ruwaidah Kairuddin, Norhazlin Zafira Kirman · 6 authors
Forex Trading merupakan satu aktiviti perniagaan dari segi tukar beli matawang. Terdapat ramai individu yang menggunakan kaedah Forex Trading ini untuk berdagang mata wang dan bertujuan untuk mendapatkan keuntungan. Bitcoin pula merujuk kepada alat pengukuran nilai yang digunakan dalam kaedah Forex Trading. Secara umumnya, artikel ini akan memfokuskan perbincangan tentang maksud Forex Trading, konsep mata wang kripto iaitu Bitcoin dan konsep riba. Selain itu, artikel ini telah mengkaji metodologi yang digunakan oleh penulis iaitu secara penyelidikan kualitatif. Penulis akan memastikan semua sumber-sumber yang digunakan adalah relevan dan berkaitan dengan penyelidikan supaya mudah dan sesuai untuk dijadikan rujukan. Di samping itu, terdapat perselisihan pendapat tentang hukum perdagangan Bitcoin berdasarkan kaedah Forex Trading mengikut syariah Islam. Artikel ini bertujuan untuk menjelaskan hukum-hukum penggunaan Bitcoin dan menerangkan beberapa pandangan ulama terhadap isu yang boleh dibangkitkan terhadap mata wang Bitcoin. Hasil perbincangan daripada artikel ini, jelaslah tentang hujah-hujah berkaitan hukum penggunaan Bitcoin sebagai alat pengukuran nilai dan terdapat beberapa langkah bagi mengatasi masalah yang berkaitan dengan penggunaan Bitcoin melalui kaedah Forex Trading.
Purpose: This research is to understand Bitcoin in the perspective of contemporary muamalah fiqh, find out how contemporary scholars understand bitcoin and analyze whether it is permissible or not from the perspective of contemporary muamalah fiqh. Design/methodology/approach: This research method is included in the quantitative category with a descriptive approach process, where the data collection technique relies on references in the library method as the main source. In other words, the data collection method is obtained from literature, such as articles, online media, books and other sources. Findings: : The results of this research show that bitcoin as an investment is not permitted because it contains gharar and maysir, and is not recognized as an official medium of exchange. The Indonesian government also does not support bitcoin as an official currency and considers it illegal under the Bank Indonesia Law. Research implications: From the results of this research, it is known that the development of Bitcoin in the Contemporary Prefective Fiqh of Muamalah, namely cryptocurrency, whether Bitcoin or other related cryptocurrencies, is still not accepted in Islamic law. and it could be said that it has not been legally and legitimately accepted in Indonesia.
Penelitian ini bertujuan untuk menguji pengaruh faktor-faktor yang mempengaruhi Keputusan Investasi Cryptocurrency pada kaum Millenial di Kota Batam. Faktor-faktor tersebut antara lain Overconfidence, Risk Tolerance, dan Financial Experience. Pendekatan yang digunakan dalam penelitian ini adalah kuantitatif, dengan data primer yang diperoleh melalui penyebaran kuesioner. Populasi dalam penelitian ini berjumlah 443.180, dan sampel yang diambil sebanyak 100 orang dengan menggunakan rumus Slovin dengan tingkat kesalahan 10%. Penelitian ini menggunakan probability sampling dengan metode random sampling. Teknik analisis yang digunakan meliputi analisis deskriptif, uji instrumen, uji asumsi klasik, uji regresi linier berganda, dan uji hipotesis, dengan pengolahan data melalui SPSS versi 25. Hasil penelitian menunjukkan bahwa Overconfidence, Risk Tolerance, dan Financial Experience berpengaruh signifikan terhadap Keputusan Investasi Cryptocurrency. Kesimpulannya, H1 diterima, H2 diterima, H3 diterima, H4 diterima.Kata Kunci: overconfidence, risk tolerance, financial experience, keputusan investasi cryptocurrency.
Fani Budi Kartika, Muhammad Ihsan, Bambang Indra Gunawan, Muhsin Lambok Ilvira
The Non-Fungible Token (NFT) market has grown rapidly as one of the innovations in the digital economy, opening up new opportunities for creators to trade their works globally. However, this development also presents significant challenges related to copyright protection and dispute resolution in blockchain-based digital transactions. This study aims to analyze Indonesia's legal regulations in overseeing the NFT market, with a focus on copyright protection and dispute resolution mechanisms. The research method used is a normative juridical approach with a literature analysis of existing regulations, such as Law No. 28 of 2014 on Copyright. The results show that legal regulations in Indonesia have not fully accommodated blockchain technology and NFT transactions, thus creating legal loopholes that increase the risk of copyright infringement. In addition, the existing oversight and dispute resolution mechanisms are still conventional in nature, which is less effective for handling the complexity of the NFT market. To address these challenges, this study recommends the establishment of specific regulations governing copyright protection in the NFT market, the development of a technology-based surveillance system, and the implementation of a digital dispute resolution mechanism. The implication of this research is the importance of collaboration between the government, creator community, and technology platforms to create a healthy, safe, and competitive NFT market ecosystem. The findings are expected to be the basis for strengthening regulations and increasing legal protection on copyrighted works transactions in the NFT market in Indonesia.
Literasi adalah kegiatan sosialisasi dan pembelajaran tentang blockchain sebagai teknologi masa depan yang dilakukan oleh Prodi Manajemen Universitas Sipatokkong Mambo kepada masyarakat umum dan civitas akademi. Dalam kegiatan memberikan literasi, Prodi Manajemen Universitas Sipatokkong Mambo bekerjasama dengan Rumah EKIS (Forum Mahasiswa Ekonomi Islam). Tujuan penulisan ini yang pertama adalah untuk membahas bagaimanakah literasi blockchain yang diberikan kepada masyarakat di kabupaten Bone. Tujuan yang kedua adalah menjelaskan sistem blockchain, dan peluang penggunaannya pada industri halal. Metode penelitian yang dipakai pada penelitian ini menggunakan ceramah dan pendampingan dengan sumber data dari studi literatur artikel jurnal, beberapa situs terkait, platform dan aplikasi. Hasil dari kegiatan ini menunjukkan bahwa pentingnya literasi tentang teknologi blockchain untuk industri halal dan potensinya sebagai teknologi transformasi di masa depan. Selain itu, masyarakat dan mahasiswa ekonomi Islam di Kabupaten Bone tergolong ke dalam less literate dan less of trust karena sebagian masyarakat dan mahasiswa ekonomi Islam di Kabupaten Bone hanya mengerti terhadap blockchian yang digunakan untuk Bitcoin atau decentralized finance dan hanya mempertimbangkan aspek keutamaan fasilitas layanan keuangan kripto tersebut. Dengan terlaksananya kegiatan ini mampu meningkatkan pemahaman yang lebih baik terkait penggunaan blockchain pada industri halal, dan masyarakat melek digital untuk melakukan investasi aset kripto. Implikasi kegiatan ini diharapkan membuka ruang diskusi selanjutnya untuk pembahasan mendalam tentang potensi dan peluang pemanfaatan teknologi blockchain pada sektor-sektor lain.
This study investigates public interest in cryptocurrency in Indonesia, focusing on related queries, geographical distribution, and temporal trends. Utilizing a quantitative descriptive approach with secondary data from Google Trends (January 2021–December 2024), the findings reveal that cryptocurrency is predominantly perceived as a trading tool, with terms like trading and crypto dominating search queries. Geographical analysis highlights significant regional disparities, with Bali demonstrating the highest interest due to its global connectivity and digitally literate population, while Nusa Tenggara Timur reflects challenges such as limited infrastructure and financial literacy. Temporal trends show fluctuations aligned with global market events and regulatory developments, stabilizing in 2023–2024 as public perceptions matured. These results emphasize the need for public education to broaden understanding beyond speculative trading and for inclusive strategies to address regional and educational gaps. This study contributes to the literature by offering a novel framework integrating geographical and temporal analyses, providing actionable insights for policymakers and stakeholders to foster equitable and sustainable cryptocurrency adoption in emerging markets.
Sudadi Pranata, Fajrinoor Fanani, Dini Hidayati, Rosa Lesmana · 5 authors
The rapid growth of TikTok as a social media platform has transformed influencer marketing, offering brands unparalleled opportunities to engage with their target audiences. However, issues such as lack of transparency, trust, and inefficiencies in payment processes remain significant challenges in influencer marketing, highlighting a critical GAP in both literature and practice. This study addresses these challenges by exploring the implementation of smart contracts, powered by blockchain technology, as a novel solution. Smart contracts provide an automated, secure, and transparent framework for managing influencer marketing campaigns. The research employs a quantitative approach with Structural Equation Modeling (SEM) as the primary methode, utilizing the SmartPLS tool. Data were collected from 200 respondents who are active TikTok users and have engaged with influencer marketing campaigns. The findings reveal that credibility, informativeness, and entertainment positively affect advertising value, while irritation negatively impacts it. Furthermore, advertising value significantly influences advertising attitude, which, in turn, impacts purchase intention. Additionally, advertising attitude moderates the relationship between advertising value and purchase intention, strengthening its effect. These results and conclusions emphasize the transformative potential of smart contracts in enhancing transparency, trust, and efficiency within influencer marketing. By introducing blockchain-based solutions, this study makes a significant novelty contribution to the literature, offering practical insights for brands and marketers. Specifically, smart contracts enable brands to ensure fair compensation, accurate performance measurement, and improved campaign outcomes. This study underscores the importance of leveraging cutting edge technologies to address existing gaps in influencer marketing, ultimately paving the way for more effective and transaction.
Innovation in Islamic finance has a close linkage with the new technology. The blockchain technology carries unlimited opportunities for Islamic finance to enable it to meet the Maqāṣid al Sharī῾ah. However, this aspect is not visible in the literature due to the tendency to connect blockchain with the cryptocurrencies. This study combined an insightful review of Maqāṣid al Sharī῾ah and ḥifẓ al māl along with technical analysis of blockchain to cater to the Islamic finance ethical innovation. This was a qualitative analytical research paper. It addressed the questions related to integrating the theories of Maqāṣid Al Sharī῾ah and Ḥifẓ al māl with the blockchain. The result was a futuristic vision for innovation in Islamic finance with the theme of preserving wealth using a combination of the salient features of blockchain technology and characteristics of Ibn ‘Ashur’s theory of ḥifẓ al māl for wealth and money. The study found that it is possible to create a matrix with the collaboration between the ḥifẓ al māl objectives, namely wealth circulation, justice, ownership protection, creating easiness, robustness and transparency, and the technical characteristics of blockchain, namely decentralization, immutability, transparency, and cryptographic hashing. Together, this approach has the potential for producing ethical, secure, and innovative Islamic finance solutions. This study falls under the contemporary literature that discusses Maqāṣid al Sharī῾ah and Ibn ‘Ashur’s theory of ḥifẓ al māl beyond its theoretical nature in combination with blockchain technology to cater to the growing requirements of innovation in Islamic finance as a part of Maqāṣid al Sharī῾ah’s sustainable ecosystem.
Cryptocurrency has become a transformative element in modern financial systems, presenting significant opportunities and risks to systemic stability. Its rapid adoption, driven by blockchain technology, demonstrates potential for enhancing transparency and efficiency. However, challenges such as price volatility, regulatory gaps, and cybersecurity threats persist as critical concerns. This study addresses the dual role of cryptocurrency in fostering innovation while posing risks to global financial stability. Employing a systematic literature review, it analyzes academic articles from leading databases, including Scopus and Web of Science, focusing on recent studies (2018–2023) examining the security, regulation, and ethical dimensions of cryptocurrency and blockchain technology. Findings highlight cryptocurrency’s potential to improve financial inclusion and operational efficiency but underscore significant risks due to price instability and inadequate regulatory frameworks. Blockchain technology offers improved security and accountability; however, effective integration requires adaptive regulations and international cooperation. This study contributes by synthesizing insights into cryptocurrency’s systemic implications, bridging gaps in understanding the intersection of technology, regulation, and stability. It provides actionable recommendations for policymakers, financial institutions, and academics to develop balanced regulatory frameworks that support innovation while safeguarding consumer interests and financial stability. Holistic regulatory approaches, strengthened cybersecurity, and cross-sector collaboration are imperative for responsible cryptocurrency integration into global financial ecosystems.
Iin Indriani Mokodompis, Rizaldy Purnomo Pedju, Adamu Abubakar Muhammad
Cryptocurrency, as a rapidly evolving digital asset, has sparked significant debates regarding its legality and compliance with Islamic law. This study examines the intersection of Indonesian positive law and Islamic principles in regulating cryptocurrency as a tradable commodity (Sil’ah). Using a qualitative library research approach, the research explores regulatory frameworks such as Peraturan Menteri Perdagangan Nomor 99 Tahun 2018 and Peraturan BAPPEBTI Nomor 5 Tahun 2019, alongside Islamic legal standards for Sil’ah. Findings reveal that while Indonesian law has established a robust regulatory system ensuring transparency and security, compliance with Islamic principles requires further alignment, particularly in addressing challenges like volatility, lack of physical form, and potential gharar (uncertainty). However, digital documentation and blockchain technology provide opportunities for cryptocurrency to meet Sil’ah criteria, including ownership clarity and economic utility. The study emphasizes the potential for harmonizing positive law and Islamic law through adaptive regulations and innovative technologies such as blockchain-based smart contracts and halal asset tokenization. This integration could support a sharia-compliant digital economy, fostering inclusivity and trust among Muslim investors. The research contributes to bridging gaps in understanding cryptocurrency's role within Islamic finance and its future in the global economic landscape.
Susi Nurkholidah, Fadillah Mursid, Andi Martina Kamaruddin, Swadia Gandhi Mahardika
The development of digital technology in today's era and brilliant contracts in blockchain technology offer new opportunities, including in the Islamic finance sector. However, using smart contracts also poses several legal challenges that need to be overcome, including the presence or absence of transparency, maysir, gharar, and riba. This new technology needs to be studied more deeply in Sharia finance because it must meet Sharia principles. This study aims to analyze the implementation of smart contracts from the perspective of maslahah mursalah, namely from the principle of benefits that are not explicitly mentioned in the Nash but are still by the sharia maqasid. In Islamic Law, this technology must fulfill the principle of justice, avoiding elements of gharar, maysir, and usury. The research method used is qualitative with a literature study approach. The data collection technique uses Secondary data collection techniques. The study results show that the application of smart contracts in Sharia contracts, such as murabahah and mudarabah, supports the goals of Sharia maqasid purposes, especially in terms of property protection, justice, and public benefit. The implementation of smart contracts has excellent potential to increase security, efficiency, and transparency in the Islamic financial sector and fulfill the principles of the agreement; namely, the object transacted in the smart contract is a halal object. However, regulation, infrastructure, and Sharia compliance challenges require essential attention. Therefore, special rules are needed to ensure that the application of this technology is in line with Sharia principles.