This study aims to explore the role of blockchain technology in enhancing the operations of Islamic financial institutions, specifically in terms of increasing transparency, efficiency, and compliance with Shariah principles. Using a qualitative descriptive-analytical approach, the research examines the technical, regulatory, and operational challenges associated with blockchain implementation and proposes strategic solutions to ensure sustainable integration. Blockchain, through distributed ledger technology (DLT), offers transparency and efficiency that align with Islamic finance principles, as evidenced in the application of sukuk. The use of smart contracts further strengthens operational efficiency, reduces gharar (uncertainty), and ensures Shariah compliance. Although blockchain presents significant advantages, this study finds that a major challenge lies in the environmental impact of consensus protocols like Proof of Work (PoW), which requires high energy consumption. This impact conflicts with Maqasid al-Shariah, which prioritizes welfare and environmental preservation. The use of more eco-friendly protocols, such as Proof of Stake (PoS) and Proof of Authority (PoA), is identified as a more efficient solution. Additionally, inadequate regulation in various Muslim-majority countries poses another barrier. Cross-border regulatory harmonization is necessary to ensure that blockchain can be applied in accordance with Shariah principles globally.
Blockchain technology has emerged as a transformative innovation with the potential to address contemporary challenges in various sectors, including finance. This study explores the role of blockchain in achieving the Maqasid al-Shari'ah (Objectives of Islamic Law), particularly in preserving wealth. The research investigates the application of blockchain in waqf (Islamic endowment) management, highlighting its potential to enhance transparency, efficiency, and accountability. By employing a descriptive and analytical methodology, this paper examines the advantages and disadvantages of blockchain technology and its alignment with Islamic principles. The findings suggest that blockchain can revolutionize waqf management by providing a decentralized, secure, and transparent platform for fund collection and distribution. However, challenges such as high energy consumption and integration costs must be addressed to fully realize its potential. This study contributes to the growing body of literature on blockchain technology and its application in Islamic finance.
Cryptocurrency has seen tremendous growth and has gone through its periods of ups and downs. Using cryptocurrency, users can perform secure transactions thanks to the power of blockchain technology. Additionally, cryptocurrency has also seen increasing growth as a choice for investment, securing high level of return. Usually, the cryptocurrencies which are used as investments are the ones with better reputations and larger market capitalizations such as Bitcoin and Ethereum. Even so, cryptocurrency still faces challenges in mass adoption in its usage and investment. This study looks to determine whether the factors of risk, regulation, social influence, effort expectancy and financial literacy have a significant impact in the behavioural intention of a Malaysian young adult’s consideration to invest in cryptocurrency. A sample of 253 Malaysian respondents has been gathered. Risk, effort expectancy, social influence and financial literacy are found to have a significant relationship with a Malaysian young adult’s intention to invest in cryptocurrency. Regulation on the other hand, is the sole factor that has no impact on a Malaysian young adult’s consideration to invest in cryptocurrency. The certainty of regulatory stability may be one explanation for the lack of influence of regulatory factors on young adults' consideration of investing in cryptocurrency.
Muhammad Asghar Shahzad, Shafiqul Hassan, Hafiz Ghulam Abbas
Islamic banking, firmly rooted in Sharīʿah principles, has emerged as a resilient alternative to conventional banking systems on a global scale. The adherence to Sharīʿah principles distinguishes Islamic banking from its conventional counterparts, shaping the ethos of its products and services. While various models of Sharīʿah supervision exist worldwide, Pakistan stands out with its adoption of a hybrid model blending centralized and decentralized approaches. This paper focuses on exploring the necessity and significance of a centralized Sharīʿah supervisory model through qualitative research methods. By delving into the unique features and challenges of centralized supervision, it provides valuable insights into strategies aimed at enhancing the efficacy of Central Sharīʿah Advisory Boards (CSABs). These strategies are pivotal in advancing the harmonization agenda within Islamic banking, reinforcing integrity, trust, and sustainability within the industry. Furthermore, the paper underscores the broader impact of CSABs on Islamic finance, emphasizing their role in promoting financial inclusion and socio-economic development not only in Muslim-majority countries but also beyond. By aligning banking practices with Sharīʿah principles and fostering transparency, CSABs contribute to a more equitable and resilient financial ecosystem, resonating with the core values of Islamic finance.
Abstract The emergence of digital assets such as cryptocurrencies, e-wallets, and non-fungible tokens (NFTs) has significantly impacted societal transactions and interactions. However, the inheritance of these digital assets poses challenges due to the lack of clear regulations in both positive and Islamic law. This study employs a normative juridical approach with a comparative law method to analyze the provisions of positive law in Indonesia and the principles of Islamic law related to the inheritance of digital assets. The study aims to identify gaps between the two legal systems and provide recommendations for regulatory harmonization. The findings reveal that positive law in Indonesia does not explicitly regulate digital assets in the context of inheritance, leading to uncertainty and potential disputes among heirs. Islamic law also lacks clear provisions regarding digital assets, making it difficult to apply inheritance principles based on sharia. The study highlights the urgent need to harmonize positive and Islamic law to accommodate the unique characteristics of digital assets and ensure fair and transparent distribution among heirs. Collaboration between policymakers, academics, and the public is essential to develop regulations that address the needs and characteristics of digital assets in the context of inheritance law. The study concludes by emphasizing the importance of understanding both legal systems to overcome challenges in digital asset inheritance and create a more just and effective legal framework for all parties involved. Keywords: Digital assets, Legacy, Regulation, E-wallet, Non-Fungible Token (NFT) Abstrak Kemunculan aset digital seperti mata uang kripto, dompet elektronik, dan token yang tidak dapat dipertukarkan (NFT) telah memberikan dampak yang signifikan terhadap transaksi dan interaksi masyarakat. Namun, pewarisan aset digital ini menimbulkan tantangan karena kurangnya peraturan yang jelas baik dalam hukum positif maupun hukum Islam. Penelitian ini menggunakan pendekatan yuridis normatif dengan metode perbandingan hukum untuk menganalisis ketentuan hukum positif di Indonesia dan prinsip-prinsip hukum Islam terkait pewarisan aset digital. Penelitian ini bertujuan untuk mengidentifikasi kesenjangan antara kedua sistem hukum tersebut dan memberikan rekomendasi untuk harmonisasi peraturan. Temuan menunjukkan bahwa hukum positif di Indonesia tidak secara eksplisit mengatur aset digital dalam konteks pewarisan, sehingga menimbulkan ketidakpastian dan potensi perselisihan di antara para ahli waris. Hukum Islam juga tidak memiliki ketentuan yang jelas mengenai aset digital, sehingga menyulitkan penerapan prinsip-prinsip waris berdasarkan syariah. Studi ini menyoroti kebutuhan mendesak untuk menyelaraskan hukum positif dan hukum Islam untuk mengakomodasi karakteristik unik aset digital dan memastikan distribusi yang adil dan transparan di antara para ahli waris. Kolaborasi antara pembuat kebijakan, akademisi, dan masyarakat sangat penting untuk mengembangkan peraturan yang sesuai dengan kebutuhan dan karakteristik aset digital dalam konteks hukum waris. Studi ini diakhiri dengan menekankan pentingnya memahami kedua sistem hukum untuk mengatasi tantangan dalam pewarisan aset digital dan menciptakan kerangka hukum yang lebih adil dan efektif bagi semua pihak yang terlibat. Kata kunci: Aset digital, Warisan, Regulasi, E-wallet, Non-Fungible Token (NFT)
Kemajuan di era digital ini dan aktivitas ekonomi yang berkembang yang terjadi dalam keberadaan manusia, ini juga yang dapat menjadi fokus. Karena penggunaan internet dan media sosial yang luas di negara ini, pertumbuhan ekonomi digital di Indonesia dianggap memiliki potensi yang besar. Penelitian ini bertujuan untuk melakukan pengkajian terhadap perlindungan keamanan aset investor Cryptocurrency di exchange Indonesia. Penelitian ini menggunakan metode penelitian hukum normatif yang berfokus pada hukum. Peraturan perundang-undangan, serta putusan dan rekomendasi pengadilan, menjadi landasan bagi kajian yuridis normatif. Penelitian ini menyimpulkan bahwa hubungan hukum merupakan interaksi antara dua atau lebih subjek hukum, di mana hak dan kewajiban di satu pihak berhadapan dengan hak dan kewajiban pihak lain. Dalam konteks transaksi jual-beli aset kripto, seperti bitcoin, di Bursa Berjangka, hubungan hukum ini menjadi lebih kompleks karena melibatkan berbagai pihak dan regulasi khusus. Secara keseluruhan, hubungan hukum dalam transaksi jual-beli aset kripto di Bursa Berjangka melibatkan berbagai pihak dan diatur oleh sejumlah regulasi untuk memastikan transaksi berjalan adil dan transparan, serta hak dan kewajiban masing-masing pihak terpenuhi.
Muhammad Aslam Latang, Fathurrahman Fathurrahman, M. Isnin Faried
This study aims to analyze the Islamic legal rulings on cryptocurrency as established by the 7th Ijtima Ulama Fatwa Commission of Majelis Ulama Indonesia (MUI) held in November 2021. The research focuses on clarifying the status of cryptocurrency in Islamic law amid growing digital financial innovations. Methodologically, the study employs a qualitative approach based on an in-depth review of fatwas, Islamic jurisprudence, and Indonesian legal frameworks, supported by deliberations involving over 700 scholars, religious leaders, and academics. The findings reveal that MUI declared the use of cryptocurrency as a digital currency haram due to the presence of gharar (uncertainty), dharar (harm), and incompatibility with Indonesian monetary regulations. Similarly, cryptocurrency transactions as commodities or digital assets are deemed invalid because of gharar, dharar, and qimar (gambling), as well as failure to meet the shariah condition of sil’ah (clear ownership). However, an exception applies to cryptocurrencies backed by clear underlying assets, definite value, and proven benefits, which may be permissible. This research contributes original insight into contemporary Islamic finance by addressing cryptocurrency’s evolving legal status within Indonesia’s socio-legal context. The results serve as essential guidance for Muslim communities and policymakers in navigating digital finance consistent with shariah principles.
Ahmad Dahlan Salleh, Muhammad Amir Husairi Che Rani
Bitcoin represents a new currency because of innovation to the current payment system. Its emergence as a decentralized virtual currency with its high value is the main attraction of its ownership. Nonetheless, with various innovations provided, bitcoin encounters legitimacy issues, regulatory ambiguity and being a platform for illegal activities. Thus, the main objective of this chapter is to identify bitcoin status as property according to the Islamic scholar’s views. It also aims to investigate and analyze bitcoin status as al-nuq?d (money) according to the Islamic scholar’s views and its position as virtual currency according to shariah perspective. This chapter framework applies qualitative methodology with content analysis methods. Data collection relies on document analysis descriptively from printed materials such as books, related academic writing and reliable internet sources. It reveals that bitcoin did not qualify as a property as determined by the jurists based on the risk of bitcoin’s speculation and the risk of security breaches that resulted in the loss of bitcoin owned thus categorizing bitcoin as a speculative investment and high-risk asset. The absence of thamaniyyah on bitcoin and the complexity of using bitcoin as unit of value as well as the occurrence of hacking series and malware attacks show that bitcoin does not function as al-nuq?d (money) even bitcoin is just a high-risk alternative payment method and insecure asset. This chapter also found that bitcoin is only a method of payment that is not generally accepted as a currency according to shariah based on the absence of public acceptance and the existence of ?arar (harm) as well as the risk of using bitcoin as a means of payment. This chapter proposes shariah regulations on the use of bitcoin to ensure the legitimacy of the use of currency in fulfilling the provisions of ?if? al-m?l (preservation of wealth).
Muhammad HafizuddinSufia Sufian, Nur Amisha Sutan Syahril, Norhasliza Ghapa
The rapid evolution of cryptocurrency has prompted significant regulatory responses across the globe, particularly in Southeast Asia, where Malaysia, Indonesia, and Singapore are at the forefront of this transformation. This comparative analysis examines the regulatory frameworks governing cryptocurrency in these three nations, highlighting the unique approaches adopted by each country in response to the challenges and opportunities presented by digital currencies. Singapore is recognized for its progressive regulatory stance, which aims to foster innovation while ensuring consumer protection and financial stability. In contrast, Malaysia has implemented a more cautious approach, focusing on establishing a comprehensive legal framework that addresses the complexities of cryptocurrency transactions and their implications for the financial system. Meanwhile, Indonesia's regulatory landscape is characterized by a mix of enthusiasm for blockchain technology and concerns regarding potential risks, leading to a somewhat fragmented regulatory environment. This study employs a qualitative methodology, analysing primary and secondary data sources to assess the effectiveness of these regulatory frameworks in promoting cryptocurrency adoption while mitigating associated risks. The findings reveal that while Singapore's model may serve as a benchmark for regulatory best practices, Malaysia and Indonesia face distinct challenges that necessitate tailored regulatory solutions. Ultimately, this research contributes to the understanding of how regulatory frameworks can shape the cryptocurrency landscape in Southeast Asia, offering insights for policymakers and stakeholders navigating this dynamic market.
Ryandika Abbel Syarief, Reka Dewantara, Ranitya Ganindha
In this study, the author addresses the issue of the absence of regulations concerning the Decentralized Finance (DeFi) system as a development within the cryptocurrency asset ecosystem. The Decentralized Finance system is capable of establishing a decentralized financial ecosystem using cryptocurrency assets. The regulatory framework in Indonesia has yet to provide adequate legal protection for cryptocurrency asset customers engaging in transactions within the Decentralized Finance system. This research employs a normative juridical method, utilizing a statute approach, a conceptual approach, and a comparative approach. The primary, secondary, and tertiary legal materials obtained by the author are analyzed using grammatical and systematic interpretation methods. The author concludes that the urgency of regulating the supervision of the Decentralized Finance system lies in its potential to provide legal protection for cryptocurrency asset customers by minimizing the risk of losses, particularly given society's difficulty in adapting to the rapid advancements in financial technology. The regulatory conceptualization proposed by the author, based on comparisons with regulations related to cryptocurrency and Decentralized Finance in Singapore, Australia, the European Union, and the FATF, suggests tightening the assessment and compliance processes for service providers and/or parties conducting business activities with service providers. This includes requiring specific certifications or licenses for the operation of Decentralized Finance systems, identifying the status and role of each party or entity involved, establishing governance protocols and emergency schemes, mandating reporting obligations and transparency for services and the cryptocurrency assets used within the system, and ensuring compliance oversight concerning the scale and scope of service products.
Revolusi smart sukuk sebagai platform transaksi terbaru telah menjadi isu yang cukup menarik dalam industri keuangan, terutama di era Society 5.0. Namun, penelitian terdahulu belum menemukan gap analisis dalam isu ini, terutama terkait potensi dan tantangan penggunaan teknologi blockchain dalam smart sukuk. Penelitian ini bertujuan untuk menginvestigasi potensi, manfaat blockchain dalam smart sukuk, memahami dampaknya terhadap keuangan Islam dan pengembangan ekonomi berkelanjutan. Penelitian ini menggunakan metode kualitatif studi kasus. Tahap yang dilakukan: 1) menyusun instrumen dan menentukan tempat penelitian; 2) tahap pengumpulan data dengan teknik wawancara yang tersusun kepada informan; 3) mengolah dan menganalisis data sekunder dan primer. Hasil penelitian ini BMT Bina Ummah menggunakan blockchain Ethereum ERC20 yang dapat mengefisiensikan biaya penerbitan, meningkatkan keamanan, mempermudah proses transaksinya; Penerbit harus memahami aspek kesyariahan dalam sukuk; Blockchain berpotensi besar namun belum dapat diterapkan di Indonesia. Smart sukuk membantu UMKM dalam mendapatkan pembiayaan lebih mudah, meningkatkan inklusi keuangan terutama di pasar modal syariah. Regulator terus berinovasi mengikuti perkembangan di industri keuangan. Smart sukuk meningkatkan transparansi, efisiensi, keamanan. Blockchain sangat mungkin untuk diterapkan dalam industri keuangan di Indonesia. Penyedia layananan blockchain maupun regulator akan melakukan inovasi mengikuti perkembangan zaman.
Ahmad Dahlan Salleh, Muhammad Amir Husairi Che Rani
Bitcoin is one of the most popular digital currencies in its community. It commenced with various innovations with a focus on transforming the world's monetary system, meanwhile bitcoin is faced with legitimate constraints, absence of regulation and becoming a tool to illegal activities. Generally, this paper aims to discuss the operating mechanism of bitcoin, as well as the ma?la?ah (public interest) and mafsadah (harm) that exist in the bitcoin financial system to measure its effectiveness in realizing the concept of ?if? al-M?l (preservation of wealth). Additionally, this paper lists several views of Islamic scholars and fatwas (legal pronouncements) related to the status of bitcoin according to Sharia and analyzes the relevance of using bitcoin as an instrument of payment according to the perspective of siy?sah sharciyyah (Islamic politics). The outcome of this discussion will explain the position of bitcoin as a new currency according to the Sharia perspective in realizing ?if? al-M?l (preservation of wealth)
Apart from conventional currency, Cryptocurrency can also be used as an investment asset. However, Cryptocurrency is famous for its high level of volatility, where this investment can produce large profits and losses in a short time. Seeing this opportunity, many people are starting to be interested in investing in this instrument. Various responses and assessments have developed in society regarding this investment, especially in Indonesia. At the beginning of its appearance, people were skeptical about the results offered. And quite a few also assume that this investment is nothing more than a fraudulent scheme. However, as time goes by, and as information spreads easily, people begin to understand and believe in this type of investment and start investing on a small to massive scale. Even now, some people still believe that Cryptocurrency investment is a scam. This research aims to collect data on how much trust the Indonesian people have in investing in Cryptocurrency. This research method uses a quantitative method, namely using primary data in the form of a questionnaire distributed to the people of Denpasar City. With a population of 30 people and a sample calculated using the Slovin formula of 30. Based on this research, the level of trust has no significant effect on cryptocurrency as an investment tool. There are many factors that influence people's confidence in investing in cryptocurrencies.
Purpose: This research concludes that, with a strategic and collaborative approach, blockchain technology can be an effective tool for transforming the Islamic banking industry. Methodology: This study uses qualitative methods with literature analysis from 19 journals, one book, and three websites to explore how this technology can be applied in risk management, asset tracking, and interbank transactions. Results: The research results reveal that this technology can reduce fraud, manipulation, and cyberattacks, as well as increase customer and sharia authority trust through transaction transparency. However, there are major challenges to overcome, such as immature regulatory aspects, the need for a strong infrastructure, and a lack of understanding of this technology among customers. This study also emphasizes the importance of collaboration between Islamic banking, regulators, and other stakeholders to maximize the potential of blockchain technology. Limitations: Case studies on the use of smart contracts in the Sharia banking industry show that this technology can increase efficiency and Sharia compliance, reduce administration costs, and simplify transactions. Contribution: This study describes the role of blockchain in the sukuk issuance process. Blockchain technology, which is known for its decentralization, transparency, and security characteristics, has great potential to increase efficiency and transparency in Sharia banking operations.
This research examines the problem of technological advances creating digital transformation in various aspects of life, one of which is art. Digital evolution in art, giving rise to various new creative expressions, one of which is Non-Fungible Tokens. NFT as a form of creative output has Copyright which is part of Intellectual Property Rights. Based on Government Regulation Number 24 of 2022 concerning Implementing Regulations for Law Number 24 of 2019 concerning the Creative Economy, Intellectual Property Rights can be used as a basis for financing the creative economy sector. This research aims as an effort to encourage the progress of the creative economy sector by examining NFTs as objects of Fiduciary Guarantees in order to optimize Intellectual Property Rights as the basis for financing schemes for the creative economy sector. This research is a prescriptive normative legal research. Types of secondary data include primary and secondary legal materials. The technique of collecting legal materials is done by literature study, then a conceptual approach is used. The results of this study indicate that NFTs have the potential to be used as objects of fiduciary guarantees, however, there are obstacles in regulations and mechanisms that have not been protected by the government, so it is necessary to adjust more specific regulations related to the use of digital assets in fiduciary schemes and education and increased digital literacy for financial institutions and creative economy actors regarding the potential and risks of using NFTs as objects of fiduciary guarantees.
This study explores the adoptability of cryptocurrency within the Islamicfinancial system, a topic of substantial debate among scholars and practitioners. Given thedecentralized nature of cryptocurrency, its acceptance within the conventional and Islamicfinancial systems presents unique challenges. To ascertain the legitimacy and possibleadoptability of cryptocurrency under Sharīʿah law, this paper employs qualitative researchmethods, using in-depth interviews of twenty-four Sharīʿah scholars. These scholars,selected through purposive and snowball sampling techniques, possess expert knowledgeof both cryptocurrency and the Islamic financial system. The results revealed that theacceptability of cryptocurrency in Sharīʿah-compliant financial systems is contingent onits centralization and its function as a store of value, aligning with the objectives (maqasid)of Sharīʿah. Cryptocurrency's lack of intrinsic value necessitates its backing by a centralauthority or asset to mitigate risks and potential fraud. This research offers valuableinsights into the considerations required for cryptocurrencies' adoption in Islamic finance,contributing to the ongoing debate on their legitimacy under Sharīʿah law.
Shinta Hadiyantina, Dewi Cahyandari, Bahrul Ulum Annafi, Nandaru Ramadhan
Cryptocurrency has set intriguing and innovative trends in investment amidst the fluctuating global economy following government policies. This research aims to investigate the trends of policies of cryptocurrency in Indonesia, seen from the perspective of taxation and investment laws. Low tax charged in Indonesia is seen as relaxation by investors and cryptocurrency users, while the trends in legal policies concerning investment are experiencing hyper regulations in legislative products set to assure investors, in comparison to those of other countries. These trends attract some attention from investors and cryptocurrency users from abroad. This research is a unique offering that will illustrate which countries are suitable and friendly for businesspeople to carry out crypto business activities. The methodology used in this study is normative research with a conceptual approach and comparative law. The research results are expected to shed light on foreign investors wishing to invest their money in cryptocurrency businesses by considering the low tax from the perspective of current taxation law in Indonesia compared to those in Canada, the United States, and Singapore. According to the details of taxation in Canada, the United States, and Singapore, it is obvious that Indonesia gives ease to foreign cryptocurrency investors in Indonesia from the aspect of taxation law. The countries compared seem to charge very high taxes for cryptocurrency users and businesses in investment cryptocurrency. This comparison gives easier access to foreign investors to invest their assets for the development of cryptocurrency businesses and companies in Indonesia by considering the amounts of taxes imposed on cryptocurrency businesses and users. Indonesia makes it easier for foreign cryptocurrency investors in Indonesia compared to Canada, the United States, and Singapore from a tax law perspective. In terms of investment regulations, Indonesia has broader laws and regulations compared to other countries, where the investment process involving cryptocurrency businesses in Indonesia receives sufficient attention from these laws and regulations.KEYWORDS: Cryptocurrency, Investment Law, Taxation Law.
Lientang Wijaya, I Gede Wahyu Artha Kusuma, Umu Khouroh
In the context of significant growth in cryptocurrency in Indonesia, investment influencers on social media often provide information that affects investment behavior. Digital financial literacy becomes crucial in ensuring wise investment decisions, especially in understanding the risks and potential benefits of cryptocurrency. This research explores the role of influencers in cryptocurrency investments in Indonesia, with a focus on digital financial literacy as a mediating factor. Data were collected using a survey method with a sample of 100 respondents. Data analysis employed SEM-PLS. The study results indicate that influencers and digital financial literacy affect cryptocurrency investment decisions. Digital financial literacy acts as a mediator, not a moderator. These findings highlight the importance of comprehensive financial education in addressing this increasingly popular investment trend.
CoinFolks, a Web3-focused multi-platform media company, faces lower engagement and follower metrics compared to competitors in Indonesia.This study analyzes the company's internal and external environments using frameworks like RBV, VRIO, Porter's Value Chain, and SWOT based on primary data from in-depth interviews and secondary data from market trends and competitor strategies.The findings highlight CoinFolks' valuable and unique resources, such as expertise in content creation, research capabilities, educational resources, strong community engagement, and strategic partnerships.The proposed marketing strategy includes enhancing promotional content, leveraging data analytics for targeted marketing, and fostering community ties through interactive formats.These strategies aim to boost CoinFolks' brand awareness and engagement, strengthening its market position and promoting long-term growth in the Indonesian Web3 media landscape.
Andika Prawira Buana, Rizki Ramadani, Aan Aswari, Zainuddin Zainuddin
Cryptocurrency has become a key focus in the evolving landscape of virtual finance, sparking a divide among Islamic scholars. The debate centres on whether cryptocurrency should be considered permissible for transactions under Islamic law. This study explores the polarisation among scholars, some of whom permit cryptocurrency use while others prohibit it. Using normative legal research methods with statutory and conceptual approaches from an Islamic law perspective, the study draws on secondary data, including primary, secondary and tertiary legal materials. The findings reveal that some scholars oppose cryptocurrency due to its lack of intrinsic value and high volatility, which leads to gharar (uncertainty). Conversely, others argue that cryptocurrency can be permitted if limited to monetary functions and not for other purposes. The study concludes by recommending that, as cryptocurrency becomes increasingly prevalent, Islamic scholars should work to establish ijma’ (consensus) and qiyas (analogical reasoning) to form a clear basis for determining its permissibility according to Islamic principles.
Lulu Anggriani, Defa Gustara Maulana, Mahipal Mahipal
The advancement of the digital era which is increasingly widespread and commonplace has encouraged a shift in transactions that makes various transactions easier. Modern innovation in the digital era has expanded payment methods beyond the traditional use of cash and current accounts (non-physical). Many people utilize cryptocurrency as digital money, but there are unavoidable pros and cons to this technology based on the blockchain protocol. Various arguments have been put forward for and against cryptocurrencies in Indonesia. One argument is that this does not adhere to standard practices for transactions and currencies. Another argument is that the Indonesian government has firmly stated that Bitcoin and similar virtual currencies are not legal tender in the country. The widespread use of digital money in people's lives requires research and analysis from religious and technology experts considering these events and facts. Bitcoin and other cryptocurrency transactions are considered gharar and dharar from an Islamic economic perspective
Bitcoin merupakan mata uang digital yang telah menjadi fenomena global dalam transaksi elektronik. Berbagai negara telah mengeluarkan regulasi terkait penggunaan Bitcoin, namun belum ada kajian komprehensif dari perspektif hukum Islam. Penelitian ini bertujuan untuk mengkaji status hukum penggunaan Bitcoin sebagai alat transaksi elektronik menurut prinsip-prinsip syariah. Dengan menggunakan metode kajian kepustakaan dan analisis fiqih muamalah, penelitian ini mengeksplorasi konsep uang dalam Islam, karakteristik Bitcoin, dan implikasinya terhadap keabsahan transaksi. Hasil penelitian menunjukkan bahwa penggunaan Bitcoin sebagai alat transaksi elektronik mengandung beberapa kesamaran dan ketidakpastian yang bertentangan dengan prinsip-prinsip syariah, seperti ketidakjelasan sumber dan nilai intrinsik, serta potensi spekulasi dan penipuan. Namun, Bitcoin dapat dipertimbangkan sebagai alat tukar yang sah jika memenuhi syarat-syarat tertentu, seperti adanya pengawasan dan regulasi yang ketat, serta upaya untuk meminimalisir risiko dan ketidakpastian. Penelitian ini memberikan kontribusi penting dalam diskursus hukum Islam terkait transaksi elektronik dan mata uang digital.
Genetika manusia merujuk pada informasi yang dikumpulkan tentang genom atau warisan genetik individu manusia. Data ini mencakup sekuens DNA, variasi genetik, mutasi, dan informasi lain yang terkait dengan sifat dan karakteristik genetik individu manusia. Data genetika manusia diperoleh melalui serangkaian proses, meliputi penguntaian genetik, pengujian genetik, analisis DNA, dan pemetaan genetik. Data genetika terutama pada manusia merupakan data yang bersifat privat yang harus dilindungi keamanan dan kerahasiaanya. Beberapa penelitian telah menggunakan teknologi Blockchain untuk menyimpan data yang memerlukan keamanan ekstra. Blockchain memberikan solusi untuk perlindungan dan pengelolaan data dengan fitur teknologinya yang terdesentralisasi, terenkripsi, setiap transaksi bisa ditelusuri, dan antitampering atau sulit dimodifikasi. Penelitian menerapkan teknologi Blockchain untuk menyimpan dan mengelola data genetik. Sebagai bahan penelitian data genetika manusia diakusisi dari NCBI repository. Data genetik tersebut disimpan dalam Smart contract pada blockchain Ethereum yang ditulis menggunakan bahasa pemrograman Solidity. Setiap transaksi dan penyimpanan data pada Ethereum dibebankan biaya yang cukup mahal atau yang dikenal dengan biaya gas maka penelitian ini menawarkan solusi hanya menyimpan signature saja dari data genetik itu dalam blockchain. Data genetik yang riil dan berukuran besar disimpan dalam InterPlanetary File System (IPFS). Hasil pengujian menjalankan smart contract pada blockchain Ethereum yang hanya menyimpan signature data genetik ini menunjukkan biaya gas yang sangat efisien karena hanya menyimpan 256 bit saja dari data genetik riilnya yang dapat mencapai giga byte. Abstract Human genetics refers to information gathered about the genome or genetic heritage of human individuals. This data includes DNA sequences, genetic variations, mutations, and other information related to individual human genetic traits and characteristics. Human genetic data is obtained through a series of processes, including genetic sequencing, genetic testing, DNA analysis, and genetic mapping. Genetic data, especially in humans, is private data that must be protected by security and confidentiality. Several studies have used Blockchain technology to store data that requires extra security. Blockchain provides solutions for data protection and management with its technological features that are decentralized, encrypted, every transaction can be traced, and anti-tampering or difficult to modify. Research uses Blockchain technology to store and manage genetic data. As research material, human genetic data was acquired from the NCBI repository. The genetic data is stored in Smart contracts on the Ethereum blockchain written using the Solidity programming language. Every transaction and data storage on Ethereum is charged with a fairly expensive fee, known as a gas fee, so this research offers a solution by only storing the signature of the genetic data in the blockchain. The real and large-scale genetic data is stored in the InterPlanetary File System (IPFS). The test results of running a smart contract on the Ethereum blockchain that only stores genetic data signatures show a very efficient gas cost because it only stores 256 bits of real genetic data, which can reach gigabytes.
Mukhlishin Mukhlishin, Abdul Wahab, Bambang Setiaji, Magomed Tazhdinov
This research investigates the management and regulatory practices of zakat maal (wealth tax) in Malaysia, Turkey, and Indonesia, aiming to provide a comparative analysis grounded in empirical data. Methodologically, the study employs a comparative qualitative analysis based on secondary data from academic literature, government reports, and institutional publications. The results show, first, Malaysia employs a centralized and technologically integrated approach, ensuring transparency and efficiency in zakat collection and distribution. In contrast, Turkey adopts a decentralized model driven by non-governmental organizations and community participation, fostering flexibility but posing challenges in standardization and oversight. Indonesia's hybrid model combines governmental oversight with private sector involvement, aiming to balance regulatory control with local adaptability, yet needs help in coordination and public trust. Second, the policy enhancements such as improved coordination mechanisms, strengthened regulatory frameworks, and enhanced public awareness to optimize Zakat's role in poverty alleviation and social welfare across Malaysia, Turkey, and Indonesia. This research contributes to the broader discourse on Islamic finance and social policy by providing nuanced insights into zakat management practices, offering valuable implications for policymakers, practitioners, and scholars interested in enhancing zakat efficacy globally.