Its novelty lies in: (a) formalizing seven explicit propositions (P1–P7) with explicit why-how-formal statement structure for each construct-to-construct relationship; (b) theorizing a differentiated serial mediation structure—full mediation in the upstream technical-structural segment (P1–P3) and partial mediation in the downstream relational-governance segment (P4–P7); (c) reversing the P6 direction to Sharia Compliance → Stakeholder Trust on Signaling Theory grounds; (d) defining Institutional Performance as a four-dimensional construct (financial, Sharia legitimacy, stakeholder value, and governance quality); and (e) specifying boundary conditions delimiting the framework’s scope to permissioned blockchain environments and high-religiosity market contexts.
The digital transformation of Islamic finance encourages the evolution of musharakah contracts into a technology-based crowdfunding ecosystem. However, this change also presents a more complex moral hazard risk due to the limitations of direct supervision. This research aims to synthesize the scientific literature for the period 2015-2025 in order to map the digital evolution of musharakah contracts and formulate a moral hazard risk mitigation framework that is adaptive to the characteristics of sharia crowdfunding platforms. The study uses a Systematic Literature Review (SLR) with a descriptive-analytical approach across 15 reputable scientific articles. The findings show that the moral hazard in sharia crowdfunding stems from information asymmetry, weaknesses in digital financial reporting, and limited platform oversight capacity, which collectively weakens the integrity of profit-sharing-based contracts. Effective mitigation requires the integration of four dimensions, namely algorithmic technology such as blockchain and smart contracts, strengthening digital sharia supervisory institutions, updating specific OJK regulations, and increasing the capacity of Islamic financial literacy, which together form the concept of Algorithmic Sharia Governance as a novelty in this study.
This paper presents, to the best of our knowledge, the first formal mechanism design treatment of Quran 2:282 as a low-cost verification mechanism. It proves that the Quranic debt documentation mechanism drives the creditor's expected verification cost to zero in the costly state verification framework. It achieves this by creating ex ante evidence through writing and witnessing, and by introducing a dual deterrence system: a fixed internal moral cost and a detection-contingent legal penalty. The paper also offers two interpretative contributions. First, it shows that the Quranic witness rule is an early redundancy mechanism for error correction, anticipating the logic later formalized by Hamming (1950). Second, it proposes an economic reading of the terms safih, da'if, and the inability to dictate, arguing that the guardian who dictates with justice may be a qualified third-party verifier, not merely a relative.
Cahya Kamila Maharani, Relit Nur Edi, Ismail Septayanto Utama
The 4.0 Industrial Revolution has transformed the global economic landscape through the digitalization of financial services, trade, and industrial activities. This transformation has accelerated the growth of the Halal Market, making it one of the fastest-growing economic sectors, driven by the expanding Muslim population, increasing awareness of halal consumption, and rising demand for ethical and sustainable products. In this context, Islamic Fintech has emerged as a strategic innovation that integrates digital financial technologies with the principles of Islamic law and economics. Although studies on Sharia Fintech and the halal industry have grown substantially, research integrating these two domains from the perspectives of Islamic law and Islamic economics remains limited. This study aims to examine the strategic role of Islamic Fintech in strengthening the global Halal Market through an interconnective analytical framework. Employing a qualitative library research approach, the study critically analyzes scholarly literature, regulatory documents, international reports, and previous empirical studies. The findings indicate that Sharia Fintech enhances financial inclusion, transparency, halal traceability, value chain efficiency, and digital governance through the adoption of blockchain, artificial intelligence, smart contracts, and digital payment systems. These innovations contribute to the realization of Maqashid al-Shariah, particularly the protection of wealth (ḥifẓ al-māl) and the promotion of public welfare (maṣlaḥah). The novelty of this study lies in the development of a comprehensive conceptual framework that integrates Islamic law, Islamic economics, digital financial innovation, and Halal Market governance into a unified analytical model.
Abdul Adlim, Babun Suharto, Wildan Khisbullah Suhma, Kholida Ulfi Mubaroka
The rapid development of crypto assets has challenged the classical concept of mal (property) in Islamic jurisprudence because digital assets do not possess tangible physical characteristics traditionally associated with lawful ownership. This study aims to reconstruct the paradigm of mal within contemporary fiqh by examining the legal status of crypto assets through the framework of maqasid al-shari'ah, particularly hifz al-mal, while evaluating the role of smart contracts in reducing contractual uncertainty (gharar). This study employed a qualitative normative legal approach based on literature analysis of classical fiqh, usul al-fiqh, contemporary Islamic legal scholarship, institutional fatwas, and financial regulations. The findings demonstrate that the concept of mal has evolved from a material-based understanding toward a value-oriented paradigm that emphasizes recognized benefit, scarcity, and lawful ownership. Under these criteria, crypto assets may be recognized as mal when supported by legitimate ownership, transparent governance, and productive economic purposes. Smart contracts contribute to minimizing contractual and operational gharar through automated execution and transaction transparency, although they cannot eliminate risks arising from market volatility. This study proposes a reconstructed paradigm of mal that provides a more contextual analytical framework for assessing the legality of digital assets within contemporary Islamic law.
This study maps the development, collaboration patterns, citation structure, and thematic evolution of research on blockchain technology in the waqf sector. A bibliometric analysis of 417 Scopus-indexed publications published from 2006 to 12 July 2024 was performed using Bibliometrix in RStudio and VOSviewer. The analysis covered publication trends, influential sources and contributors, country productivity, citation impact, collaboration networks, and keyword co-occurrence. The results show increasing scholarly attention to the intersection of blockchain, Islamic finance, fintech, and waqf management. Malaysia and Indonesia emerged as the most productive and most cited countries, while an international co-authorship rate of 29.74% indicated moderate cross-border collaboration. Keyword analysis revealed that the field is anchored in Islamic finance, fintech, blockchain, and waqf, with growing attention to cash waqf, crowdfunding, financial inclusion, digital transformation, smart contracts, cybersecurity, and technology adoption. However, these patterns demonstrate scholarly attention and thematic associations rather than empirical proof of blockchain’s operational benefits in waqf institutions. This study identifies priority gaps in empirical implementation, Shariah governance, stakeholder adoption, technical feasibility, and socioeconomic impact evaluation of blockchain-enabled waqf systems.
The application of istiḥsān in the digital economy continues to face challenges related to subjectivity and the lack of methodological transparency. This study aims to formulate a seven-stage istiḥsān operational model as a structured framework for enhancing accountability in Sharia economic legal reasoning. Employing a critical juridical-normative approach grounded in legal coherence theory, the proposed model provides objective criteria to guide mujtahids in determining exceptional legal rulings. The model was validated through two strategic case studies: (1) a retrospective analysis of Sukuk instruments and (2) a prospective analysis of Non-Fungible Tokens (NFTs). The findings demonstrate that the model successfully reconstructs the implicit legal reasoning underlying established Sukuk fatwas, thereby confirming its retrospective consistency. Prospectively, when applied to NFTs, the model functions as a rigorous evaluative filter that permits innovation only when the anticipated maṣlaḥah outweighs the potential mafsadah. In cases where secondary harms—such as the environmental costs associated with energy consumption and speculative market bubbles—predominate, the model justifies restricting such innovations. This study makes a significant academic contribution by transforming contemporary istiḥsān from an abstract jurisprudential concept into a replicable, transparent, and auditable analytical framework. It demonstrates that structured ijtihād provides a robust governance mechanism for fostering ethical, accountable, and sustainable Sharia-compliant innovation in global capital markets.
This study investigates the legal status of Non-Fungible Tokens (NFTs) from an Islamic perspective. NFTs, as unique digital assets recorded on blockchain, raise complex questions in Shariah due to their intangible nature, potential for speculation, and content-related ethical concerns. The research analyses classical and contemporary juristic views, fatwas, and scholarly writings to determine whether NFTs can be classified as lawful property and traded accordingly. Findings reveal divergent scholarly opinions: some argue NFTs fulfill the requirements of a valid sale (bayʿ) and can be considered māl (property), while others highlight violations of key Islamic commercial principles, including uncertainty (gharar), unethical content, and the use of impermissible cryptocurrencies. This paper proposes a middle-ground view of conditional permissibility in which NFTs are deemed Shariah-compliant only if the underlying content, transaction method, and purpose align with Islamic legal and ethical standards. The study offers a framework for Muslim stakeholders to evaluate NFTs based on content, ownership, contract clarity, and societal benefit, supporting a responsible and principled engagement with digital assets.
Muhammad Izzuddin Al Ayzami, Achmad Fathoni, Moh. Sirojuddin
Penelitian ini mengkaji apakah aset digital memenuhi unsur māl mutaqawwam dan dapat menjadi mahar yang sah menurut fikih Islam. Proliferasi aset digital meliputi cryptocurrency, stablecoin, non-fungible token (NFT), utility token, dan security token telah menghadirkan pertanyaan baru yang belum terpetakan dalam hukum keluarga Islam (Ahwal Syakhshiyyah), khususnya tentang kelayakan aset digital sebagai mahar perkawinan. Kajian-kajian sebelumnya dominan membahas kehalalan cryptocurrency secara umum tanpa melakukan evaluasi sistematis terhadap berbagai kategori aset digital berdasarkan syarat-syarat mahar yang ditentukan fikih klasik. Penelitian ini menggunakan metode library research dengan pendekatan normatif-konseptual, merujuk pada sumber-sumber fikih primer empat mazhab Sunni (Hanafi, Maliki, Syafi'i, dan Hanbali) serta lembaga fatwa kontemporer yang otoritatif, meliputi DSN-MUI, AAOIFI, dan Majma' al-Fiqh al-Islami. Kajian ini mengintegrasikan enam kerangka teoritis māl, māl mutaqawwam, milkiyyah, qabd, gharar, dan syarat-syarat mahar dan menerapkannya secara analitis terhadap setiap kategori aset digital. Temuan penelitian ini menunjukkan bahwa tidak semua aset digital memiliki status hukum yang identik. Stablecoin dan utility token yang dilindungi hukum umumnya memenuhi syarat māl mutaqawwam dan dapat berfungsi sebagai mahar yang sah apabila mekanisme qabd yang jelas ditetapkan. Cryptocurrency yang sangat volatil menimbulkan kekhawatiran signifikan terkait gharar dan defisiensi taqawwum, sehingga statusnya bergantung pada pengakuan regulasi dan stabilitas pasar. NFT dapat menjadi mahar yang sah sepanjang aset yang mendasarinya memberikan hak ekonomi yang diakui dan dapat dialihkan. Security token memiliki klaim terkuat sebagai mahar mengingat sifatnya yang didukung aset dan pengawasan regulasi. Penelitian ini memberikan kontribusi berupa matriks klasifikasi hukum komprehensif untuk aset digital sebagai mahar dan mengusulkan kerangka konseptual untuk integrasi aset digital ke dalam hukum keluarga Islam kontemporer.
Penelitian ini bertujuan untuk mengevaluasi penggunaan cryptocurrency sebagai metode pembayaran zakat yang halal di Malaysia, dengan mengeksplorasi kesesuaiannya dengan prinsip-prinsip Islam sambil mempertimbangkan inovasi teknologi dan kepatuhan syariah untuk pembayaran zakat yang efisien dan transparan. Pendekatan kualitatif digunakan, melibatkan tinjauan pustaka dan analisis regulasi terkait fatwa Malaysia, peraturan keuangan, serta sumber akademis tentang keuangan Islam dan cryptocurrency. Cryptocurrency dapat berfungsi sebagai sarana halal untuk zakat jika memenuhi kriteria syariah seperti transparansi, kepemilikan aset yang sah, serta menghindari gharar dan riba. Regulasi dan fatwa di Malaysia menunjukkan penerimaan yang berkembang di bawah pengawasan ketat; teknologi blockchain meningkatkan akuntabilitas distribusi zakat, meskipun volatilitas nilai dan pemahaman publik tetap menjadi tantangan utama. Integrasi cryptocurrency dapat memodernisasi sistem zakat, meningkatkan kepercayaan dan transparansi sekaligus memastikan kepatuhan syariah. Kolaborasi antara regulator, ulama Islam, dan pengembang fintech sangat penting untuk membangun ekosistem zakat digital yang inklusif dan dapat diakses oleh komunitas Muslim Malaysia. Studi ini menawarkan perspektif inovatif dengan menggabungkan analisis regulasi, teknologi, dan fiqh mengenai cryptocurrency halal untuk zakat di Malaysia, mengisi kekosongan penelitian tentang solusi keuangan Islam digital di pasar negara berkembang.
Deniz Erer, Tuna Can Güleç, Özge Korkmaz, Elif Erer
Rapid developments in blockchain, decentralized finance, and tokenization have raised the question of whether Sukuk can complement technology-based financial assets. This study compares the time-varying efficiency and multifractal dynamics of Sukuk indices, DeFi tokens, lending and borrowing tokens, and a FinTech index from May 25, 2020, to November 29, 2023. Using TGARCH, nonlinearity and long-memory tests, MF-DFA, and MF-DCCA, the study examines shock persistence, asymmetric volatility, market efficiency, and cross-market dependence. The findings show that negative shocks increase volatility more strongly than positive shocks and that all markets display nonlinear and multifractal behavior. Sukuk indices, particularly RMENA and RDJSUKUK, show lower market deficiency values than most technology-based assets. However, persistent cross-correlations indicate that Sukuk is not a direct substitute for these assets. Rather, Sukuk may serve as a relatively stable and efficient complementary asset in technology-exposed portfolios.Key Words: Sukuk, DeFi assets, Tokenization, Financial Economics, MF-DFA, MF-DCCAJEL Classification: F65, E44, G15, C58
Cryptocurrency has become a significant innovation in the digital financial system, sparking various perspectives on its compatibility with sharia. This study aims to analyze the legality of cryptocurrency from a sharia perspective, including its transaction mechanisms and investment implications. The primary focus is on examining the elements of gharar (uncertainty) and maysir (gambling), which could potentially render it impermissible under sharia. The research employs a normative analysis approach to explore contemporary scholars' views and their relevance to maqasid sharia, which emphasize the protection of wealth and societal welfare. The findings indicate that, despite cryptocurrency's benefits, such as transaction efficiency and accessibility, its high speculative risks and value uncertainty pose major obstacles to its acceptance under sharia. Therefore, clear and comprehensive regulations are needed to accommodate cryptocurrency use in sharia-compliant financial institutions without violating Islamic principles. This study provides a significant contribution to clarifying the position of cryptocurrency within the Islamic financial system and encourages the development of sharia-based regulations for digital transactions.
Azkia (IAI Darussalam Martapura), Annisa Nur Aulia Purnama (IAI Darussalam Martapura), Muhammad Sauqi (IAI Darussalam Martapura)
Penelitian ini bertujuan untuk mengkaji konsep kepemilikan aset digital melalui perspektif m?l (harta) dalam fikih kontemporer. Perkembangan teknologi digital telah melahirkan berbagai bentuk aset baru, seperti cryptocurrency, token digital, non-fungible token (NFT), serta aset berbasis blockchain lainnya yang memiliki nilai ekonomi dan diperdagangkan dalam sistem ekonomi modern. Fenomena ini menimbulkan pertanyaan mengenai status hukum dan kedudukan aset digital dalam perspektif hukum Islam. Penelitian ini menggunakan pendekatan kualitatif dengan metode studi kepustakaan (library research), melalui penelaahan terhadap literatur fikih klasik dan kontemporer, buku ekonomi Islam, serta artikel ilmiah yang relevan dengan perkembangan aset digital. Analisis dilakukan secara deskriptif-analitis untuk mengkaji kesesuaian karakteristik aset digital dengan konsep m?l dalam fikih Islam. Hasil penelitian menunjukkan bahwa aset digital pada dasarnya dapat dikategorikan sebagai m?l, karena memenuhi kriteria utama harta dalam hukum Islam, yaitu memiliki nilai ekonomi, dapat dimiliki secara sah, serta memberikan manfaat bagi pemiliknya. Namun demikian, status hukum beberapa jenis aset digital masih menjadi perdebatan di kalangan ulama, terutama yang memiliki tingkat volatilitas tinggi dan mengandung unsur spekulatif. Dengan demikian, fikih kontemporer memiliki peran penting dalam memberikan landasan ijtihad terhadap fenomena ekonomi digital agar tetap selaras dengan prinsip-prinsip syariah. Penelitian ini diharapkan dapat memberikan kontribusi akademik dalam pengembangan kajian fikih muamalah, khususnya terkait kepemilikan aset digital dalam konteks ekonomi modern.
Ahmad Ahmad, Muhammad Said, Abdillah Abdillah, Abdulloh Munir
The rapid expansion of Decentralized Finance (DeFi), powered by blockchain technology, has transformed global financial systems by offering peer-to-peer, intermediary-free services. However, its compatibility with Islamic economic law (hukum ekonomi syariah) remains uncertain due to potential violations of Sharia principles such as the prohibition of riba (usury), gharar (excessive uncertainty), and maysir (speculation). This study addresses this gap by employing a qualitative maqāṣid al-sharī‘ah-based analysis to assess the alignment of DeFi mechanisms decentralized exchanges, lending protocols, and smart contracts with Islamic ethical and legal values. Data were collected through literature review and document analysis from classical Islamic sources, fatwas, and current DeFi documentation. The findings show that while many DeFi practices contain non-compliant elements, their underlying technology particularly smart contracts and decentralized governance holds significant potential for adaptation. When structured using Sharia-compliant contracts such as murābaḥah, mushārakah, or wakālah, and guided by maqāṣid objectives like ḥifẓ al-māl (preservation of wealth) and ḥifẓ al-dīn (preservation of faith), DeFi can support financial inclusion, transparency, and justice in accordance with Islamic law. This study proposes a normative framework for building Sharia-compliant DeFi platforms, integrating technical innovations with ethical governance, thereby offering a transformative model for Islamic finance in the digital era.
Abstract: This paper will compare and contrast heights of financial inclusion strategies adopted by Islamic Financial Institutions (IFIs) in Malaysia and Indonesia and specifically discuss Islamic social finance instruments, digital finance and community-based models. By using thematic analysis applied to a variety of policy documents, as well as institutional and implementation strategies, a qualitative comparative approach that is based on secondary data, the study analyzes policy documents and institutional and implementation strategies. The findings indicate that Malaysia follows a policy-based, centralized, and robust regulatory coordination, digital enablement, and integration of Value-Based Intermediation (VBI) and Islamic social finance tools. By contrast, Indonesia uses a decentralized and community-based model, which is powered by Islamic microfinance institutions, including Baitul Maal wat Tamwil (BMTs) with strong grassroots penetration but with issues in terms of standardization of governance and digital readiness. This research study is of value because it presents an integrative analytical model that connects the governance systems, digital integration, and Islamic social finance in determining the financial inclusion outcomes. It sheds light on significant trade-offs between efficiency and inclusiveness, centralization and flexibility, and provides policy relevant insights towards improving inclusive Islamic finance ecosystems.
Muhammad Imamul Muttaqin Arisandi, Bustomi Arisandi, Bahrul Ulum, M. Khodimul Wahib · 5 authors
This study examines the construction of an Islamic digital asset governance framework within the context of blockchain integration for zakat transparency and digital estate planning in Indonesia. The research responds to the growing tension between rapid technological transformation in Islamic finance and the absence of comprehensive sharia-oriented regulatory mechanisms governing crypto assets, decentralized transactions, and digital inheritance systems. Employing a non-empirical juridical-normative method, the study analyzes statutory regulations, DSN-MUI fatwas, comparative international regulatory models, and interdisciplinary scholarly literature concerning Islamic fintech, blockchain governance, and Maqasid Shariah. The findings indicate that existing regulatory approaches remain fragmented because financial supervision, sharia compliance, and inheritance governance operate within disconnected institutional frameworks. Blockchain technology demonstrates significant potential to enhance transparency, accountability, and efficiency in zakat and waqf management through immutable ledgers and automated smart-contract mechanisms, although unresolved cyber risks, speculative volatility, and succession vulnerabilities continue to threaten the principle of hifzh al-mal. The study formulates the Islamic Digital Asset Governance Framework (IDAGF), integrating technical supervision, sharia certification, judicial authorization, and social-finance accountability into a multilayered governance structure capable of harmonizing algorithmic innovation with Islamic legal certainty and sustainable digital financial ethics.
Bunga Desyana Pratami, Yos Johan Utama, Ana Silviana, Imaro Sidqi · 5 authors
Purpose - The rapid development of the digital economy has engendered new forms of wealth that challenge classical concepts of ownership within Islamic law, particularly in the context of inheritance law. Digital assets�such as cryptocurrency, non-fungible tokens (NFTs), and economically valuable digital accounts�present significant legal questions regarding their status as inheritable property, especially given their intangible nature and reliance on technological systems. In practice, many digital assets become inaccessible following the owner's death, often due to the loss of passwords or private keys. This situation creates a disparity between classical legal doctrines and contemporary realities. This study aims to analyse the legal status of digital assets within Islamic inheritance law through a reinterpretation of the concept of wealth (mal) employing an objective of the Islamic law (maqa?id al-shari?ah) approach.Methodology/approach - This research employs a normative juridical methodology, utilising both conceptual and maqa?id-based approaches. It is conducted through a comprehensive literature review of classical Islamic jurisprudence (fiqh) texts and maqa?id theory, supplemented by an analysis of contemporary practices concerning digital asset.Findings - Although some classical scholars�particularly within the ?anafi school�emphasised the material aspect of mal, the majority of scholars recognise lawful economic value and benefit (manfa?ah muba?ah) as the primary criteria for determining property status. From this perspective, digital assets qualify as mal because they possess economic value, can be owned, and are transferable. Furthermore, the framework of maqa?id al-shari?ah, particularly the principles of protection of wealth (?if? al-mal) and protection of lineage (?if? al-nasl), provides a robust normative basis for recognising digital assets as inheritable property. Therefore, the reinterpretation of mal through a maqa?id approach facilitates the integration of digital assets into Islamic inheritance law in both a normative and contextual manner.Conclusion - This study concludes by advocating the establishment of legal and technical mechanisms designed to protect the rights of heirs in the digital age, thereby minimising the disparity between doctrinal principles and practical application.
Muhammad Izzul Syahmi Zulkepli, Abdul Muneem, Mohd Shahid Mohd Noh, Mohammad Taqiuddin Mohamad · 5 authors
Smart contracts offer Islamic finance a new mechanism for executing transactions with greater transparency, efficiency and reduced Sharia non-compliance risk, yet their distinct technical features introduce Sharia challenges scholarly exploration. This paper aims to study the implementation of smart contracts from the Sharia Scholars’ perspective and to analyze its operational challenges as well as Sharia-related issues that arise from integration in the realm of Islamic finance. Using a qualitative approach, data was collected from credible sources such as books, journals, and relevant websites, with strict inclusion criteria. The analysis employed inductive reasoning and an explanatory research method to explore the application and issues surrounding smart contracts. The study finds that smart contracts hold great potential and are generally Sharia-compliant. However, technical aspects, such as contract terms, coding, execution, and protocol consensus require further research. It also stresses the importance of having a Sharia committee or advisor to ensure compliance in products and operations.
Awqaf (Islamic endowments) historically functioned as decentralized institutions financing education, healthcare, infrastructure, and social welfare across the Muslim world. Grounded in the principles of perpetuity and inalienability, they transformed private wealth into sustainable public goods, as highlighted by Monzer Kahf and Murat Çizakça, while also facing institutional rigidity concerns raised by Timur Kuran.This paper examines the evolution of Awqaf from classical asset-based models to innovative structures such as cash waqf, waqf sukuk, corporate waqf, and intellectual property waqf. It proposes the Integrated Digital Awqaf Ecosystem (IDAE) Framework to explain how digitalization enhances governance, transparency, financial integration, and socio-economic impact. The study concludes that digitally integrated Awqaf can become strategic pillars of sustainable development in contemporary Muslim economies.
Materi ini membahas kerangka penilaian kehalalan aset kripto menurut pendekatan Muhammadiyah dengan menekankan pemisahan antara teknologi blockchain sebagai infrastruktur dan aset kripto sebagai objek transaksi. Kripto diposisikan sebagai harta (māl mutaqawwām) sehingga hukum asal pemanfaatannya adalah mubah muqayyad, yaitu boleh tetapi terikat syarat-syarat syariah. Kehalalan transaksi kripto ditopang oleh dua pilar utama, yakni keabsahan objek dan kehalalan mekanisme transaksi. Pada sisi objek, aset dinilai layak apabila memiliki fungsi nyata, seperti penyimpanan nilai, utilitas, tata kelola, atau dukungan terhadap infrastruktur teknologi; sebaliknya, aset yang terkait ekosistem haram, skema penipuan, perjudian, atau token tanpa utilitas yang murni spekulatif dinilai tidak memenuhi syarat. Pada sisi mekanisme, transaksi spot atas aset yang halal pada dasarnya dibolehkan, sedangkan futures, margin, leverage, short selling, pump-and-dump, dan crypto lending berbasis imbal hasil tetap dipandang bermasalah karena mengandung unsur riba, gharar, maysir, atau penjualan atas barang yang tidak dimiliki. Kajian ini juga menunjukkan bahwa beberapa praktik Web3 memerlukan pembedaan hukum yang lebih rinci, seperti liquidity providing, staking pools, native validator staking, dan airdrop, yang statusnya bergantung pada struktur akad, sumber imbalan, serta substansi aktivitas yang difasilitasi. Pada akhirnya, materi ini menegaskan pentingnya literasi, kehati-hatian, dan kepatuhan terhadap hukum negara dalam aktivitas kripto, termasuk pembatasan penggunaan kripto sebagai alat pembayaran. Kata kunci: aset kripto, hukum Islam, Muhammadiyah, Web3, DeFi, staking, transaksi syariah
Over the past decade, the explosion of digital assets, including cryptocurrencies, non-fungible tokens (NFTs), and cloud-based accounts, has introduced complex legal questions that conventional inheritance regimes struggle to address. In Muslim‐majority jurisdictions and among Muslim communities worldwide, these questions intersect with the requirements of Islamic personal law, particularly the farā’iḍ (obligatory heirs’ shares) and waṣiyya (testamentary bequests). This study undertakes original empirical and doctrinal research to chart a path toward a unified fiqh‑grounded framework for digital asset succession. By combining doctrinal analysis of classical juristic sources, contemporary fatwas, and statutory developments with semi‑structured interviews among scholars, estate planners, and digital asset owners across Malaysia, Indonesia, Pakistan, and the United Kingdom, the research shows that digital assets are increasingly recognized as mal mutaqawwim (valuable property) but lack standardized protocols for identification, valuation, and transfer. The study reveals that differences in platform terms of service and cross‑border jurisdiction complicate heirs’ access to private keys and cloud accounts, exacerbating existing gender and socio‑economic disparities. It proposes a model of “custodial key trusts” and e‑wills that integrate digital asset inventories with farā’iḍ distributions, allowing compliance with both shariah and civil laws. The paper argues that without coordinated legal reforms and educational initiatives, vast wealth stored in digital forms risks being lost or misappropriated, undermining the objectives of ḥifẓ al‑māl (preservation of wealth) and social justice.
This study aims to examine the development and structure of global research on Sharia finance through a bibliometric analysis of publications indexed in the Scopus database from 2010 to 2024. Using bibliometric techniques and visualization tools such as VOSviewer, this study analyzes publication trends, collaboration networks among authors, institutions, and countries, as well as the thematic evolution of research topics in the field of Islamic finance. The results indicate that research on Sharia finance has grown significantly during the observed period, reflecting the increasing global importance of Islamic financial systems. The collaboration analysis shows that several key authors and institutions play central roles in connecting different research groups, while countries such as Indonesia, Malaysia, Saudi Arabia, the United Kingdom, and the United States emerge as important contributors to the global research network. Keyword co-occurrence analysis reveals that dominant themes include Islamic banking, Sharia compliance, financial institutions, and Islamic law. At the same time, emerging topics such as financial technology (fintech), blockchain, decentralized finance, and financial inclusion indicate a shift toward digital transformation and innovation in Islamic financial services. Furthermore, themes related to sustainable development, ESG, and waqf highlight the growing integration of Islamic finance with broader sustainability and ethical finance agendas. This study provides a comprehensive overview of the intellectual structure, collaboration patterns, and emerging research trends in Sharia finance, offering valuable insights for future academic research and policy development in the global Islamic financial industry.
This paper analyzes the opportunities and obstacles to introducing smart contracts into the Iraqi legal framework, focusing on the doctrinal and practical aspects. Smart contracts are self-executing transactions based on blockchain networks, lacking the involvement of intermediaries, and contest the concepts of consent, lawful subject matter, and cause of action in traditional civil-law regimes, as embodied in the Iraqi Civil Contracts Law No. 40 of 1951. Using a descriptive-analytical and comparative research approach, the study assesses Iraqi laws, as well as the experience of other countries, specifically the United States, the European Union, and the United Arab Emirates, in relation to legal recognition, assigning liability, consumer protection, and automated implementation. The conclusions show that the current legal system in Iraq lacks express clauses addressing smart contracts, leading to confusion about the identification of parties, their binding relationships, and penalties for programming errors. A comparative analysis shows that effective regulatory models are characterized by clear legal definitions, judicial capacity-building, regulatory sandboxes, and consumer rights protection. The analysis also draws on Islamic normative concepts (maqāṣid al-sharīʿah), such as ḥifẓ al-māl (wealth preservation), al-ʿadl (justice), and darʾ al-mafsid (hitting back), to support ethical governance, algorithmic responsibility, and risk avoidance. On this basis, the study suggests a balanced legislative framework for Iraq that would uphold classical principles of contract keeping and empower digital innovation by introducing statutory treatment of smart contracts, well-structured liability rules, consumer protection, and institutional reforms. Such a framework promotes the responsible adoption of automated contracts in sectors including e-commerce and financial services, enhances legal predictability, aligns domestic law with cross-border digital practices, and ensures normative legitimacy within an Islamic and international legal context.