Information systems and technology has changed the world in every aspect. One of them is how a contract is made. Smart contract technology has offered a new, efficient, and secure way to automatically execute the terms of the agreement with no third-party to perform such contracts. The objective of this paper is to conduct a systematic overview of how the smart contract can bring opportunities and also challenges to Indonesia. We propose this paper due to the benefits Indonesian businesses will have by implementing smart contracts. Apart from the benefits, in Indonesia, there are still very few journals discussing smart contracts implementation. In this paper, there will be our findings of how smart contracts are utilized currently in industries, the challenges, and the current smart contract in Indonesia. The result will be used as guidance when considering, planning, and applicating smart contracts in Indonesia.
Regional Autonomy in the reform era along with changes in legislation regarding the management of the education financing system has had a serious impact on the education system that was initially centralizedto decentralized. This change has a positive impact on the region in the management of education, especially financing in the process of advancing education in each region, especially Islamic education. Because the needs of each region differ in conditions and problems, the central government provides a mandatory through the basic law in Law No. 22 of 1999 concerning regional government and Law No. 25 of 1999 concerning financial balance between the central government and the regions, which was later revised to Law No. 32 of 2004 concerning regional government and Law No. 33 of 2004, namely the regulation of two new regional revenue sources, namely regional balance funds and loans. With the decentralization of central authority to the regions means that a region is given the opportunity to recognize and find solutions to the problems of the region in advancing Islamic education.
Abstra ct . This research aims to determine the return and risk comparison in investing for 24 months (2017-2018). The objects in this study are cryptocurrency (BTC, ETH, LTC, XMR, LSK, and STEEM) and Indonesian shares (ADHI, BBNI, GGRM, INTP, JSMR, and SRIL). The research methods used in this study are comparative descriptive using secondary data in the form of historical data. The comparative test conducted on this study was a non-parametric Kolmogorov-Smirnov Test. The result of this research is that there are significant differences in returns and risks in both of cryptocurrencies and stocks in Indonesia. The average of cryptocurrency return is 20.48% while the share is 1.2%. Furthermore, the average of cryptocurrency risk is 0.4158 while the share is 0.0773. If the standard deviation ignores each month, but overall with a total of 24 months, the value that obtained for the cryptocurrency is 0.6486 and the other side of the share is 0.0986. Keywords: Return, Risk, Cryptocurrency, and Shares Abstrak. Penelitian ini bertujuan untuk mengetahui perbandingan return dan risiko dalam berinvestasi selama 24 bulan (2017-2018). Objek pada penelitian ini adalah cryptocurrency (BTC, ETH, LTC, XMR, LSK, dan STEEM) dan saham di Indonesia (ADHI, BBNI, GGRM, INTP, JSMR, dan SRIL). Metode penelitian yang digunakan dalam penelitian ini adalah deskriptif komparatif dengan menggunakan data sekunder berupa data historis. Uji perbandingan yang dilakukan pada penelitian ini adalah non-parametrik Kolmogorov-Smirnov Test . Hasil dari penelitian ini adalah bahwa terdapat perbedaan yang signifikan pada return dan risiko pada cryptocurrency dan saham di Indonesia. Rata-rata return pada cryptocurrency adalah 20,48% sedangkan saham sebesar 1,2%. Selanjutnya, rata-rata risiko pada cryptocurrency adalah 0,4158 sedangkan saham 0,0773. Apabila standar deviasi mengabaikan setiap bulannya, melainkan secara keseluruhan dengan total 24 bulan, maka nilai yang didapatkan untuk cryptocurrency adalah 0,6486 dan disisi lain nilai saham adalah 0,0986. Kata kunci: Return , Risiko, Cryptocurrency , dan Saham
Cryptocurrency is a new phenomenon in investment industry in particular and financial world in large. The opportunities and threats come one over another in cryptocurrency debate that left people in perplex state whether to accept or reject the currency. In other view, it also brings advantages and inevitable disadvantages since it is operated online that vulnerable to number of threats and danger. This paper tries to examine maqasid views on this currency relying on SWOT analysis then will be viewed on the mirror of maslahah dan mafsadah as main pillars in maqasid al-syari’ah. As a result, this issue needs to be studied further since the maslahah and mafsadah sometime interchange the roles as particular, general maslahah and its counterparty since the system is always been designed for the benefits, that yet created the negative implication simultaneously. Furthermore, this innovation could be designed followed the desire of designers with dynamics structure in fulfilling the market’s needs.
Yang menjadi pokok permasalahan dalam penelitian ini adalah mengenai fenomena Cryptocurrency dalam pandangan hukum Islam. Dari judul tersebut dapat ditarik beberapa rumusan masalah yakni: 1.) Apa itu Cryptocurrency dan cara penggunannya? 2.) Mengapa terjadi Pro dan Kontra dalam Masyarakat terhadap Cryptocurrency, 3.) Bagaimana pendapat Hukum Islam tentang Cryptocurrency. Dalam menjawab permasalahan tersebut, metodologi yang digunakan peneliti adalah pendekatan Normatif Syar’i. Peneitian ini tergolong penelitian Library Research, dengan menggunakan Metode Analisis Deskriptif Kualitatif yang berfokus pada Fenomena Cryptocurrency dalam Pandangan Hukum Islam. Sumber data diambil melalui Sumber data primer berupa Buku, Arsip, dan Literatur lainnya.Cryptocurrency dapat digunakan sebagai alat pembayaran, Investasi, maupun Trading. Beberapa jenis Cryptocurrency selain Bitcoin juga banyak digunakan. Pro dan kontra di masyarakat terjadi akibat perbedaan pendapat mengenai Cryptocurrency. Karena belum ada legalitas mengenai Cryptocurrency sebagai alat pembayaran maupun mata uang yang diakui di Indonesia. Harganya yang Fluktuatif serta keamanannya yang masih terdapat cela membuat perdebatan mengenai Cryptocurrency seperti pada Bitcoin belum mencapai titik terang. Dalam Perspektif hukum islam, sebagian Ulama berpendapat bahwa bentuk mata uang digital ini tidak mempunyai kejelasan dan tidak dapat dilihat fisiknya memungkinkan terjadinya penipuan menjadikan Cryptocurrency mengandung unsur Gharar. Kemudian penggunaan Cryptocurrency dalam Investasi maupun Trading menjadikannya tidak lepas dari spekulasi mengenai harganya yang sangat Fluktuatif dan hanya digunakan sebagai alat untung rugi maka Cryptocurrency mengandung unsur Maysir. Karena urgensi mata uang Kripto ini sangat luas terutama dalam cakupan teknologi dan ekonomi, diharapkan skripsi ini juga dapat menjadi referensi untuk perkembangan Cryptocurrency di masa yang akan datang.Keywords: Cryptocurrency, Bitcoin, Hukum Islam.
Journal of Anthropology and Archaeology is a peer-reviewed international journal, which publishes original papers promoting theoretical, methodological and empirical developments in the discipline of socio-cultural anthropology.
Smart Sukuk structure is the new generation of Sukuk issuances structures. It uses Blockchain technology to allow more investors in both retail and corporate sectors to participate in Sukuk issuances. Through this technology, all financial institutions can issue their Sukuk. All types of documents and information related to the issuance of Sukuk are kept with the issuer's chains and the chains of the Central Registration Institution. Limited research was conducted on the transactions of smart Sukuk structures, such as Sukuk issuance model, traded Sukuk transactions and committed transactions market, from the Sharia compliance perspective and its financing benefits. This paper presents an in-depth study of the AAOIFI Standards, the decisions of Islamic Jurisprudence Academies and Sharia Boards, that related the Sukuk structures, applied in the Islamic bank of the paper's study society and the transactions of smart contracts from Sharia compliance perspective. On the other hand, this paper presents how to apply proposed smart Sukuk structures models that use Blockchain technology and smart contracts, within the largest Islamic bank in Turkey, in order to find out its financing benefits. The research findings indicate that from the Sharia perspective there are some issues in some applicable Sukuk models, such as the issue of capital guarantees. The use of Blockchain technology in smart Sukuk structures reflects several benefits on the financing markets, as it gives more capacity to access to more investors and markets, faster processing capability, transparency, invariance, and low transaction cost.
The development of information technology requires humans in modern times to adjust. Various modern payment instruments have been designed so that they can be used as a means to facilitate transactions. In addition to e-money, in recent years a virtual currency has emerged, known as cryptocurrency. In this paper, researchers formulated the problem form, including: comparison of Japanese and Singapore cyrptocurrency laws, payment systems in Indonesia at this time and then compared the prospects for the development of cryptocurrency whether it can be implemented in Indonesia in facing the globalization of the world. This research was conducted using a normative research method which was then compared to written regulations, theories, journals obtained from library materials. The current legal conflict faced by the State is that virtual currencies are not allowed to transact in Indonesia by the government. So this research was conducted with the aim of analyzing comparative law studies related to the prospects for the development of cryptocurrency in Indonesia, as well as examining whether cryptocurrency arrangements could be made in Indonesia.
Muhammad Amir Husairi Che Rani, Ahmad Dahlan Salleh
Bitcoin is the most popular virtual currency and ranked higher than other cryptocurrencies.Emerging as a decentralized currency in the focus of transforming the worldwide monetary system, bitcoin is confronted with legitimacy constrain, lack of regulation and becomes the ideal means of payment for illegal activities.Generally, this article will focus on discussions on the mechanism of bitcoin operations as well as the relevance of bitcoin in functioning as a medium of exchange, unit of value and store of value based on Shariah perspective.In addition, this article also lists some fatwas and views of Islamic scholars related to the status of bitcoin according to Shariah as well as analyzes the uncertainty and usury elements to determine the status of bitcoin as means of payment in sales contract according to Shariah perspective.The outcome of this discussion explains the arguments, reasons and the ruling of bitcoin usage as means of payment according to Shariah.
M. Ruslianoor Maika, Fidiana Fidiana, Irwan Alnarus Kautsar
Cryptocurrency is predicted to have a bright future as a new form of \nmoney becomes more popular. This research analyses the \npotential disruption of cryptocurrency from an Islamic perspective. \nHowever, this promising Islamic cryptocurrency has shifted from \nnon-asset backed to physical asset- backed of cryptocurrencies. We \nproposed design implementation the most straightforward way of the \ntransaction with cashless wireless payments using one device \nthrough Distributed Ledger Technology (DLT) of blockchain \ntechnology. We use digital currency with underlying asset Dinar and \nDirham for a commercial transaction. However, the disruption of \ncryptocurrencies may adapt Dinar and Dirham tokenization in \nexchanging services in the conversion of fiat money into \ncryptocurrency that complies with Islamic. Except comply with \nIslam, it also needs a Special Purpose Vehicle (SPV) as a party who \nguarantees the existence of assets. It concludes that the \nintermediation function of third parties such a bank will be disrupted \nin the profound shift of digital money based on Islamic \ncryptocurrency
Setiap orang yang telah menyelesaikan masa pendidikan formalnya tentu akan mendapatkan sebuah ijazah, ijazah tersebut sangat penting untuk melanjutkan ke jenjang pendidikan berikutnya ataupun untuk mencari pekerjaan. Namun, masih terdapat segelintir orang yang melakukan tindakan melawan hukum yaitu memalsukan sebuah ijazah untuk tujuan tertentu, sehingga akan menghasilkan pekerja yang tidak memiliki kualitas untuk menduduki suatu jabatan tertentu. Dimana ijazah memang sangat mudah dan murah untuk dipalsukan akan tetapi cukup mahal untuk dibuktikan keasliannya. Dengan menggunakan teknologi blockchain ini diharapkan dapat mengatasi permasalahan tersebut sehingga dapat mempersulit seseorang untuk melakukan pemalsuan ijazah dan dapat membantu perusahaan untuk membuktikan keaslian ijazah dari calon pegawainya hanya dalam hitungan menit dan tanpa harus mengeluarkan sejumlah biaya. Diharapkan dengan adanya teknologi blockchain ini dapat terus meningkatkan kualitas pendidikan di Indonesia.
Eka Purnama Harahap, Qurotul Aini, Reza Khaerul Anam
Crowdfunding sebagai program sosial di era teknologi ini merupakan terobosan baru untuk penggalangan dana kepada orang-orang yang membutuhkan atau untuk permodalan suatu project tertentu dengan cepat melalui media internet. Penelitian ini bertujuan untuk mengetahui manfaat dari kemajuan teknologi blockchain dengan konsep smart contract sebagai media transaksi dalam platform crowdfunding, serta bagaimana teknologi ini dapat menyelesaikan masalah kepercayaan masyarakat karena platform ini melibatkan transaksi menggunakan uang. Dengan diterapkannya teknologi blockchain pada platform crowdfunding diharapkan dapat memastikan keamanan data serta transparansi dalam setiap transaksinya, sehingga tidak ada pemalsuan suatu project untuk mendapatkan keuntungan pribadi.
Mohammad Abdul Matin Chowdhury, Dzuljastri Bin Abdul Razak
Technology advanced has brought rapid changes in all human activities along with financial activities and tools. Digital currency one of the technological innovations which have taken significant focuses from consumers, investors, researchers, entrepreneurs and policy makers around the world. with the trend of changing patterns, Islamic finance is rapidly developing all over the world by serving Muslims and non-Muslims, as a result, it is mandatory for Islamic finance to adapt with modern technology systems in terms of providing innovative products and services to the consumers in line with shariah perspectives. As a result, cryptocurrency (digital currency) has taken the focus on Islamic scholars in regards of its permissibility. There are many arguments over the permissibility issues. Therefore, this study aims to explore those issues and mechanisms of cryptocurrency in order to evaluate with Islamic perspective. This study gathered secondary sources from past literatures, books, news and websites with qualitative approach. The findings inclined that there are still lacking in mechanisms of digital currency to comply with Islamic perspective such as real asset backed and legal authorization. The findings of this study will benefit the Islamic scholars and policy makers along with Muslim consumers and investors in regards of permissibility and developing existing cryptocurrency to widely use in the Islamic finance and banking sector.
Rantai pasok finansial (Supply Chain Finance/SCF) merupakan topik baru dalam penelitian manajemen rantai pasok (Supply Chain Management). SCF bertujuan melakukan diversifikasi sumber pendanaan dari perusahaan dengan modal terbatas dan meningkatkan efisiensi keuangan seluruh jaringan rantai pasok perusahaan. SCF telah menjadi sumber pendanaan jangka pendek bagi ribuan usaha mikro, kecil dan menengah (UMKM). Penelitian tentang SCF yang ada sekarang ini masih menggunakan framework keuangan konvensional dan belum ada penelitian SCF yang menggunakan framework keuangan Islam. Penelitian ini bertujuan untuk mengembangkan framework dan system SCF berdasarkan prinsip- prinsip syariah Islam berupa platform crowdfunding syariah dengan menggunakan teknologi blockchain dan smart contract . Rancangan system yang dihasilkan pada penelitian ini menggunakan smart contract yang dijalankan menggunakan protocol Ethereum untuk mencegah adanya penipuan/penggelapan dan meningkatkan system keamanan dari platform yang dirancang, sesuai dengan karaktrist i k blockchain yang sangat sulit di - hack.
It is almost certain that the educational process cannot run without adequate financial support. Implications of policies the decentralization of education, making decision makers often having difficulty in getting references about components education funding. This need has been felt even more urgent since the start of the implementation of regional autonomy which also covers the field of education. Education costs are the economic value of inputs certain education that is used for learning to produce educational output of a certain level of education program. At the general level of financing concepts, costs can be in the form of expenses certain amount of money or certain sacrifice which is not in the form of money however it can be valued in money. Education costs are also the basis empirically to provide an overview of the school's financial characteristics. Analysis school financial efficiency in utilizing school financial resources and school output can be done by analyzing unit costs (units cost) per student. Unit costs per student are the average costs per student];calculated from the total school expenses divided by all students in the school (enrollment) in a certain period of time. By knowing the cost units per student by level and type of education are useful for assessing various alternative policies in an effort to improve the quality of education. The cost of education can be said to play an important role in sustainability of education. The success of an educational institution in organizing quality education is also inseparable from planning a steady budget, an allocation that is right on target and is effective so it makes all components of these educational institutions work together and produce results optimal in achieving goals. Educational institutions can also be closed as a producer of educational services, as is the case in other business fields face the same problem, namely the cost of production.
Mohd Faiz Mohd Yaakob, Mohd Aliff Mohd Nawi, Raja Rizal Iskandar Raja Hisham
Abstract 
 Today's world is recording the rapid development digital transaction. Bitcoin has become one of the phenomena for online transactions. There are risks that come along with this phenomenon. In addition, this phenomenon has also implicated the transactions conducted by individuals and Muslim communities around the world. In fact, there is a view that permits the use of this transaction to pay zakat with special conditions. The objective of this study is to explore the risk of using Bitcoin; and to explore the zakat institution's readiness to accept the Bitcoin transaction. Methodology of this study using a qualitative study with document’s analysis design. The findings showed that there are five main components in the zakat instituions readiness in Bitocin acceptance such as Education; Investment and Economics; Technology; Safety and Continuous Improvement.
 Abstrak 
 Dunia masa kini mencatatkan perkembangan transaksi digital yang begitu pantas. Bitcoin telah menjadi salah satu fenomena kepada perkembangan urus niaga transaksi dalam talian. Terdapat risiko-risiko yang datang bersama dengan fenomena ini. Selain itu, fenomena ini juga telah memberikan implikasi kepada urus niaga yang dijalankan oleh individu dan masyarakat muslim di serata dunia. Malah, terdapat pandangan yang mengharuskan penggunaan transaksi ini untuk membayar zakat dengan ditetapkan syarat khusus. Objektif kajian ini bertujuan meneroka risiko penggunaan Bitcoin; dan meneroka kesediaan institusi zakat dalam penerimaan transaksi Bitcoin. Metodologi kajian ini menggunakana kajian kualitatif dengan reka bentuk analisis dokumen. Dapatan mendapati terdapat lima komponen utama dalam kesediaan intitusi zakat seperti Pendidikan; Ekonomi dan Pelaburan; Teknologi; Keselamatan dan Penambahbaikan Berterusan.
Pemanfaatan teknologi informasi dengan internet dalam perekonomian telah memberikan banyak manfaat dalam berbagai kehidupan masyarakat baik dalam perdagangan ataupun investasi. Saat ini Bitcoin tidak dianggap sebagai alat pembayaran atau crypto currency. Bitcoin dianggap sebagai digital aset yang memiliki nilai ekonomi bagi para penggunanya. Berdasarkan keputusan menteri perdagangan yang menetapkan bitcoin sebagai digital aset yang termasuk kedalam aset kripto yang dapat diperdagangkan pada Bursa Berjangka. Namun sebelum lebih jauh masuk kedalam ranah bursa berjangka tidak ada peraturan khusus yang membahas mengenai digital aset itu sendiri. Pengaturan mengenai transaksi elektronik hanya membahas secara umum mengenai segala sesuatu yang berhubungan dengan media elektronik. Untuk itu penelitian ini akan menganalisis konsep penggunaan bitcoin sebagai digital aset yang dapat digunakan sebagai transaksi elektronik dan investasi. Serta Tidak adanya payung hukum tentu menambah permasalahan mengenai ketidak jelasan pertanggung jawaban para pihak dalam menghadapi resiko-resiko yang akan terjadi. Untuk itu penulis akan melakukan penelitian dengan mengkaitkan konsep Bitcoin sebagai digital aset dengan peraturan perundang-undangan di Indonesia.
This paper tends to examine cryptocurrency and its permissibility in the structure of Islamic banking finance. It identifies the major types of cryptocurrencies and also revealed its benefits. Despite these benefits and relating it to Islamic finance it was viewed from two angle; cryptocurrency and money in Islam and also cryptocurrency and the principles of Islamic finance. The study revealed it is compatible to structure of Islamic banking and finance when compared side by side to the features of fiat money which is currently in use. More so, the study clears some of the key issues like its legal tender, issuer unknown, money laundering & illicit purpose etc usually raised against cryptocurrency. The study concluded that cryptocurrency as an economic innovation has secured a pass mark to fit into the structure of Islamic banking and finance. The study further recommends that there is need to create standards guiding its operations, further ensure full disclosure on its transactions etc.
The existence of money makes buying and selling activity easier than the barter system. However, the increasing globalization of the world economy demands speed accelaration, ease and security of financial transactions. The discovery of cryptocurrency provides solution for the current payment system which relies highly on the third party in conducting digital transactions. One of those cryptocurrency products is Inacoin which is originated from Indonesia. Because this cryptocurrency is a contemporary problem that cannot be concluded directly from the classical fiqh book, a thorough investigation is needed to obtain the validity of this money from Islamic perspective. This research is a qualitative research that uses multimethod of normative-empirical Islamic law perspective in discussing the aforementioned problem. This study concluded that the existence of Inacoin cannot be accepted as money since there are Islamic requirements or criteria that are not met. In addition, the use of Inacoin is mostly for trading commodity, not as money. The Inacoin trade is legitimate but unlawful, because Inacoin has fulfilled the pillars and requirements of the Al-Ṣarf, yet contradicted some Islamic principal such as maisir, gharar, and possibility of harming its user
Pada era ini pengaruh globalisasi sangat kuat, terlebih lagi dalam bidang ilmu pengetahuan, teknologi, informasi, dan komunikasi mengalami perkembangan yang pesat. Dunia sedang bergerak ke arah baru dan menuntut untuk diikuti perkembangannya tidak terkecuali dengan Indonesia. Sebagai negara berkembang Indonesia harus mampu untuk bisa mensejahterakan rakyatnya dan dapat membawa rakyatnya menuju ke arah yang baru.Fenomena perkembangan ilmu pengetahuan, teknologi, informasi dan komunikasi ini sudah menyebar ke berbagai aspek kehidupan, perkembangan ilmu pengetahuan, teknologi, informasi dan komunikasi ini dianggap dapat mengawali perubahan tatanan kehidupan suatu masyarakat dalam berbagai aspek maka dari itu di tuntut adanya kecermatan dari pihak pemerintah maupun masyarakat untuk mengimbanginya. Perkembangan yang pesat ini pun turut merubah pola pikir masyarakat dalam berbagai bidang tidak terkecuali dalam bidang ekonomi. Dalam bidang ekonomi transaksi penjualan dan pembelian menjadi aspek yang sangat penting dalam perekonomian,karena perkembangan yang pesat ini dalam hal transaksi penjualan dan pembelian tidak harus penjual dan pembeli bertemu secara langsung tetapi sekarang melalui media dunia maya atau internet, kita bisa melakukan transaksi jual beli kapan pun dan di mana pun kita berada tanpa harus bertemu secara langsung, melihat trend perkembangan ini sebagian masyarakat tidak menggunakan uang konvensional seperti pada umumnya tetapi mulai beralih menggunakan digital currency yang dilindungi oleh kriptografi, diantara digital currency yang beredar yang paling terkenal adalah Bitcoin. Dalam perjalanan Bitcoin sendiri mengalami berbagai polemik dalam penggunaannya di dunia bahkan di Indonesia sendiri, karena di Indonesia sendiri Bitcoin belum diakui eksistensinya dan belum ada regulasi jelasnya. Bahkan dalam islam pun para ulama seputar Bitcoin ini masih menjadi perdebatan apakah Bitcoin ini dikatakan halal atau haram apabila di kaji dalam Al-Quran, hadits, ijma maupun sumber islami lainnya. In this era the influence of globalization was very strong, especially in the fields of science, technology, information and communication which experienced rapid development. The world is moving in a new direction and demands that its development be followed by Indonesia. As a developing country, Indonesia must be able to prosper its people and bring its people to a new direction. The phenomenon of the development of science, technology, information and communication has spread to various aspects of life, the development of science, technology, information and communication is considered able initiating changes in the order of life of a society in various aspects, therefore it is demanded carefulness from the government and the community to compensate. This rapid development also helped change the mindset of the people in various fields, including in the economic field. In the economic field, sales and purchase transactions are a very important aspect in the economy, because of this rapid development in terms of sales and purchase transactions that do not necessarily require sellers and buyers to meet directly, but now through cyber media or the internet, we can buy and sell transactions when and wherever we are without having to meet directly, seeing this development trend, some people do not use conventional money as in general, but begin to switch to using digital currency protected by cryptography, among the digital currency in circulation the most famous is Bitcoin. In the course of Bitcoin itself experienced various polemics in its use in the world even in Indonesia itself, because in its own existence Bitcoin has not yet recognized its existence and there is no clear regulation. Even in Islam, the scholars around Bitcoin are still debating whether Bitcoin is said to be halal or haram if it is reviewed in the Koran, hadith, ijma and other Islamic sources.
This chapter examines technical innovations and financial technologies, particularly, the potentials of smart contract in reshaping Islamic trade finance. It explains modern Islamic trade finance practices with a focus on products, problems and prospects. The chapter focuses on smart contract and its current application in the finance industry. It presents the process of smart contract implementation in Islamic trade finance with a proposed model of new smart platform and relevant discussions on legal implications and Shari‘ah aspects of the model. The chapter provides a conclusion and some areas for further research and describes the gap by examining potentials of smart contract in Islamic trade finance as well as possible legal and Shari‘ah implications of the implementation. The ability to change and adopt new technologies will determine the future of Islamic finance generally, and in particular, Islamic trade finance. Smart contract’s potential for disruption of Islamic trade finance goes beyond simple digitisation of Islamic trade finance products and services.
Muhammad Amir Husairi Che Rani, Ahmad Dahlan Salleh
Bitcoin is the most popular virtual currency in a virtual community. Appearing with various innovations that focus on transforming the worldwide monetary system, bitcoin is confronted with legitimacy constrain, absence of regulation and becomes a platform of legal violation. In general, this article will discuss on the mechanism of bitcoin operation as well as malaah (best interest) and mafsadah (harm) that exist in the bitcoin financial system in the actualization of the concept of if al-Ml (safeguarding properties). Moreover, this article also lists some views of Islamic scholar and fatwas related to the status of bitcoin according to Shariah and conduct analysis on the relevance of bitcoin usage as a medium of payment according to the perspective of siysah shar'iyyah. The outcome of this discussion explains the arguments, reasons and the laws of bitcoin usage as currency and means of payment according to Shariah.
Filka Catur Windiastuti, MA Muh. Muinudinillah Basri
The existence of money makes buy and sell transactions easy from the barter system. However, the increase ofworld economic globalization has resulted in the increasing need for the speed, convenience and security of financial transactions. The emergence of cryptocurrency becomes the answer to the constraints faced by the current payment system which is very dependent on the third party as the trusted payment product publishing company to manage digital transactions. One of the cryptocurrency products is Inacoin which is created by Indonesian. However, the regulations in Indonesia concerning the use of cryptocurrency are still having many pros and cons. BI and OJK still do not allow to use cryptocurrency, while BAPPEBTI has legalized it to be traded. This research is a qualitative research which uses multimethod approach, namely the normative-empirical Islamic law approach. The concept of money in Islamic economics is different from the concept of money in conventional economics. In Islamic economics, the concept of money strongly states that money is money, money is not capital. Conversely, the concept of money in conventional economics is often interpreted back and forth, namely money is money and money is capital. The existence of Inacoin cannot be stated as money because there are unmet requirements and criteria. Besides, the use of Inacoin is more dominant as a commodity which is traded not as money. Inacoin buy and sell transaction is legal, but forbidden in Islam. It is because Inacoin has fulfilled the principles and requirements of al-Ṣarf, but it violates some of the elements which are prohibited in Islam such as maysir (gambling) and gharar (uncertainty). Therefore, it is feared that it will bring harms to users. Keywords : Inacoin, Cryptocurrency, Al-Ṣarf
AbstractThe use of bitcoin as a currency or payment instrument is prohibited by Indonesian Bank. However, bitcoin as an object of sell buy in the form of digital assets or intangible goods is traded on indodax.com. The method used is statute approach and conceptual approach. The results of this study can be known that the law of sell buy bitcoin on indodax.com in the perspective of sharia is forbidden because in fiqh, the contract of sell buy bitcoin on indodax.com. include fasid contract because bitcoin contains elements gharar, maysir, syubhat, and dharar as an object of sell buy so as to violate the provisions of sharia. Indonesian Ulema Council should issue National Sharia Board About Bitcoin. Keywords : Sell Buy, Bitcoin, Digital Assets, Indodax.com, The Perspective of Sharia AbstrakPenggunaan bitcoin sebagai mata uang atau alat pembayaran dilarang oleh Bank Indonesia. Namun, bitcoin sebagai obyek jual beli yang berbentuk aset digital atau barang tidak berwujud diperjualbelikan di indodax.com. Metode yang digunakan adalah statute approach dan conceptual approach. Hasil penelitian ini dapat diketahui bahwa hukum jual beli bitcoin di indodax.com dalam perspektif syariah adalah dilarang karena dalam fikih, akad jual beli bitcoin di indodax.com. termasuk akad yang fasid karena bitcoin mengandung unsur gharar, maysir, syubhat, dan dharar sebagai obyek jual beli sehingga melanggar ketentuan syariah. Seharusnya Majelis Ulama Indonesia (MUI) mengeluarkan Fatwa Dewan Syariah Nasional (DSN) tentang Bitcoin. Kata Kunci : Jual Beli, Bitcoin, Aset Digital, Indodax.com, Perspektif Syariah.