Literasi adalah kegiatan sosialisasi dan pembelajaran tentang blockchain sebagai teknologi masa depan yang dilakukan oleh Prodi Manajemen Universitas Sipatokkong Mambo kepada masyarakat umum dan civitas akademi. Dalam kegiatan memberikan literasi, Prodi Manajemen Universitas Sipatokkong Mambo bekerjasama dengan Rumah EKIS (Forum Mahasiswa Ekonomi Islam). Tujuan penulisan ini yang pertama adalah untuk membahas bagaimanakah literasi blockchain yang diberikan kepada masyarakat di kabupaten Bone. Tujuan yang kedua adalah menjelaskan sistem blockchain, dan peluang penggunaannya pada industri halal. Metode penelitian yang dipakai pada penelitian ini menggunakan ceramah dan pendampingan dengan sumber data dari studi literatur artikel jurnal, beberapa situs terkait, platform dan aplikasi. Hasil dari kegiatan ini menunjukkan bahwa pentingnya literasi tentang teknologi blockchain untuk industri halal dan potensinya sebagai teknologi transformasi di masa depan. Selain itu, masyarakat dan mahasiswa ekonomi Islam di Kabupaten Bone tergolong ke dalam less literate dan less of trust karena sebagian masyarakat dan mahasiswa ekonomi Islam di Kabupaten Bone hanya mengerti terhadap blockchian yang digunakan untuk Bitcoin atau decentralized finance dan hanya mempertimbangkan aspek keutamaan fasilitas layanan keuangan kripto tersebut. Dengan terlaksananya kegiatan ini mampu meningkatkan pemahaman yang lebih baik terkait penggunaan blockchain pada industri halal, dan masyarakat melek digital untuk melakukan investasi aset kripto. Implikasi kegiatan ini diharapkan membuka ruang diskusi selanjutnya untuk pembahasan mendalam tentang potensi dan peluang pemanfaatan teknologi blockchain pada sektor-sektor lain.
This study investigates public interest in cryptocurrency in Indonesia, focusing on related queries, geographical distribution, and temporal trends. Utilizing a quantitative descriptive approach with secondary data from Google Trends (January 2021–December 2024), the findings reveal that cryptocurrency is predominantly perceived as a trading tool, with terms like trading and crypto dominating search queries. Geographical analysis highlights significant regional disparities, with Bali demonstrating the highest interest due to its global connectivity and digitally literate population, while Nusa Tenggara Timur reflects challenges such as limited infrastructure and financial literacy. Temporal trends show fluctuations aligned with global market events and regulatory developments, stabilizing in 2023–2024 as public perceptions matured. These results emphasize the need for public education to broaden understanding beyond speculative trading and for inclusive strategies to address regional and educational gaps. This study contributes to the literature by offering a novel framework integrating geographical and temporal analyses, providing actionable insights for policymakers and stakeholders to foster equitable and sustainable cryptocurrency adoption in emerging markets.
Sudadi Pranata, Fajrinoor Fanani, Dini Hidayati, Rosa Lesmana · 5 authors
The rapid growth of TikTok as a social media platform has transformed influencer marketing, offering brands unparalleled opportunities to engage with their target audiences. However, issues such as lack of transparency, trust, and inefficiencies in payment processes remain significant challenges in influencer marketing, highlighting a critical GAP in both literature and practice. This study addresses these challenges by exploring the implementation of smart contracts, powered by blockchain technology, as a novel solution. Smart contracts provide an automated, secure, and transparent framework for managing influencer marketing campaigns. The research employs a quantitative approach with Structural Equation Modeling (SEM) as the primary methode, utilizing the SmartPLS tool. Data were collected from 200 respondents who are active TikTok users and have engaged with influencer marketing campaigns. The findings reveal that credibility, informativeness, and entertainment positively affect advertising value, while irritation negatively impacts it. Furthermore, advertising value significantly influences advertising attitude, which, in turn, impacts purchase intention. Additionally, advertising attitude moderates the relationship between advertising value and purchase intention, strengthening its effect. These results and conclusions emphasize the transformative potential of smart contracts in enhancing transparency, trust, and efficiency within influencer marketing. By introducing blockchain-based solutions, this study makes a significant novelty contribution to the literature, offering practical insights for brands and marketers. Specifically, smart contracts enable brands to ensure fair compensation, accurate performance measurement, and improved campaign outcomes. This study underscores the importance of leveraging cutting edge technologies to address existing gaps in influencer marketing, ultimately paving the way for more effective and transaction.
Innovation in Islamic finance has a close linkage with the new technology. The blockchain technology carries unlimited opportunities for Islamic finance to enable it to meet the Maqāṣid al Sharī῾ah. However, this aspect is not visible in the literature due to the tendency to connect blockchain with the cryptocurrencies. This study combined an insightful review of Maqāṣid al Sharī῾ah and ḥifẓ al māl along with technical analysis of blockchain to cater to the Islamic finance ethical innovation. This was a qualitative analytical research paper. It addressed the questions related to integrating the theories of Maqāṣid Al Sharī῾ah and Ḥifẓ al māl with the blockchain. The result was a futuristic vision for innovation in Islamic finance with the theme of preserving wealth using a combination of the salient features of blockchain technology and characteristics of Ibn ‘Ashur’s theory of ḥifẓ al māl for wealth and money. The study found that it is possible to create a matrix with the collaboration between the ḥifẓ al māl objectives, namely wealth circulation, justice, ownership protection, creating easiness, robustness and transparency, and the technical characteristics of blockchain, namely decentralization, immutability, transparency, and cryptographic hashing. Together, this approach has the potential for producing ethical, secure, and innovative Islamic finance solutions. This study falls under the contemporary literature that discusses Maqāṣid al Sharī῾ah and Ibn ‘Ashur’s theory of ḥifẓ al māl beyond its theoretical nature in combination with blockchain technology to cater to the growing requirements of innovation in Islamic finance as a part of Maqāṣid al Sharī῾ah’s sustainable ecosystem.
Cryptocurrency has become a transformative element in modern financial systems, presenting significant opportunities and risks to systemic stability. Its rapid adoption, driven by blockchain technology, demonstrates potential for enhancing transparency and efficiency. However, challenges such as price volatility, regulatory gaps, and cybersecurity threats persist as critical concerns. This study addresses the dual role of cryptocurrency in fostering innovation while posing risks to global financial stability. Employing a systematic literature review, it analyzes academic articles from leading databases, including Scopus and Web of Science, focusing on recent studies (2018–2023) examining the security, regulation, and ethical dimensions of cryptocurrency and blockchain technology. Findings highlight cryptocurrency’s potential to improve financial inclusion and operational efficiency but underscore significant risks due to price instability and inadequate regulatory frameworks. Blockchain technology offers improved security and accountability; however, effective integration requires adaptive regulations and international cooperation. This study contributes by synthesizing insights into cryptocurrency’s systemic implications, bridging gaps in understanding the intersection of technology, regulation, and stability. It provides actionable recommendations for policymakers, financial institutions, and academics to develop balanced regulatory frameworks that support innovation while safeguarding consumer interests and financial stability. Holistic regulatory approaches, strengthened cybersecurity, and cross-sector collaboration are imperative for responsible cryptocurrency integration into global financial ecosystems.
Iin Indriani Mokodompis, Rizaldy Purnomo Pedju, Adamu Abubakar Muhammad
Cryptocurrency, as a rapidly evolving digital asset, has sparked significant debates regarding its legality and compliance with Islamic law. This study examines the intersection of Indonesian positive law and Islamic principles in regulating cryptocurrency as a tradable commodity (Sil’ah). Using a qualitative library research approach, the research explores regulatory frameworks such as Peraturan Menteri Perdagangan Nomor 99 Tahun 2018 and Peraturan BAPPEBTI Nomor 5 Tahun 2019, alongside Islamic legal standards for Sil’ah. Findings reveal that while Indonesian law has established a robust regulatory system ensuring transparency and security, compliance with Islamic principles requires further alignment, particularly in addressing challenges like volatility, lack of physical form, and potential gharar (uncertainty). However, digital documentation and blockchain technology provide opportunities for cryptocurrency to meet Sil’ah criteria, including ownership clarity and economic utility. The study emphasizes the potential for harmonizing positive law and Islamic law through adaptive regulations and innovative technologies such as blockchain-based smart contracts and halal asset tokenization. This integration could support a sharia-compliant digital economy, fostering inclusivity and trust among Muslim investors. The research contributes to bridging gaps in understanding cryptocurrency's role within Islamic finance and its future in the global economic landscape.
Susi Nurkholidah, Fadillah Mursid, Andi Martina Kamaruddin, Swadia Gandhi Mahardika
The development of digital technology in today's era and brilliant contracts in blockchain technology offer new opportunities, including in the Islamic finance sector. However, using smart contracts also poses several legal challenges that need to be overcome, including the presence or absence of transparency, maysir, gharar, and riba. This new technology needs to be studied more deeply in Sharia finance because it must meet Sharia principles. This study aims to analyze the implementation of smart contracts from the perspective of maslahah mursalah, namely from the principle of benefits that are not explicitly mentioned in the Nash but are still by the sharia maqasid. In Islamic Law, this technology must fulfill the principle of justice, avoiding elements of gharar, maysir, and usury. The research method used is qualitative with a literature study approach. The data collection technique uses Secondary data collection techniques. The study results show that the application of smart contracts in Sharia contracts, such as murabahah and mudarabah, supports the goals of Sharia maqasid purposes, especially in terms of property protection, justice, and public benefit. The implementation of smart contracts has excellent potential to increase security, efficiency, and transparency in the Islamic financial sector and fulfill the principles of the agreement; namely, the object transacted in the smart contract is a halal object. However, regulation, infrastructure, and Sharia compliance challenges require essential attention. Therefore, special rules are needed to ensure that the application of this technology is in line with Sharia principles.
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.
At the core of Islamic finance ideal models, profit and loss sharing (PLS) contracts (mudaraba and musharaka) have been avoided in practice by Islamic financial institutions (IFIs) who, since their inception, suffer from a Murabaha Syndrome by relying on debt-like instruments as their main financing tools. While the literature focuses on moral hazard and adverse selection as the main reasons for the underuse of PLS, we show that these asymmetric information issues are not a cause but a consequence of a deeper problem that the existing scholarship has overlooked. The main barrier to using PLS is the difference between the institutional framework that once enabled traders to use mudaraba and musharaka to finance their business ventures and the impersonal exchange framework in which modern IFIs operate. In this chapter, the study assesses the main challenges to the PLS financing application, focusing on mudaraba, and explore the solutions offered by the blockchain and the nascent Decentralized Finance (DeFi) that are relevant to Islamic Finance. We argue that blockchain can offer an institutional solution to the Murabaha Syndrome and help reduce the gap between Islamic finance ideals and practices.
Proof of Stake (PoS) is a consensus methodology for blockchain platforms, proposed as an alternative to Proof of Work (PoW) mechanisms. Its primary objective is to validate transactions and ascertain the truthfulness of on-chain data. Users who stake their funds receive incentives in the form of newly minted cryptoassets or transaction fees, making staking a prevalent investment activity in the cryptocurrency domain. However, for users adhering to the Islamic faith, staking introduces a distinctive challenge, particularly concerning its alignment with halal principles. This area represents a significant research gap, with shariah scholars actively engaging in the assessment of this phenomenon from a fiqh perspective. A thorough understanding of the relevant fiqh principles and rulings, in conjunction with the technical and operational facets of staking, is imperative. This chapter delineates two forms of staking: (1) staking on a Proof of Stake (PoS) blockchain, and (2) staking as the act of locking funds in a smart contract for a designated purpose. Subsequently, it explores the shariah compliance of both types.
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)
Purpose This paper aims to analyze intention for applying blockchain-based technology in zakat management regarding the readiness of zakat institutions and muzakki in Indonesia. Design/methodology/approach This research is a mixed method, namely, using qualitative research to examine the readiness of practitioner and academics in welcoming blockchain-based financial technology and using quantitative research to measure people’s knowledge and intentions to adopt zakat using blockchain technology based on UTAUT theory (Unified Theory of Acceptance and Use of Technology). Findings The findings indicate that performance expectancy, social influence, facilitating conditions and sentiment positively affect the intention to adopt blockchain technology in zakat payments, while effort expectancy do not. Additionally, interviews reveal that practitioners and academics support blockchain technology but are unprepared for its implementation. Practical implications The implications of this study suggest important directions for policy makers, notably zakat institutions, supporting the application of blockchain technology and the adaptation of user-friendly information system services to meet the requirements of zakat service users. Originality/value This study fills the gap in previous research by offering a more comprehensive analysis of the collaboration between zakat and blockchain technology through three different perspectives, namely, practitioners (BAZNAS), academics and users of zakat services (muzakki).
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.