The study aims to elaborate on the Shari’ah issues regarding cryptocurrencies. The research found that overall Shari’ah challenges in studying this unprecedent issue can be confined to Bitcoin since it is the first cryptocurrency with its own protocol and laws, and the later versions of the cryptocurrency started using the protocol of Bitcoin. Bitcoin was distinguished being the only cryptocurrency that is classified as decentralized, whereas the subsequent versions of the currencies, which were introduced as an alternative to Bitcoin, such as Ethereum, were centralized by their issuer. Also, the tokens are merely representing the assets which were collected through it. The overall Shari'ah issues were summarized in terms of its asset and monetary consideration, impact of price fluctuations, decentralization, anonymity, and the mechanism of mining which PoW (Proof-of-Work) and PoS (Proof-of-Stake). This study has concluded on the Shari’ ah permissibility of the PoW system which is used in Bitcoin, and PoS system which is used in Ethereum. The contract is based on Ju’alah contract. As a principle, the study could not conclude the Shari’ah non-permissibility of exchanging, trading or investing in Bitcoin, and similar cryptocurrencies. These cryptocurrencies are subjected to all the guidelines related to exchange of currencies (sarf) and rulings of Riba buyu’ (sale on credit) and Riba duyun (interest on debt). Also, it will be subjected to monetary Zakat rulings. However, dealing with mining groups, electronic platforms, as well as investing in these currencies through various websites, may contain executing agreements and contracts that contain conditions not compliant to Shari’ah. These agreements should be examined in the light of the provisions of the Islamic law. Also, users should be cautious against falling into the net of fraudsters on the Internet. The research recommends to hold-up investing in these recent currencies because of the rapid volatility and to avoid exposing the wealth to high risk.
Azlin Alisa Ahmad, Mat Noor Mat Zain, Nur Diyana Amanina Zakaria
<p>A smart contract is a computer protocol contract of which its innovation rooted from the traditional contract. However, Sharia-compliant transaction necessitates a contract to fulfils all pillars of Islamic contracts in order smart contract can be accepted as an innovation of Islamic contracts. Thus, this paper aims to make a comparison between Islamic contracts and smart contract on blockchain. This paper is a qualitative research by adopting content analysis method to analyze some related topics. The pillars of Islamic contract are compared with the smart contract to ensure whether the smart contract follows the guidelines of Islamic contract or vice versa. The analysis shows that smart contract does not entirely comply with the Islamic principles of a contract. Even though smart contract generally has three pillars of Islamic contract but in details, it does not comply with the Sharia principles. By comparing between the pillars of Islamic contract and smart contract on blockchain, it shows that smart contract on blockchain is not underline with the Islamic contracts pillars. Contracting parties participate in the smart contract does not recognize each other that can be lead to <em>gharar</em>. Meanwhile, every transaction in the smart contract allows prohibited subject matters such as illegal drugs, weapons where as it is not allowed in Islamic contracts transactions. </p>\n\n<p> </p>
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.
Historically, the means of payment has evolved from time to time. The current phenomenon is Bitcoin, claimed by its users as a means of future payments, that have been the major attention of many people, from people in business to students. The research question in this study was how the existence of Bitcoin as a medium of exchange is, and how its existence as a medium of exchange is viewed based on the maqāṣid al-syar 'īyah. This used the literature research method and the maqāṣidī approach by applying the tarjih maslahat method. The existence of Bitcoin as a medium of exchange is considered valid because of the 'urf recognition. However, it requires a legal status from the government because it is related to al-maslahat al-mmāmmah, the mafsadat (damage) value of Bitcoin is higher than its maslahat (benefit) value. Hence, it is concluded that Bitcoin is valid as a medium of exchange. Still, its use must be limited due to the mafsadat (harm) probability that is more dominant at the ḍarūriyyāt (primary needs) level, following the principle of "rejecting the harm is prioritized than realizing the benefit."
 Abstrak: Berdasarkan sejarah, alat pembayaran dari masa ke masa telah mengalami evolusi, pada saat ini terdapat sebuah fenomena yaitu fenomena Bitcoin yang diklaim oleh para penggunanya sebagai alat pembayaran masa depan yang telah banyak menyita perhatian orang mulai dari kalangan pengusaha hingga mahasiswa. Bitcoin memiliki beberapa kelebihan jika dibandingkan dengan alat pembayaran yang biasa digunakan, di antaranya yaitu sifatnya yang desentralisasi sehingga tidak ada pengendali pusat yang akan ikut campur di dalamnya. Sedangkan pada kebiasaannya, alat pembayaran di suatu wilayah berada di bawah pengawasan pemerintah karena alat pembayaran tergolong kepada kebutuhan primer yang menyangkut kesejahteraan umum. Pertanyaan penelitian dalam skripsi ini adalah bagaimana eksistensi Bitcoin sebagai alat tukar dan bagaimana keberadaan Bitcoin sebagai alat tukar berdasarkan maqāṣid al-syar‘īyah. Dalam penelitian ini penulis menggunakan metode penelitian kepustakaan dan pendekatan maqāṣidī dengan menerapkan metode tarjih maslahat. Keberadaan Bitoin sebagai alat tukar dianggap sah karena terdapat pengakuan secara ‘urf. Akan tetapi status sah tersebut perlu mendapatkan pengesahan pemerintah karena terkait dengan al- maslahat al-‘āmmah, nilai mafsadat pada Bitcoin lebih dominan jika dibandingkan dengan nilai maslahatnya. Dari paparan di atas disimpulkan bahwa keberadaan Bitcoin sah sebagai alat tukar, namun penggunaannya merupakan sesuatu yang harus dibatasi karena probabilitas mafsadatnya lebih dominan yang berada pada tingkat ḍarūriyyāt.. Hal ini sesuai dengan kaidah “menolak mafsadat di dahulukan dari pada mewujudkan maslahat.”
 Keyword: Eksistensi, Bitcoin, Maqāṣid al-Syar‘īyah.
In the long journey of development of a government increasingly multiply and enrich the understanding of the government itself, so that the concepts of government can be viewed from various angles and aspects that can further clarify the notion of the concept of government itself, one of which is the concept of the principle of governance. The existence of a Local Government in the system of government is an integral part of a system of state government or national government, even the concept and theoretical existence of local government is much earlier than the existence of elements of central government or state government. The principle of "Medebewin" as a relic of the Indies government system, at the beginning of the revolution, precisely in 1948, was called "uncompleted surrender", to overcome the principle of full-fledged decentralization. The difference with the principle of decentralization is that the "medebewind" governmental affairs are only handed over the task of execution alone, excluding the authority that determines the policies, the financing, and the execution workers. One of the principles of local governance that has been applied in Indonesia in the history of local governance is the Assistance Task Principle, apart from the principles of decentralization and deconcentration. The principle of the implementation of regional government consists of the principle of decentralization, the principle of deconcentration and the principle of co-administration. In Dutch legislation, between co-administration and medebewin are divided into two, namely mechanical medebewind or more detailed andfacultative medebewind or which provide wider freedom to determine the wisdom of the medebewind ". Definition of assistance task is; assignment with an obligation to account for its execution to the assignee. In its implementation the task of assistance has its own development and dynamics in accordance with the Law on Regional Government which regulates it.
Housing decentralization not only positions housing sector as regional obligatory, but also triggerspublic expectations upon the improvement of housing conditions. Various weaknesses of centralizedsystem that full of generalization in housing policy makes decentralized system is interpreted as aninnovative renewal process. However, the central government still does a lot of intervention towardhousing program. Limitation happens to local government such as limitation in housing finance,weakness in coordination ability, and less established of local bureaucracy makes intervention fromcentral government in housing program financed by APBN always dominates. The least contributionfrom local government on public housing sector in decentralization era creates paradox. It is caused bythe Ministry of Public Housing (Kemenpera) that cannot perform fully as substitutional institution rolein managing housing in local area. Kemenpera position as ministerial cluster 3 makes them does nothave representative office in local area. Thus, there will be potential of a repeat experience in the past, inform of generalization in housing policy, that complicates the housing problems itself.