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.
The development of information and communication technology has given rise to various new forms of wealth known as digital assets. These assets include cryptocurrency, monetized social media accounts, digital wallets, websites, internet domains, NFTs (Non-Fungible Tokens), and various other forms of virtual wealth that possess economic value. The presence of digital assets raises new legal issues, particularly in the field of Islamic inheritance. Islamic inheritance law, which has traditionally been oriented toward tangible property, needs to respond to these developments. This study aims to analyze the status of digital assets as inheritance objects from the perspective of Islamic law and to identify various challenges that arise in its implementation. The method used is normative legal research with a conceptual approach and a statute approach. The results indicate that digital assets can be categorized as wealth (māl) that holds economic value and can be inherited as long as their ownership is legitimate according to Sharia. However, several challenges exist, including regulatory limitations, difficulties in asset identification, access to digital accounts, and the absence of a standardized mechanism for digital inheritance distribution. Therefore, the development of Islamic legal ijtihad and the formulation of adaptive regulations are necessary to ensure legal certainty for the heirs.
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.
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
Penelitian ini mendalami peran Non-Fungible Token (NFT) sebagai harta benda wakaf dalam konteks hukum positif Indonesia dan perspektif Maqāṣid Syarī‘ah. Latar belakang kajian ini adalah maraknya inovasi digital di era teknologi informasi yang memunculkan instrumen filantropi baru, termasuk NFT yang bersifat unik dan mempunyai nilai ekonomi. Karakteristik NFT selaras dengan prinsip wakaf yang menekankan keberlanjutan manfaat bagi kepentingan umum. Namun belum ada aturan hukum yang implisit mengatur NFT sebagai objek wakaf, sehingga memunculkan kekosongan norma dan keraguan mengenai keabsahan inovasi ini. Metode penelitian yang digunakan adalah penelitian normatif dengan pendekatan perundang-undangan, konseptual, dan perbandingan. Pendekatan perundang-undangan menelaah regulasi seperti Undang-Undang tentang Wakaf dan peraturan pelaksanaannya, pendekatan konseptual memaknai istilah dan prinsip hukum wakaf sedangkan pendekatan perbandingan membandingkan praktik dan pandangan fikih dari berbagai wilayah hukum yang berbeda. Kerangka teoretis mencakup teori kepastian hukum Gustav Radbruch, yang menegaskan pentingnya kepastian dan keadilan hukum dalam menghadapi fenomena baru, serta sistem Maqāṣid Syarī‘ah dari Jasser Auda yang menitikberatkan pada pencapaian kemaslahatan umum (maslahah). Temuan utama penelitian menunjukkan bahwa dalam hukum positif Indonesia kedudukan NFT sebagai harta wakaf masih berada dalam kekosongan norma, karena Undang-Undang tentang Wakaf belum memuat aset digital seperti NFT. Meski demikian, berdasarkan perspektif Maqāṣid Syarī‘ah NFT memiliki potensi memenuhi kriteria harta wakaf. Secara fungsional, NFT bersifat kekal secara digital, mempunyai nilai guna ekonomi jangka panjang, dan mampu menghasilkan manfaat publik berkelanjutan serta memenuhi prinsip maslahah umum dalam Maqāṣid Syarī‘ah. Hasil Penelitian ini menunjukkan bahwa NFT berpotensi sah sebagai objek wakaf sepanjang memenuhi prinsip legalitas administratif serta kemaslahatan syariah. Dengan memastikan prosedur tata cara wakaf sesuai ketentuan hukum positif (legalitas formal) dan menjaga tujuan manfaat bagi publik (kemaslahatan), NFT dapat menjadi inovasi wakaf digital yang sesuai dengan prinsip-prinsip Islam kontemporer. Studi ini menegaskan perlunya aturan resmi dan kepastian hukum untuk mewujudkan potensi NFT sebagai harta wakaf yang amanah dan berdaya guna. Kata Kunci: Non-Fungible Token (NFT), Wakaf Digital, Hukum Positif Indonesia, Maqāṣid Syarī‘ah, Kepastian Hukum.
Muhammad Abduh Tuasikal, Jaih Mubarak, Ibdalsyah, Yulizar Djamaluddin Sanrego
The rapid growth of cryptocurrency investors in Indonesia has sparked debates about its legal status within Islamic jurisprudence. A key focus is the extreme price volatility of cryptocurrencies and whether this should be classified as gharar (excessive uncertainty) or simply as market risk. This study utilizes a normative-legal and doctrinal approach to differentiate between volatility, an inherent characteristic of modern financial instruments, and gharar, a prohibited element in Islamic contracts. The primary data for this research is sourced from classical fiqh texts and contemporary fatwas, while secondary data includes regulations and indexed academic studies on financial volatility. The findings indicate that although cryptocurrencies display higher volatility compared to stocks and gold, not all fluctuations can be classified as gharar fāḥish (excessive uncertainty). Instead, volatility should be viewed as market risk (al-ghurm), which is measurable, manageable, and tolerable under Islamic law, provided that transparency and risk-sharing mechanisms are in place. The study concludes that cryptocurrencies can be considered lawful property under Islamic law when they are free from ribā (usury), maysir (gambling), and excessive gharar, thereby providing a solid foundation for issuing fatwas and designing regulations.
INDONESIA Kemajuan teknologi digital mendorong hadirnya bentuk baru dari praktik wakaf, salah satunya melalui aset Non-Fungiable Token (NFT). Jika sebelumnya wakaf hanya dikenal dalam bentuk konvesional seperti tanah, bangunan, maupun uang, kini mulia berkembang ke arah aset digital yang memiliki nilai ekonomi. Hal ini menimbulkan pertanyaan terkait keabsahan wakaf NFT dalam hukum Islam, khususnya jika ditinjau dengan kerangka Maqashid Syariah yang berorientasi pada tercapainya kemaslahatan bagi umat. Penelitian ini dilakukan dengan pendekatan kualitatif melalui penelitian lapangan di Badan Wakaf Indonesia (BWI) Kota Malang. Data diperoleh dari hasil wawancara dengan pihak terkait serta dokumentasi yang mendukung. Analisis berfokus pada bagaimana padangan BWI mengenai penggunaan NFT sebagai Objek wakaf produktif, sekaligus menilai kesesuaiannya dengan prinsip-prinsip syariah. Temuan penelitian menunjukan bahwa BWI Kota Malang belum memiliki aturan khusus mengenai wakaf NFT. Meski demikian, NFT tetap berpotensi dijadikan objek wakaf sepanjang memenuhi rukun dan syarat wakaf, serta dapat dianalogikan dengan wakaf saham atau wakaf uang. Dalam perspektif Maqashid Syariah, wakaf NFT dapat dipandan sebagai bagian dari maslahah ‘ammah karena sejalan dengan tujuan menjaga agama, jiwa, akal, harta, dan keturunan. Dengan demikian, wakaf NFT berpeluang menjadi instrumen baru yang bermanfaat dan berkelanjutan bagi masyarakat. ENGLISH The advancement of digital technology has introduced new opportunities in the practice of waqf, one of which is through Non-Fungible Tokens (NFTs). Traditionally, waqf has been associated with conventional assets such as land, buildings, or cash. However, in today’s context, digital assets with economic value are also considered potential objects of waqf. This development raises significant questions regarding the validity of NFT-based waqf in Islamic law, particularly when examined through the framework of Maqashid al-Shariah, which emphasizes the realization of public benefit (maslahah). This research employs a qualitative approach through field study at the Indonesian Waqf Board (BWI) Malang Branch. Data were collected from interviews with BWI representatives and supporting documentation. The analysis focuses on the institution’s perspective regarding the possibility of NFTs being classified as productive waqf assets, as well as their alignment with sharia principles. The findings reveal that BWI Malang has not yet issued specific regulations regarding NFT-based waqf. Nevertheless, NFTs may potentially serve as waqf objects provided they fulfill the essential pillars and conditions of waqf and can be analogized to cash waqf or share waqf. From the perspective of Maqashid al-Shariah, NFT-based waqf can be categorized as a form of maslahah ‘ammah (public interest), as it aligns with the objectives of preserving religion, life, intellect, wealth, and lineage. Therefore, NFT waqf holds the potential to become an innovative instrument that is both beneficial and sustainable for society. ARABIC التقدم في التكنولوجيا الرقمية دفع لظهور اشكال جديدة لممارسة الوقف، ومنها الوقف من خلال الاصول غير القابلة للاستبدال (NFT). في حين ان الوقف كان معروفا في السابق بالاشكال التقليدية مثل الارض والمباني او النقد، الا انه يتجه الآن نحو الاصول الرقمية ذات القيمة الاقتصادية. هذا يثير تساؤلات حول مشروعية وقف NFT في الفقه الاسلامي، خاصة اذا ما تم النظر اليه من منظور مقاصد الشريعة الذي يهدف الى تحقيق المصالح العامة للامة. تم اجراء هذا البحث بمنهج كيفي من خلال الدراسة الميدانية في الهيئة الاندونيسية للاوقاف (BWI) بمدينة مالانج. تم الحصول على البيانات من المقابلات مع الاطراف المعنية والوثائق الداعمة. يركز التحليل على نظرة الهيئة حول استخدام NFT كأصل للوقف الانتاجي، وتقييم مدى توافقه مع المبادئ الشرعية. اظهرت نتائج البحث ان الهيئة الاندونيسية للاوقاف بمدينة مالانج لا تملك لوائح خاصة بوقف. NFT ومع ذلك، يظل NFTقابلا لان يكون محلا للوقف طالما انه يستوفي اركان وشروط الوقف، ويمكن قياسه على وقف الاسهم او وقف النقود. من منظور مقاصد الشريعة، يمكن اعتبار وقف NFT جزءا من المصلحة العامة لانه يتماشى مع اهداف حفظ الدين والنفس والعقل والمال والنسل. بالتالي، لدى وقفNFT فرصة ليصبح اداة جديدة ومفيدة ومستدامة للمجتمع.
Lola Abellia, Moetia Septi, M. Indra, Muhammad Gilang Aidil Saputra · 5 authors
This study aims to analyze Islamic scholars' fatwas regarding the sale and purchase of Non-Fungible Tokens (NFTs) from a sharia economic perspective. On the one hand, NFTs offer economic opportunities through ownership of non-duplicable digital assets. On the other hand, concerns have arisen regarding the validity of transactions, the potential for speculation, and their compliance with sharia principles such as clarity of contracts, benefits (manfa'ah), and freedom from gharar (uncertainty) and maysir (speculation/gambling). This study uses a qualitative analysis method with a library research approach, specifically content analysis of fatwas, opinions of contemporary scholars, and classical and modern fiqh literature. The results show differences of opinion among Islamic scholars. Some permit NFT transactions under certain conditions, such as clear benefits and a lawful object, while others consider NFTs to carry high speculative risks and uncertainty. These differences are influenced by understandings of the substance of NFTs as contract objects and the context in which they are used. This article concludes that caution is essential in NFT transactions. Furthermore, clear regulations and guidance from sharia authorities are needed to ensure that NFT trading practices are conducted in accordance with Islamic economic principles, thus providing fair, transparent benefits, and free from prohibited practices.
Penelitian ini bertujuan untuk menganalisis konsep al-milkiyyah (kepemilikan) terhadap aset digital Non-Fungible Token (NFT) dalam perspektif Ushul Fiqh. Fokus kajian ini adalah menentukan status hukum kepemilikan serta keabsahan transaksi NFT dalam konteks hukum Islam kontemporer. Penelitian ini menggunakan metode hukum normatif dengan pendekatan konseptual, normatif, dan sektoral. Data dikumpulkan melalui studi pustaka terhadap literatur fikih klasik, fatwa ulama kontemporer, serta analisis terhadap karakteristik teknologi blockchain. Data sekunder yang diperoleh dianalisis secara kualitatif dan komparatif untuk mengkaji kesesuaian NFT dengan kriteria harta (mal) dalam fikih muamalah. Hasil penelitian menunjukkan bahwa NFT dapat dikategorikan sebagai harta yang sah secara hukum menurut sebagian ulama kontemporer karena memiliki nilai ekonomi, manfaat yang diakui pasar, dan dapat dimiliki secara eksklusif walaupun tidak berwujud fisik. Namun demikian, keabsahan transaksi NFT bersifat bersyarat. Transaksi dinilai sah apabila objek NFT halal, bebas dari unsur gharar (ketidakjelasan) dan maysir (perjudian), serta menggunakan alat pembayaran yang sesuai prinsip syariah. Penggunaan mata uang kripto yang tidak memenuhi ketentuan syariah dapat membatalkan transaksi. Dengan demikian, NFT dapat diakui sebagai bentuk kepemilikan modern dalam Islam dengan tetap memperhatikan prinsip kehati-hatian, perlindungan harta (hifzh al-māl), dan pencegahan kerusakan (mafsadah). Kata Kunci: Al-milkiyyah; Kepemilikan; NFT; Ushul Fiqh; Fikih Muamalah; Aset Digital
Mohammad Alvian Dharma Nararya, Shuri Mariasih Gietty, Himawan Aditya Pratama
Tulisan ini mengkaji secara kritis kemunculan gim Play-to-Earn (P2E) dalam kerangka teknologi Web3, dengan berargumen bahwa janji desentralisasi yang dibawa oleh blockchain dan Non-Fungible Token (NFT) justru mereproduksi, bahkan memperkuat, pola-pola eksploitasi kapitalisme tradisional. Model P2E merujuk pada sistem permainan digital yang memungkinkan pemain memperoleh keuntungan finansial dari aktivitas bermain melalui mekanisme ekonomi berbasis token kripto, di mana aset dalam gim memiliki nilai tukar di pasar digital. Sementara itu, blockchain merupakan teknologi pencatatan terdistribusi yang menyimpan data transaksi di banyak komputer (nodes) dan sering diklaim sebagai fondasi desentralisasi digital karena tidak bergantung pada otoritas tunggal. Melalui analisis terhadap infrastruktur Web3 dan studi kasus gim Axie Infinity (2018), tulisan ini menunjukkan bahwa sistem digital yang diklaim membebaskan pengguna dari kontrol terpusat justru memusatkan kekuasaan ekonomi dalam bentuk yang lebih terselubung. Dengan kerangka teori kapitalisme digital dan konsep false needs dari Herbert Marcuse, penelitian ini memperlihatkan bahwa ekonomi P2E mengubah aktivitas bermain menjadi bentuk kerja (playbor) dan menundukkan pemain pada pasar spekulatif yang menguntungkan pengembang dan pemilik modal. Di Asia Tenggara, tempat basis pemain P2E tetap besar meskipun gelembung pasarnya telah pecah, sistem ini mengeksploitasi kondisi sosial-ekonomi yang rentan dengan membingkai ketidakstabilan finansial sebagai peluang. Tulisan ini berargumen bahwa “desentralisasi” dalam Web3 merupakan bentuk sentralisasi terselubung melalui kontrol algoritmik, opasitas infrastruktur, dan privatisasi platform, menunjukkan bahwa Web3 dan gim P2E bukanlah alternatif pasca-kapitalis, melainkan fase baru dari kapitalisme digital yang mengomodifikasi permainan dan mendistribusikan risiko ke bawah sambil mengonsolidasikan keuntungan di atas.
Berikut ringkasan akademik dari tulisan “Bitcoin dalam Ekonomi Syariah: Tinjauan di Pasar Muslim”: Artikel ini mengkaji keamanan dan kepatuhan Bitcoin terhadap prinsip ekonomi syariah dalam konteks pasar Muslim, ditengah tren global kripto yang berkembang pesat. Kajian berangkat dari kebutuhan akan penilaian mendalam terkait kesesuaian Bitcoin dengan nilai maqasid al-shariah, khususnya keadilan, transparansi, dan kemaslahatan. Tujuan utama penelitian adalah mengevaluasi apakah Bitcoin dapat diadopsi dalam sistem keuangan Islam, dengan menyoroti aspek keamanan transaksi dan kepatuhan terhadap larangan riba, gharar, serta maysir. Penelitian menggunakan pendekatan mixed methods, menggabungkan survei kuantitatif dari pengguna Bitcoin di pasar Muslim serta kajian kualitatif atas literatur, fatwa, dan pendapat ulama. Hasil survei menunjukkan bahwa sebagian besar responden mengakui keunggulan teknologi blockchain dalam aspek keamanan dan transparansi, namun mengkhawatirkan volatilitas harga dan potensi spekulasi yang belum sesuai prinsip syariah. Analisis empiris dan wawancara ahli menemukan bahwa penerimaan Bitcoin secara syariah masih tergantung pada penguatan regulasi, pengawasan lembaga keuangan Islam, dan inovasi digital yang dapat mengeliminasi unsur spekulatif. Secara teoretis, penelitian berkontribusi dengan integrasi antara perspektif maqasid al-shariah dan analisis keamanan digital—memperluas pemahaman tentang potensi dan tantangan kripto dalam ekonomi Islam modern. Rekomendasi diberikan kepada regulator dan pelaku industri untuk mengembangkan instrumen kripto halal melalui smart contract, audit syariah, serta peningkatan literasi digital di kalangan masyarakat Muslim. Dengan landasan evidence-based dan pendekatan interdisipliner, artikel ini memperkuat wacana integrasi teknologi blockchain ke dalam prinsip keuangan syariah sebagai strategi inklusi dan inovasi di pasar global Muslim.
Tri Gunawan, Muchimah Muchimah, Dewi Nita Utami, Panggih Abdiguno · 5 authors
The digital era is transforming the institution of marriage, as online ceremonies without official registration create an urgent legal crisis involving fasād al-nasab (distortion of lineage), violations of women’s rights, and a lack of legal certainty. This paper aims to reconstruct Islamic marriage law by integrating blockchain-based smart contracts, assessing the validity of al-‘aqd al-raqmī (digital contract) through the lenses of fiqh al-mu‘āmalāt, legal pluralism, and smart legal contract theory. Employing a qualitative-descriptive methodology, primary data were drawn from Islamic legal texts, fatwas, state regulations, and blockchain technical documentation—collected via literature review and document analysis from authoritative sources such as Tarjih Muhammadiyah fatwas, Patricia Pixie (2024), and Blockchain Council reports (2024). Data were analyzed using a tri-theoretical framework—Wahbah al-Zuhaili’s transactional jurisprudence, Sally Falk Moore’s theory of legal pluralism, and Kevin Werbach’s smart legal contract theory—synthesized within the concept of tadākhul al-anṣāṭ al-qānūniyyah (overlapping legal systems). Findings indicate that digital marriage can be ṣaḥīḥ (valid) under Islamic law if it fulfills shurūṭ al-ṣiḥḥah (conditions of validity), and that blockchain can serve as a sijill al-‘adl (register of justice) due to its immutability (lā yuqbal al-ta‘dīl); however, without state recognition, such unions remain ghayr saḥīḥ qānūniyyan (legally invalid). Limitations include reliance on secondary data and the absence of standardized sharī‘ah-compliant digital identity protocols. Future research should pilot-test this model and examine al-mas’ūliyyah al-shar‘iyyah (Islamic legal liability) in cases of coding errors.
Financial transactions in Islam must adhere to sharia principles, avoiding the elements of gharar (uncertainty), maysir (speculation), and riba (interest). One of the most prominent technological innovations in this domain is the implementation of Smart Contracts in cryptocurrency trading on the Ethereum platform. However, their application still faces significant sharia compliance challenges, particularly concerning contractual uncertainty and the potential for misuse. This study aims to analyze the implementation mechanism of Smart Contracts from a sharia compliance perspective while exploring the opportunities and challenges of their adoption within the Ethereum Ponorogo Community. Employing a qualitative approach with a case study method, data was collected through interviews, observation, and documentation. The findings reveal that while Smart Contracts offer greater transparency, efficiency, and automation in transactions, challenges such as regulatory ambiguity, limited sharia literacy, and the inherent volatility of crypto assets remain major obstacles. Although the Ethereum Ponorogo Community has made efforts to avoid non-compliant elements, their practices are more "aspirational" and not yet fully guaranteed by a comprehensive sharia regulatory framework. This research concludes that a clear roadmap is needed, which includes a focus on education, stronger regulations (including fatwas from sharia authorities), and audits of Smart Contract code. By following this path, the technology can become a more ethical and sharia-compliant solution for crypto transactions, bridging the gap between technological innovation and the principles of Islamic economics.
This study examines the role of interpersonal communication in disseminating airdrop information as an alternative income source within the Web3 industry, focusing on the CryptoIndo Jogja community. Airdrops, as a method of distributing digital assets without financial investment, are accessible to individuals from diverse backgrounds and depend on reliable information exchange. Using a qualitative descriptive approach, data were collected through in-depth interviews, observations, and documentation. Joseph A. DeVito’s Interpersonal Communication Theory and Ordonez’s Information Dissemination Theory were applied to analyze communication dynamics within the community. Findings show that interpersonal communication in CryptoIndo Jogja is characterized by openness, empathy, supportiveness, and equality, fostering trust and collaborative learning. Members freely share tutorials, insights, and risk considerations related to airdrops through direct discussions, Telegram groups, supported by credible communicators and timely, clear messages. The results indicate that while airdrops are not a primary source of income, they provide supplementary rewards ranging from USD 30 to 500 and improve participants’ understanding of the Web3 ecosystem. This research highlights that effective interpersonal communication, combined with strategic information dissemination, accelerates knowledge sharing, strengthens community engagement, and empowers individuals to access emerging opportunities in the decentralized digital economy. Keywords: Interpersonal Communication, Airdrop, Web3 Community, Information Dissemination
The purpose of this research is to analyze the long-term and short-term impacts of the use of cryptocurrency and electronic money on the money supply (M2) in Indonesia, as well as to analyze the long-term and short-term impacts of the use of cryptocurrency and electronic money on monetary stability (exchange rates) in Indonesia. The research method used is quantitative descriptive analysis with the Vector Error Correction Model (VECM) using the Eviews application and secondary data in the form of monthly data from 2011 to 2023 obtained from the official websites of Bank Indonesia and Finance. This study utilizes data on cryptocurrency transaction values and electronic money transaction values in Indonesia by analyzing the VECM model, which can observe the long-term and short-term impacts of the use of digital money on the money supply and monetary stability, in this case, viewed through the Indonesian exchange rate. The research results indicate that there is a one-way causality between electronic money and cryptocurrency, but not the other way around, and there is a one-way causality between the money supply and cryptocurrency, with the money supply as the dependent variable influencing cryptocurrency. The results of the VECM estimation indicate that in the long term, electronic money has a negative and sifnificant impact on the money supply. Meanwhile, the short-term estimation shows that both cryptocurrency and electronic money significantly influence the money supply, but their effects are dynamic and vary based on different lags. The long-term estimation with the exchange rate as the dependent variable shows that cryptocurrency does not have a significant impact on the exchange rate, while in the short term, both cryptocurrency and electronic money have a negative and significant effect on the exchange rate.
This study examines the influence of Social Media Influencers and Fear of Missing Out (FOMO) on cryptocurrency investment interest among Generation Z students at Singaperbangsa University in Karawang. This research uses a quantitative approach with descriptive and verification methods, with data collection through a Likert scale questionnaire. A total of 122 respondents from the university were selected using purposive sampling method. Research variables include Social Media Influencers, FOMO, and Cryptocurrency Investment Interest, with data analyzed using SPSS for multiple regression. The results showed that both Social Media Influencers and FOMO have a significant influence on cryptocurrency investment interest. The influence of Social Media Influencers has a coefficient of 0.362 (p < 0.05), while FOMO shows a coefficient of 0.290 (p < 0.05). The model's R² value of 0.319 indicates that these two variables explain about 31.9% of the variation in investment interest. These results provide important insights into how digital media and social influence affect financial decision-making among the younger generation, especially in the rapidly growing cryptocurrency market.
Fluktuasi harga Bitcoin telah menarik perhatian global, terutama terkait dengan pengaruh sentimen publik terhadap dinamika pasar. Penelitian ini menyajikan Systematic Literature Review (SLR) yang memeriksa analisis sentimen publik terkait Bitcoin, berdasarkan artikel yang diterbitkan antara 2020 hingga 2025. Artikel-artikel ini diambil dari database ilmiah terkemuka dan dianalisis menggunakan protokol PRISMA. Sebanyak 42 studi dipilih dan dikelompokkan berdasarkan teknik analisis sentimen dan sumber data. Hasil penelitian menunjukkan bahwa model deep learning, terutama LSTM dan GRU, merupakan pendekatan yang paling sering digunakan dalam penelitian terbaru mengenai analisis sentimen Bitcoin. Sumber data utama adalah Twitter, yang dipilih karena sifatnya yang real-time dan dapat diakses publik, meskipun beberapa studi juga memanfaatkan artikel berita dan platform media sosial lainnya untuk menangkap sentimen yang lebih luas. Selain itu, tinjauan ini menyoroti pentingnya teknik preprocessing data, seperti tokenisasi dan penyaringan noise, dalam meningkatkan akurasi klasifikasi sentimen. Penelitian ini memberikan sintesis komprehensif dari tren metodologis terkini, mengidentifikasi tantangan yang ada, serta menawarkan wawasan untuk penelitian masa depan di bidang analisis sentimen dalam cryptocurrency.
Cryptographic-based digital currencies, such as bitcoin, function as a medium of exchange. Bitcoin is a digital currency that exists within the open source P2P payment system. P2P is a computer network model that consists of two or more computers, and each computer in that network has the ability to share with each other. Bitcoin is one of the most famous digital currencies. The benefits and drawbacks of using Bitcoin as a payment tool. This is because bitcoin has not met some criteria to be considered a currency, especially in terms of the principles of buying and selling transactions. While bitcoin does not have an underlying asset used as a basis for transactions. There are two conclusions that can be drawn in this regard. First and foremost, digital money is not a currency. Second, there is an element of ambiguity (Gharar). This research uses academic literature as the main source for information on the use of Bitcoin in online transactions. Other sources include scientific works, fiqh muamalah texts, journals, articles, online media, and more. This research is prescriptive, meaning that it assesses and establishes rules on whether using Bitcoin as a transaction tool in online sales is permissible. Material and pragmatic analysis derived from Islamic law is then applied. Research on normative Islamic law is an example of a study aimed at establishing clear rules on how to use Bitcoin currency. Research findings show that in the view of Islam, Bitcoin transactions as a payment tool do not meet the requirements of al-sharf because they violate Islamic rules stating that transactions must be conducted in cash, even if there are pending orders. This is based on verses in the Qur'an that declare Bitcoin as batil, gharar, and maysir.
The integration of blockchain-based smart contracts technology has emerged as an innovative solution in banking. The utilization of blockchain technology and smart contracts offers great potential in improving operational efficiency and compliance with Shariah principles in Islamic banking products. Overall, blockchain-based smart contracts have the potential to overhaul the traditional way of providing Islamic banking services, by providing more efficient, transparent, and inclusive solutions. This research emphasizes the need for technological readiness and supportive policies for the successful implementation of this technology in the Islamic banking sector. This article discusses the potential use of smart contracts in strengthening automation and sharia compliance in Islamic banking products, focusing on the role smart contracts can play in increasing Islamic financial inclusion and expanding access to Islamic banking services and how prepared Islamic financial institutions are to adopt blockchain technology and smart contracts. That way, the utilization of blockchain-based smart contracts integration can be seen as better to bring significant changes in the Islamic banking sector, both in terms of increasing efficiency and in strengthening sharia principles which are the main foundation of the Islamic financial system.
Penelitian ini bertujuan untuk mengkaji pandangan hukum Islam dan hukum positif di Indonesia terkait dengan investasi cryptocurrency serta perlindungan hukum bagi investor. Metode yang digunakan dalam penelitian ini adalah metode hukum normatif dengan pendekatan perundang-undangan dan pendekatan konseptual. Hasil penelitian menunjukkan bahwa dalam hukum Islam terdapat dua pandangan yang berbeda. Sebagian besar ulama dan pakar, termasuk hasil ijtima ulama dari Nahdlatul Ulama, Muhammadiyah, dan Majelis Ulama Indonesia, mengharamkan cryptocurrency sebagai alat investasi. Namun, ada juga beberapa tokoh seperti Mufti Muhammad Abu Bakar, Dr. Monzer Kahf, dan Mohammad Daud Bakar yang menghalalkan cryptocurrency sebagai bentuk investasi. Sementara itu, dalam hukum positif Indonesia, Peraturan Menteri Perdagangan Nomor 99 Tahun 2018 pada Pasal 1 serta Peraturan Badan Pengawas Perdagangan Berjangka Komoditi Nomor 3 Tahun 2019 Pasal 1 huruf f mengakui cryptocurrency sebagai komoditas yang dapat diperdagangkan dan diinvestasikan di bursa berjangka. Perlindungan hukum terhadap investasi cryptocurrency secara preventif diatur dalam Undang-undang Nomor 8 Tahun 1999 dan Peraturan Bappebti Nomor 9 Tahun 2019. Sementara itu, perlindungan hukum secara represif meliputi mekanisme litigasi dan non-litigasi.
Kaharuddin Kaharuddin, Asep Saepudin Jahar, Arta Amaliah Nur Afifah
Blockchain technology introduces an innovative approach to waqf governance by incorporating smart contracts based on distributed ledger technology and encryption security. This advancement enhances administrative services and strengthens public trust in waqf management. This research uses a qualitative descriptive approach based on a literature review to explore the benefits of applying blockchain technology in waqf governance. The findings reveal that blockchain technology significantly improves the previously unstructured waqf governance system. By enabling encrypted and decentralised transaction recording, blockchain ensures transparent management of waqf funds, facilitates efficient tracking of fund status, and prevents data manipulation. Additionally, blockchain enhances the efficiency and security of transactions, paving the way for an innovative and digital waqf ecosystem. The technology also promotes financial inclusion by expanding public access to participate in waqf initiatives. This broader participation contributes to poverty alleviation (SDG 1) and reduces economic disparities (SDG 10) through waqf funds’ transparent and accountable distribution. Integrating blockchain technology into waqf governance offers a transformative solution for advancing transparency, efficiency, and inclusivity in Sharia financial systems.
Zahiduzzaman Zahid, Ruhul Amin, Ibrahim Khalil, Basharat Ali Khan Mohammed · 5 authors
This paper investigates the intersection of MiCA and Islamic finance by conducting a comparative regulatory analysis, focusing on core areas such as stablecoin structures, decentralized finance (DeFi), smart contracts, and ethical governance. It critically examines MiCA’s reserve and redemption frameworks for asset-referenced tokens (ARTs) and e-money tokens (EMTs) against Shariah mandates of asset-backing, risk-sharing, and prohibition of riba (interest) and gharar (excessive uncertainty). The analysis further explores the legal and ethical tensions between MiCA’s treatment of decentralized assets and Islamic jurisprudence, especially regarding profit-sharing models like Mudarabah and Musharakah. It highlights challenges Islamic fintechs operating within the EU face, including the lack of recognition for Shariah boards and faith-based audit systems under MiCA. The study concludes by proposing policy recommendations for greater inclusivity, including potential amendments to MiCA that accommodate ethical finance models and support Islamic digital financial innovation. The findings contribute to the global discourse on harmonizing digital asset regulation with diverse ethical and religious frameworks, offering valuable insights for regulators, scholars, and Islamic financial institutions
This study discusses a cryptocurrency model that is in accordance with Islamic sharia principles. The study was conducted using a qualitative method involving interviews with experts in digital technology and Islamic finance, as well as secondary data analysis from various literatures. The results of the study show differences in the views of scholars regarding the permissibility of cryptocurrency, where some state it is halal, some are haram, and others are neutral. The elements that make cryptocurrencycontroversial in sharia include uncertainty, excessive speculation, and the absence of supporting assets. This study offers a halal cryptocurrency model that is free from gharar, maysir, has supporting assets, is under the supervision of sharia authorities, is transparent, safe, free from usury, and is supported by fatwas. This model aims to provide a halal alternative for Muslims in transacting using modern cryptocurrency technology.
This study examines how local government policy contributes to the effectiveness of zakat revenue collection, focusing on the case of BAZNAS in Serang Regency, Indonesia. Zakat, an Islamic fiscal obligation, serves not only as an act of worship but also as a mechanism for socio-economic redistribution. Despite its potential, zakat collection in many regions remains suboptimal due to fragmented policies and weak institutional synergy. This research addresses a critical gap in global Islamic finance literature by investigating zakat governance at the subnational level, especially in a decentralized administrative context. Using a qualitative method that includes document analysis and semi-structured interviews with key stakeholders, the study explores how formal regulations, government facilitation, and inter-agency coordination shape institutional performance. The findings reveal that local policies—such as mandatory zakat deductions for civil servants, operational support, and integration of zakat into regional development planning—significantly enhance zakat income and institutional legitimacy. However, challenges such as limited bureaucratic capacity, inconsistent implementation, and fragmented institutional roles hinder optimal performance. The study concludes that effective zakat governance requires not only normative alignment with Islamic values but also robust policy design, administrative professionalism, and participatory mechanisms. By bridging institutional theory and Islamic public finance, this study offers a contextualized model of state–faith institutional synergy that may be applied to other Muslim-majority countries or regions with similar governance dynamics.