Main Article Content

Abstract

Innovations in economic activities are developing rapidly in this digital era. One of such innovations is the emergence of cryptocurrencies as new products in digital transactions. Cryptocurrencies can be used in the form of commodities or currencies. However, some cases related to cryptocurrencies have occurred in several countries. Given this fact, it is considered necessary to have a halal cryptocurrency formulation within the maqashid al-shari’ah frame. The analysis used in the research of a halal cryptocurrency model under the maqashid al-shari’ah scheme is descriptive-analytical in nature and complies with the ushuliyyah approach. In this model, a guarantor and a supervisor from the side of the Government are essential to eliminating the potential for chaos to occur. This model pays attention to ethical compliance with maqashid al-shari’ah which also has the principles of al-tabarruat. This application of maqashid al-shari’ah will be able to provide a framework for a cryptocurrency model that is in accordance with Islamic law. This model will also generate benefits and create quality economic growth.

Keywords

Halal Cryptocurrency Maqashid al-Shari’ah Islamic Law Mu’amalat

Article Details

How to Cite
Fad, M. F., & Imron, A. . (2022). A Halal Cryptocurrency Model Under the Maqashid Al-Shari’ah Scheme. Journal of Islamic Economics Lariba, 8(1), 229–241. https://doi.org/10.20885/jielariba.vol8.iss1.art14

References

  1. Afrizal, A., Marliyah, M., & Fuadi, F. (2021). Analisis Terhadap Cryptocurrency (Perspektif Mata Uang, Hukum, Ekonomi Dan Syariah). E-Mabis: Jurnal Ekonomi Manajemen dan Bisnis, 22(2), 13-41. https://doi.org/10.29103/e-mabis.v22i2.689
  2. Al-Syathibi. (1997). Al-Muwafaqat Fi Ushul Al-Syari’ah. Jilid I. Kairo: Mustafa Muhammad, n.d.
  3. Al-Zuhaili, Wahbah. (1986). Ushul Al-Fiqh Al-Islami. Beirut: Dar al-Fikr.
  4. Al`Awwa, Muhammad Salim. (1998). Al-Fiqh Al-Islami Fi Thariq Al-Tajdid. Beirut: al-Maktab al-Ismail.
  5. Ammous, S. (2018). Can Cryptocurrencies Fulfil the Functions of Money?. The Quarterly Review of Economics and Finance, 70. https://doi.org/10.1016/j.qref.2018.05.010
  6. Asif, S. (2018). The Halal and Haram Aspect of Cryptocurrencies in Islam. Journal of Islamic Banking and Finance, 35(2), 91–101. https://circlehinternational.org/uploads/reports/report-15810714925e3d3c84b2d1e.pdf#page=90
  7. Ausop, A. Z., & Aulia, E. S. N. (2018). Teknologi Cryptocurrency Bitcoin Dalam Transaksi Bisnis Menurut Syariat Islam. Jurnal Sosioteknologi, 17(1), 74–92. https://doi.org/10.5614/sostek.itbj.2018.17.1.8
  8. Azizah, A. S. N., & Irfan, I. (2020). Fenomena Cryptocurrency Dalam Perspektif Hukum Islam. Shautuna: Jurnal Ilmiyah Mahasiswa Perbandingan Mazhab Dan Hukum, 1(1). 1–19. https://doi.org/10.24252/shautuna.v1i1.12424
  9. Baur, A. W., Bühler, J., Bick, M., & Bonorden, C. S. (2015, October). Cryptocurrencies as a disruption? empirical findings on user adoption and future potential of bitcoin and co. In Conference on e-Business, e-Services and e-Society (pp. 63-80). Springer, Cham. https://link.springer.com/chapter/10.1007/978-3-319-25013-7_6
  10. Billah, M. M. S. (2019). Cryptocurrency? Its Halal Alternative Model. In Halal Cryptocurrency Management (pp. 3-14). Palgrave Macmillan, Cham. https://link.springer.com/chapter/10.1007/978-3-030-10749-9_1
  11. Bonneau, J., Miller, A., Clark, J., Narayanan, A., Kroll, J. A., & Felten, E. W. (2015, May). Sok: Research perspectives and challenges for bitcoin and cryptocurrencies. In 2015 IEEE symposium on security and privacy (pp. 104-121). IEEE. https://doi.org/10.1109/SP.2015.14.
  12. Congress, U. S. (2018, June). Regulation of Cryptocurrency Around the World. In The Law Library of Congress. Global Legal Research Center.
  13. Dwyer, G. P. (2015). The economics of Bitcoin and similar private digital currencies. Journal of financial stability, 17, 81-91. https://doi.org/10.1016/j.jfs.2014.11.006
  14. Evans, C. W. (2015). Bitcoin in Islamic banking and finance. Journal of Islamic Banking and Finance, 3(1), 1-11. https://doi.org/10.15640/jibf.v3n1a1
  15. Firdaus, M. R. (2018). E-Money dalam perspektif hukum ekonomi syariah. Jurnal Tahkim, 12(1), 145-156. https://doi.org/10.33477/THK.V14I1.613
  16. Inci, A. C., & Lagasse, R. (2019). Cryptocurrencies: applications and investment opportunities. Journal of Capital Markets Studies. https://doi.org/10.1108/JCMS-05-2019-0032
  17. Jati, H. S., & Zulfikar, A. A. (2021). Transaksi Cryptocurrency Perspektif Hukum Ekonomi Syariah. Jurnal Al-Adalah: Jurnal Hukum dan Politik Islam, 6(2), 137-148. http : //jurnal.iain-bone.ac.id/index.php/aladala
  18. Lamb, Paul. (2018). Crypto-Philanthropy: How Bitcoin and Blockchain Are Disrupting the World of Giving. 13 Feb, 2018. https://medium.com/@pauljlamb/crypto-philanthropy-how-bitcoin-and-blockchain-are-disrupting-the-philanthropic-sector-80716dc7cb68.
  19. Li, X., & Wang, C. A. (2017). The technology and economic determinants of cryptocurrency exchange rates: The case of Bitcoin. Decision support systems, 95, 49-60. https://doi.org/10.1016/j.dss.2016.12.001
  20. Majid, M. S. A., Marliyah, M., Handayani, R., Fuadi, F., & Afrizal, A. (2022). A STUDY OF LITERATURE: CRYPTOCURRENCY OF SYARIAH PERSPECTIVE. International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS), 2(1), 93-102. https://doi.org/10.54443/ijebas.v2i1.174
  21. Mikhaylov, A. (2020). Cryptocurrency market analysis from the open innovation perspective. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 197. https://doi.org/10.3390/joitmc6040197
  22. Mills, D. J., & Nower, L. (2019). Preliminary findings on cryptocurrency trading among regular gamblers: A new risk for problem gambling?. Addictive behaviors, 92, 136-140. https://doi.org/10.1016/j.addbeh.2019.01.005
  23. Noh, M. S. M., & Bakar, M. S. A. (2020). Cryptocurrency as A Main Currency: A Maqasidic Approach. Al-Uqud: Journal of Islamic Economics, 4(1), 115-132. https://doi.org/10.26740/al-uqud.v4n1.p115-132
  24. Nor, S. M., Abdul-Majid, M., & Esrati, S. N. (2021). The role of blockchain technology in enhancing Islamic social finance: the case of Zakah management in Malaysia. foresight. https://doi.org/10.1108/FS-06-2020-0058
  25. Phillip, A., Chan, J. S., & Peiris, S. (2018). A new look at cryptocurrencies. Economics Letters, 163, 6-9. https://doi.org/10.1016/j.econlet.2017.11.020
  26. Pikri, E. (2018). Is Cryptocurrency Haram? The Chairmain Of BNM’s Shariah Advisory Council Says No. Vulcan Post.
  27. Pratama, F. (2019). Analisis Transaksi Jual Beli Bitcoin Dalam Perspektif Ekonomi Islam. Doctoral Dissertation, IAIN Metro.
  28. Safitri, E., & Putranti, I. R. (2019). Kebijakan Melegalisasi Cryptocurrency Sebagai Upaya Pemerintah Jepang Mengamankan Keamanan Nasional Jepang. Journal of International Relations, 5(2), 271–80. http://ejournal-s1.undip.ac.id/index.php/jihi
  29. Tapscott, D., & Tapscott, A. (2016). Blockchain Revolution: How the Technology behind Bitcoin Is Changing Money, Business, and the World. Penguin. https://www.cepal.org/sites/default/files/events/files/day_2_agenda_6_-_tracy_hackshaw_book_recommendation_-_blockchain_revolution_-_don_tapscott_alex_tapscott.pdf
  30. Ter Ji-Xi, J., Salamzadeh, Y., & Teoh, A. P. (2021). Behavioral intention to use cryptocurrency in Malaysia: an empirical study. The Bottom Line, 34(2), 170-197. https://doi.org/10.1108/BL-08-2020-0053