Article Sidebar

Between prudence and innovation: A critical analysis of the Indonesian Ulema Council fatwa on Bitcoin in Islamic finance
Submitted
September 15, 2025
Accepted
December 1, 2025
Published
February 14, 2026
Download
Review Reports Originality Report
Statistic
Read Counter : 2 Download : 0

Main Article Content

Abstract

Introduction
The rapid expansion of cryptocurrency has generated significant debate within Islamic economic discourse. Bitcoin, as the first decentralized digital currency, offers technological advantages such as transparency, efficiency, and global accessibility. However, it also raises concerns regarding price volatility, speculative trading behavior, and the absence of intrinsic value. These issues have prompted Islamic scholars and regulatory institutions to evaluate cryptocurrency from the perspective of Islamic law and financial ethics. In Indonesia, the Indonesian Ulema Council issued a religious ruling declaring Bitcoin impermissible due to elements of uncertainty, speculation, and potential economic harm. This ruling has stimulated ongoing discussion about the compatibility of cryptocurrency innovation with Islamic economic principles.
Objectives
This study aims to critically analyze the religious ruling on Bitcoin issued by the Indonesian Ulema Council by examining its legal reasoning, its relationship with Islamic economic principles, and its implications for the governance of digital financial innovation. The research also seeks to explore whether cryptocurrency can be accommodated within an Islamic economic framework under certain regulatory and ethical conditions.
Method
The study employs a qualitative research design using a transdisciplinary analytical approach that integrates perspectives from Islamic jurisprudence, Islamic economics, financial regulation, and digital financial technology. Data were collected through documentation of religious rulings, regulatory policies, and scholarly literature related to cryptocurrency and Islamic finance. The data were analyzed through thematic and comparative analysis to identify the legal reasoning underlying the prohibition of Bitcoin and to evaluate alternative scholarly interpretations regarding the status of digital assets in Islamic economics.
Results
The findings indicate that the prohibition of Bitcoin is primarily based on concerns about excessive uncertainty, speculative trading behavior, and potential economic harm associated with cryptocurrency markets. Nevertheless, the analysis also reveals that cryptocurrency may be considered permissible when these elements are mitigated through transparent governance, regulatory oversight, and the development of asset-backed digital financial instruments.
Implications
The study highlights the importance of developing regulatory and institutional frameworks that reconcile financial innovation with Islamic ethical principles. Such frameworks can provide clearer guidance for Muslim investors while supporting responsible digital financial development.
Originality or Novelty
This research contributes to the growing literature on cryptocurrency in Islamic economics by offering a critical analysis of religious rulings within the broader context of digital financial transformation and regulatory governance.

Keywords

Bitcoin cryptocurrency fatwa analysis financial innovation Islamic finance Islamic jurisprudence prudential principle

Article Details

License

Copyright (c) 2026 Ahmad Khalifah Zamrud, Usman Jafar, Abdul Wahid Haddade

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
  3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
How to Cite
Zamrud, A. K., Jafar, U. ., & Haddade, A. W. . (2026). Between prudence and innovation: A critical analysis of the Indonesian Ulema Council fatwa on Bitcoin in Islamic finance. Journal of Islamic Economics Lariba, 12(1). https://doi.org/10.20885/jielariba.vol12.iss1.art12
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX
Crossref
Scopus
Google Scholar
Europe PMC

References

  1. Abadi, K., Taufiq, A., & Roikhana, R. (2023). Cryptocurrency and crypto assets in the perspective of Islamic legal system philosophy. Hikmatuna : Journal for Integrative Islamic Studies, 9(2), 131–146. https://doi.org/10.28918/hikmatuna.v9i2.1216

  2. Adegbite, A. (2024). The role of blockchain technology in enhancing financial inclusion. IOSR Journal of Economics and Finance, 15(5), 19–28. https://doi.org/10.9790/5933-1505071928

  3. Akbar, M. A. (2022). Towards an interpretation of cryptocurrency as a commodity from Maqasid al-Shari’ah perspective. International Journal of Islamic Economics and Finance Research, 5(2 December), 99–112. https://doi.org/10.53840/ijiefer90

  4. Al-Daihani, M., Sarif, S., Dirie, K. A., Djafri, F., & Muneem, A. (2025). Achieving wealth preservation via Islamic crowdfunding: An analysis from maqasidic view. Millah: Journal of Religious Studies, 24(2), 937–982. https://doi.org/10.20885/millah.vol24.iss2.ar12

  5. Ali, S., Yousaf, I., & Vo, X. V. (2024). Comovements and hedging effectiveness between conventional and Islamic cryptocurrencies: Evidence from the COVID-19 pandemic. International Journal of Emerging Markets, 19(12), 4383–4408. https://doi.org/10.1108/IJOEM-10-2021-1571

  6. Al-Mansouri, E. (2025). Is Bitcoin haram in Sharia? A methodological critique of the prohibition fatwa. Journal of Balkan Economies and Management, 1(2), 83–156. https://doi.org/10.51331/bemA06

  7. Alsaghir, M. (2023). Digital risks and Islamic FinTech: A road map to social justice and financial inclusion. Journal of Islamic Accounting and Business Research, 16(7), 1265–1282. https://doi.org/10.1108/JIABR-10-2022-0262

  8. Ammous, S. (2018). Can cryptocurrencies fulfil the functions of money? The Quarterly Review of Economics and Finance, 70, 38–51. https://doi.org/10.1016/j.qref.2018.05.010

  9. Ash Shabah, M. A., Kumalasari, E. D., & Aiz, M. (2025). The legality of transactions using cryptocurrency in the perspective of the MUI fatwa: A fiqh-based approach. Jurnal Syarikah : Jurnal Ekonomi Islam, 11(2), 189–203. https://doi.org/10.30997/jsei.v11i2.21612

  10. Asif, M. (2025). A thematic analysis of fatwas on Bitcoin and cryptocurrency. International Journal of Islamic Economics and Governance, 6(2), 96–115. https://doi.org/10.58932/MULD0061

  11. Asmar, Mohd. D. A., Andriansyah, Y., & Masuwd, M. (2023). Performance measurement analysis of Sharia commercial banks in Indonesia with Maqashid Index and Sharia Conformity and Profitability (SCnP). Journal of Islamic Economics Lariba, 9(2), 541–566. https://doi.org/10.20885/jielariba.vol9.iss2.art13

  12. Astrakhantseva, I., & Astrakhantsev, R. (2021). Cryptocurrency as a new financial and legal instrument: Defining cryptoassets in property law. SHS Web of Conferences, 93, 02002. https://doi.org/10.1051/shsconf/20219302002

  13. Awang, M. Z., Mat Nong, N. F., & Wan Chik, W. M. Y. (2025). Integrating Islamic social finance with the United Nations Sustainable Development Goals through Maqasid Al-Shariah principles. International Journal of Academic Research in Business and Social Sciences, 15(7), 35–51. https://doi.org/10.6007/IJARBSS/v15-i7/25668

  14. Azizov, E., Azizov, A., Azizli, A., & Babayev, A. A. (2025). A Maqasid al-Shariah framework for fintech and digital asset regulation in Muslim jurisdictions. Journal of Islamic Law and Legal Studies, 2(2), 96–113. https://doi.org/10.70063/jills.v2i2.119

  15. Azkia, S., Salsabila, S., Mukhsi, F. A., & Marlina, L. (2025). Tafsir kontekstual ayat-ayat riba dalam era digital: Relevansi Ulama tentang mata uang kripto dan implikasinya bagi ekonomi umat [A contextual interpretation of the verses on usury in the digital age: Scholars’ perspectives on cryptocurrency and its implications for the Muslim community’s economy]. SANTRI : Jurnal Ekonomi Dan Keuangan Islam, 3(5), 19–31. https://doi.org/10.61132/santri.v3i5.1855

  16. Bahtera, H. R. A., Setiono, J., & Fadri, I. (2025). Legal protection for crypto asset investors in Indonesia within an incomprehensive regulatory framework and its implications for legal certainty. Jurnal Greenation Sosial Dan Politik, 3(3), 521–529. https://doi.org/10.38035/jgsp.v3i3.433

  17. Batubara, M., & Tho’in, M. (2023). Transactions of cryptocurrency in the perspective of Islamic finance and economics. Muqtasid: Jurnal Ekonomi Dan Perbankan Syariah, 14(2), 133–147. https://doi.org/10.18326/muqtasid.v14i2.133-147

  18. Belke, A., & Beretta, E. (2020). From cash to central bank digital currencies and cryptocurrencies: A balancing act between modernity and monetary stability. Journal of Economic Studies, 47(4), 911–938. https://doi.org/10.1108/JES-07-2019-0311

  19. Benali, F. Z., Miftahussurur, W. M., Santos, R. A. S., & Zaenol Hasan. (2025). The algorithmic fiqh: Qiyas and the cryptocurrency paradigm. Indonesian Journal of Islamic Law, 8(1), 1–28. https://doi.org/10.35719/c3g8zb70

  20. Berutu, J. R., Yuhelson, Y., & Prasetyo, D. A. (2025). Regulatory shifts and legal certainty in cryptocurrency trading: Towards an integrated supervision model in Indonesia. Asian Journal of Social and Humanities, 3(9), 1687–1693. https://doi.org/10.59888/ajosh.v3i9.578

  21. Buana, A. P., Ramadani, R., Aswari, A., & Zainuddin. (2024). Polarisation of Islamic scholars on the legality of cryptocurrency usage as currency. Arena Hukum, 17(2), 448–464. https://doi.org/10.21776/ub.arenahukum2024.01702.12

  22. Delfabbro, P., & King, D. (2023). The evolution of young gambling studies: Digital convergence of gaming, gambling and cryptocurrency technologies. International Gambling Studies, 23(3), 491–504. https://doi.org/10.1080/14459795.2023.2171469

  23. Desky, H., & Hye, A. K. M. (2025). Exploring smart contracts in Islamic finance: Blockchain-based Shariah-compliant transactions. AT-TIJARAH: Jurnal Penelitian Keuangan Dan Perbankan Syariah, 7(1), 50–61. https://doi.org/10.52490/at-tijarah.v7i1.6022

  24. Dong, S., Abbas, K., Li, M., & Kamruzzaman, J. (2023). Blockchain technology and application: An overview. PeerJ Computer Science, 9, e1705. https://doi.org/10.7717/peerj-cs.1705

  25. Faiha, H., Sagita, M., Syahputra, M. V., Fitriani, N., Nurjanah, T. S., & Supriyadi, T. (2025). Islamic legal view on crypto in Sumedang: Halal or speculative. ALSYS, 5(3), 708–720. https://doi.org/10.58578/alsys.v5i3.5784

  26. Ferli, O., Gonardo, D., Dava, G. R., & Yasin, M. (2025). Cryptocurrency adoption enhances financial inclusion mediated by user satisfaction and perceived economic empowerment in Indonesia. Bangladesh Journal of Multidisciplinary Scientific Research, 10(5), 46–55. https://doi.org/10.46281/3scgym20

  27. Gaol, C. P. L., Morales, U., & Lopez, V. (2022). Juridical review concerning the legitimacy of cryptocurrency in islamic law. At-Tasyrih: Jurnal Pendidikan Dan Hukum Islam, 8(2), 115–125. https://doi.org/10.55849/attasyrih.v8i2.148

  28. Habib, F. (2021). A critical analysis of Bitcoin from an Islamic legal perspective. In N. Alam & S. N. Ali (Eds.), Fintech, Digital Currency and the Future of Islamic Finance: Strategic, Regulatory and Adoption Issues in the Gulf Cooperation Council (pp. 9–29). Springer International Publishing. https://doi.org/10.1007/978-3-030-49248-9_2

  29. Hadi, H., Sodiki, M., Toyyibah, I. A., & Komarudin, P. (2023). The urgency of Maqashid Sharia in the development of Sharia banking products. Darussalam, 24(1), 28–36. https://doi.org/10.58791/drs.v24i01.281

  30. Hafiz, A., Napisah, N., Jalili, I., Armasito, A., & Solihu, A. K. H. (2025). Crypto currency investment from an Islamic law perspective: An overview of guidelines and considerations. Nurani: Jurnal Kajian Syari’ah Dan Masyarakat, 25(1), 200–218. https://doi.org/10.19109/nurani.v25i1.26315

  31. Hamsan, M. F., Isman, I., Rosyadi, I., ELSakhawy, R. M., & Rabbani, A. (2023). The growth and development of wealth from the Islamic system [At-tanmiyah wa at-tatawwur fī al-amwāl min manẓūm al-Islām]. Profetika: Jurnal Studi Islam, 24(02), 226–243. https://doi.org/10.23917/profetika.v24i02.1718

  32. Haq, I. (2025). Cryptocurrency as waqf asset: An Islamic legal analysis. Private Law Insight, 1(1), 1–15. https://ojs.aisaedu.org/prili/article/view/1

  33. Harefa, S. (2025). The fundamental principles of Islamic law in the digital era: An ushul fiqh and maqashid Sharia approach. Journal of Islamic Law on Digital Economy and Business, 1(1), 84–99. https://doi.org/10.20885/JILDEB.vol1.iss1.art6

  34. Hassan, M. K., Muneeza, A., & Mohamed, I. (2025). Cryptocurrencies from Islamic perspective. Journal of Islamic Accounting and Business Research, 16(2), 390–410. https://doi.org/10.1108/JIABR-09-2022-0238

  35. Hidayat, A. S. (2023). Sharia and state’s intervention: Uncertainty cryptocurrency in Indonesia. AHKAM : Jurnal Ilmu Syariah, 23(1). https://doi.org/10.15408/ajis.v23i1.31876

  36. Husain, A., Yii, K.-J., Fung, C. Y., & Busulwa, R. (2025). Portfolio risk of cryptocurrency inclusion: A comparison among conventional cryptocurrencies and asset-backed cryptocurrencies. Eurasian Economic Review, 15(3), 687–739. https://doi.org/10.1007/s40822-025-00320-3

  37. Izadin, A. A. I., Mohd. Yusof, R., & Mazlan, A. R. (2025). The integration of Maqasid Shariah in evaluating stablecoins and traditional cryptocurrencies for Islamic portfolios diversification. International Journal of Islamic and Middle Eastern Finance and Management, 18(3), 577–597. https://doi.org/10.1108/IMEFM-08-2024-0380

  38. Jailani, M. A., & Muneeza, A. (2023). Crypto assets: The need for Shariah screening criteria for digital assets in Malaysia. International Journal of Islamic Economics and Finance Research, (Special Issue, Oct 2023), 27–47. https://doi.org/10.53840/ijiefer111

  39. Junaidi, M. A., Dewantara, R., & Chanifah, N. (2025). Halal certification of cryptocurrency: A framework for strengthening trust in Shariah-compliant digital finance. International Journal of Social Science and Religion (IJSSR), 6(3), 321–332. https://doi.org/10.53639/ijssr.v6i3.382

  40. Kasi, B. R., & Mahmood, N. (2019). Composition and working of the sharia supervisory boards in Bahrain’s Islamic banks. Economy, 6(2), 76–81. https://doi.org/10.20448/journal.502.2019.62.76.81

  41. Kurniawan, A., Fawnia, A., Damayanti, K. I., Veva, N. Z., & Najla, S. (2025). Cryptocurrency under Islamic law: Assessing its halal or haram status. FIRM Journal of Management Studies, 10(1), 34–41. https://doi.org/10.33021/firm.v10i1.6047

  42. Latang, M. A., Fathurrahman, & Muhammad Faried. (2024). Fatwa on cryptocurrency as digital assets: An Islamic perspective amidst Indonesia’s regulatory landscape. Parewa Saraq: Journal of Islamic Law and Fatwa Review, 3(2), 96–106. https://doi.org/10.64016/parewasaraq.v3i2.32

  43. Luchkin, A. G., Lukasheva, O. L., Novikova, N. E., Melnikov, V. A., Zyatkova, A. V., & Yarotskaya, E. V. (2020). Cryptocurrencies in the global financial system: Problems and ways to overcome them. 423–430. https://doi.org/10.2991/aebmr.k.200730.077

  44. Lyn, N. L. W., Yeo, H. Y., Startup, C. C., Koh, J. M. Y., Tran-Chi, V.-L., Ho, C. S. H., & Chee, T. T. (2025). Stock and cryptocurrency trading and problem gambling behavior during early phases of the COVID-19 pandemic: A narrative literature review. Frontiers in Psychology, 16. https://doi.org/10.3389/fpsyg.2025.1585094

  45. 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

  46. Mu’adzah, N., Rachmad, D., & Rusydiana, A. S. (2024). Abu ubaid’s perspectives and the dynamics of digital currency in modern Islamic economics. IQTISHADUNA: Jurnal Ilmiah Ekonomi Kita, 13(1), 144–162. https://doi.org/10.46367/iqtishaduna.v13i1.1847

  47. Muhammadi, A. A. R., Gustanto, E. S., Arfaizar, J., & Muhammadi, A. A. F. (2024). Mitigating gharar in Sharia capital market volatility: Governance, regulation, and technology: Mitigasi gharar dalam volatilitas pasar modal syariah: Tata kelola, regulasi, dan teknologi. Az-Zarqa’: Jurnal Hukum Bisnis Islam, 16(1), 58–74. https://doi.org/10.14421/yxqd6f17

  48. Mujani, W. K., Mohamad Mazuki, A. A., Wan Hussain, W. M. H., Alias, M. N., Salleh, A. D., Mohamad, M. N., & Zaidi, M. A. S. (2022). Bitcoin: The extent of its usability from the perspective of Islamic scholars. International Journal of Academic Research in Business and Social Sciences, 12(8), Pages 310-322. https://doi.org/10.6007/IJARBSS/v12-i8/14298

  49. Mustaffha, N. (2025). Financial justice and sustainable development: Reviving Maqasid al-Shariah for a changing world. Progress in Islamic Banking and Finance, 1(1), 30–41. https://karyailham.com.my/index.php/piibf/article/view/450

  50. Nedi, L. A. U., & Rinaima, C. A. (2024). Sharia based approaches to global digital governance: Ethical implications of blockchain and cryptocurrency in Muslim communities. Harmony Philosophy: International Journal of Islamic Religious Studies and Sharia, 1(3), 42–52. https://doi.org/10.70062/harmonyphilosophy.v1i3.327

  51. Negara, A. I. S. (2023). The phenomena of the cryptocurrency fall in the Sharia economic view. Open Access Indonesia Journal of Social Sciences, 7(2), 1391–1397. https://doi.org/10.37275/oaijss.v7i2.222

  52. Panda, S. K., Sathya, A. R., & Das, S. (2023). Bitcoin: Beginning of the cryptocurrency era. In S. K. Panda, V. Mishra, S. P. Dash, & A. K. Pani (Eds.), Recent Advances in Blockchain Technology: Real-World Applications (pp. 25–58). Springer International Publishing. https://doi.org/10.1007/978-3-031-22835-3_2

  53. Paramole, K. O., & Sanni, M. O. (2022). Islamic legislation on wealth acquisition: A critical examination of crypto-currency. Millah: Journal of Religious Studies, 21(3), 771–796. https://doi.org/10.20885/millah.vol21.iss3.art6

  54. Prasmanto, J. R., Ma’ruf, A., Assidiq, M. F., & Diyaulhaq, M. F. (2025). Bitcoin in Islamic jurisprudence: Between innovation and speculation. Journal of Islamic Law and Legal Studies, 2(1), 36–49. https://doi.org/10.70063/-.v2i1.62

  55. Putri, B., Amelia, N., Iskandar, I., Amalia, N., & Lismawati, L. (2025). Analisis kritis opini syariah terhadap aset kripto dalam perspektif ekonomi syariah [A critical analysis of Sharia opinions on cryptocurrencies from an Islamic economics perspective]. Journal of Economic, Management, Business, Accounting Sustainability, 2(3), 32–39. https://doi.org/10.63477/joembas.v2i3.234

  56. Qadri, H. M. ud din, Malik, F. A., Hassan, M. M. ul, & Abbasi, M. A. (2023). Exploring crypto currency through the lens of the Sharī‘a law: A comparative analysis of scholarly evaluations. Journal of Islamic Thought and Civilization, 13(2), 324–334. https://doi.org/10.32350/jitc.132.21

  57. Qurtubi, A. N., Sugianto, E., & Kelibia, M. U. (2024). Legality of bitcoin in the perspective of fiqh muamalah. West Science Islamic Studies, 2(3), 172–180. https://doi.org/10.58812/wsiss.v2i03.1133

  58. Rahmatika, D., Andriansyah, Y., & Qubbaja, A. (2024). Enhancing Sharia compliance: Evaluating supervisory roles in a rural Islamic bank in Yogyakarta, Indonesia. Journal of Islamic Economics Lariba, 10(2), 1241–1264. https://doi.org/10.20885/jielariba.vol10.iss2.art29

  59. Razak, M. I. A., Dali, N. A. M., Dhillon, G., & Manaf, A. W. A. (2020). Fintech in Malaysia: An appraisal to the need of Shariah-compliant regulation. Pertanika Journal of Social Sciences and Humanities, 28(4), 3223–3233. https://doi.org/10.47836/pjssh.28.4.40

  60. Rosele, M. I., Muneem, A., Che Seman, A. B., Abdullah, L. B. H., Binti Abdul Rahman, N. N., Sukor, M. E. B. A., & Ali, A. K. B. (2022). The concept of wealth ( māl ) in the Sharīʿah and its relation to digital assets. Sage Open, 12(2), 21582440221102424. https://doi.org/10.1177/21582440221102424

  61. Roza, T. H., Tavares, H., Kessler, F. H. P., & Passos, I. C. (2024). Problematic trading: Gambling-like behavior in day trading and cryptocurrency investing. Trends in Psychiatry and Psychotherapy. https://doi.org/10.47626/2237-6089-2023-0623

  62. Safira, N., Inayatillah, Meutia, R., Kamri, N. ‘Azzah, & Yusof, K. A. (2025). Fintech lending adoption among Muslim Millinials in Southeast Asia. BANCO: Jurnal Manajemen Dan Perbankan Syariah, 7(1), 1–29. https://doi.org/10.35905/banco.v7i1.11358

  63. Sahalan, O., & Samsudin, M. A. (2023). Cryptocurrency according to the principles of Usul al-Fiqh: A critical analysis by Mohd Daud Bakar. Islamiyyat: The International Journal of Islamic Studies, 45(1), 37–46. http://ejournal.ukm.my/islamiyyat/article/view/64106

  64. Saied, G. M. A. A., Awang, M. D., & Ahmad, S. B. (2024). Hybrid sukuk and wealth preservation: Aligning with Maqasid al-Shariah principles in modern Islamic finance. International Journal of Religion, 5(12), 1487–1495. https://doi.org/10.61707/m3fpb331

  65. Saiedi, E., Broström, A., & Ruiz, F. (2021). Global drivers of cryptocurrency infrastructure adoption. Small Business Economics, 57(1), 353–406. https://doi.org/10.1007/s11187-019-00309-8

  66. Sami, M. (2025). Analysis of the compatibility of blockchain and Bitcoin technology in the digital financial system: A legal and Islamic economic review of financial innovation in the digital era. Sinergi International Journal of Islamic Studies, 3(2), 129–138. https://doi.org/10.61194/ijis.v3i2.759

  67. Sergio, I., & Wedemeier, J. (2025). Global surge: Exploring cryptocurrency adoption with evidence from spatial models. Financial Innovation, 11(1), 96. https://doi.org/10.1186/s40854-025-00765-0

  68. Sihabudin, F., Achmad, L. I., ’Ainulyaqin, M. H., Midisen, K., & Edy, S. (2022). Analysis of blockchain technology and security principles in cryptocurrency transactions according to the perspective of Islamic economics: Case study : Smart contract on the ethereum blockchain network. Ta’amul: Journal of Islamic Economics, 1(1), 11–20. https://doi.org/10.58223/taamul.v1i1.2

  69. Siswantoro, D., Handika, R., & Mita, A. F. (2020). The requirements of cryptocurrency for money, an Islamic view. Heliyon, 6(1). https://doi.org/10.1016/j.heliyon.2020.e03235

  70. Syaichoni, A., Huda, Q., Pangestu, N., & Sampurno, R. W. (2025). Integrating Maqasid al-Shariah and sustainable development goals Islamic financial planning: A framework for ethical wealth distribution. International Journal of Islamic Finance, 3(1), 81–94. https://doi.org/10.14421/ijif.v3i1.2595

  71. Tan, B. S., & Low, K. Y. (2017). Bitcoin – Its economics for financial reporting. Australian Accounting Review, 27(2), 220–227. https://doi.org/10.1111/auar.12167

  72. Tarek S. Zaher, & Hassan, M. K. (2001). A comparative literature survey of Islamic finance and banking. Financial Markets, Institutions & Instruments, 10(4), 155–199. https://doi.org/10.1111/1468-0416.00044

  73. Tauda, G. A., Omara, A., & Arnone, G. (2023). Cryptocurrency: Highlighting the approach, regulations, and protection in Indonesia and European Union. BESTUUR, 11(1), 1–25. https://doi.org/10.20961/bestuur.v11i1.67125

  74. Thommandru, A., Rakhmanov, A., Tillaboev, S., & Mone, V. (2024). Historical paths and contemporary evolution of Sharia-compliant finance in Central Asian regions. Legal Information Management, 24(3), 191–202. https://doi.org/10.1017/S1472669624000422

  75. Toorajipour, R., Oghazi, P., Sohrabpour, V., Patel, P. C., & Mostaghel, R. (2022). Block by block: A blockchain-based peer-to-peer business transaction for international trade. Technological Forecasting and Social Change, 180, 121714. https://doi.org/10.1016/j.techfore.2022.121714

  76. Treiblmaier, H. (2022). Do cryptocurrencies really have (no) intrinsic value? Electronic Markets, 32(3), 1749–1758. https://doi.org/10.1007/s12525-021-00491-2

  77. Tuasikal, M. A., Mubarak, J., Ibdalsyah, & Sanrego, Y. D. (2025). Cryptocurrency volatility, gharar, and risk perception in Islamic economics: A qualitative descriptive study. Jurnal Ilmiah Akuntansi Kesatuan, 13(6), 1895–1910. https://doi.org/10.37641/jiakes.v13i6.4327

  78. Wahab, A., & Mahdiya, I. (2025). Reconceptualizing halal industry governance in the digital economy: A maqasid al-Sharia based legal framework. Journal of Islamic Law on Digital Economy and Business, 1(2), 152–167. https://doi.org/10.20885/JILDEB.vol1.iss2.art4

  79. Wahid, A. (2023). Riba dan gharar dalam Bitcoin pendekatan qaidah fiqh [Riba and gharar in Bitcoin: A fiqh principles approach]. Rayah Al-Islam, 7(1), 358–384. https://doi.org/10.37274/rais.v7i1.668

  80. White, R., Marinakis, Y., Islam, N., & Walsh, S. (2020). Is Bitcoin a currency, a technology-based product, or something else? Technological Forecasting and Social Change, 151, 119877. https://doi.org/10.1016/j.techfore.2019.119877

  81. Wiwoho, J., Trinugroho, I., Kharisma, D. B., & Suwadi, P. (2024). Islamic crypto assets and regulatory framework: Evidence from Indonesia and global approaches. International Journal of Law and Management, 66(2), 155–171. https://doi.org/10.1108/IJLMA-03-2023-0051

  82. Yussof, S. A., & Al-Harthy, A. M. H. (2020). Cryptocurrency as an alternative currency in Malaysia: Issues and challenges. ICR Journal, 9(1), 48–65. https://doi.org/10.52282/icr.v9i1.137

  83. Zuraib, M. A. G. A. (2025). Cryptocurrencies and blockchain in Islamic jurisprudence: A comparative legal and economic study. International Journal of Environmental Sciences, 11(1s), 659–661. https://doi.org/10.64252/ncq8cs85

Determinants of student investment decisions: Examining risk perception, educational information, and financial goals with perspectives from Islamic finance

Totok Ismawanto, Dessy Handa Sari, Nurul Musfirah Khairiyah, Dito Rozaqi Arazy, Nur Vita...
Abstract View : 0
Download :0
10.20885/jielariba.vol12.iss1.art13
Review Reports Originality Report

Harnessing Islamic FinTech for disaster risk financing: Innovative strategies for economic resilience and sustainable development

Nazmin Naher Nipa, Zahiduzzaman Zahid, Md. Ruhul Amin, Md. Shahed Alamm, Zubair Muhammad...
Abstract View : 79
Download :114
10.20885/jielariba.vol12.iss1.art9
PDF Review Reports Originality Report

Mapping Islamic banking and sustainable development research: A Scopus-based bibliometric and VOSviewer keyword co-occurrence cluster analysis (2008–2024)

Anom Garbo, Shofia Mauizotun Hasanah
Abstract View : 272
Download :212
10.20885/jielariba.vol11.iss2.art24
PDF Review Reports Originality Report

Reconceptualizing green sukuk through Maqashid al-Shariah for advancing sustainable development goals

Amrina Nur Izzati, Sri Setiawati Tumuyu, Yuki Mahardhito Adhitya Wardhana
Abstract View : 336
Download :298
10.20885/jielariba.vol11.iss2.art22
PDF Review Reports Originality Report

The influence of Sharia implementation, financing access, and managerial capacity on MSME performance in Medan City, Indonesia

Muhammad Zulkifli Hasibuan, Herdi Ramon, Samio Samio, Nurjannah Nurjannah, Rijal Rijal
Abstract View : 778
Download :373
10.20885/jielariba.vol12.iss1.art3
PDF Review Reports Originality Report