Cryptocurrency as investment assets and economic transactions according to the Qur’an: analysis based on Ahkam exegesis

Zulfikar, Eko and Retnasih, Nora Ria ORCID: https://orcid.org/0000-0001-5915-8871 (2023) Cryptocurrency as investment assets and economic transactions according to the Qur’an: analysis based on Ahkam exegesis. Jurnal Ulunnuha, 12 (1). pp. 15-29. ISSN P-ISSN : 2086-3721 E-ISSN: 2865-6050

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Abstract

This article explains cryptocurrencies as investment assets and economic transactions according to the Qur'an, where the interpretation analysis is carried out based on several books of Ahkâm exegesis. By using thematic methods and content analysis, it can be concluded that: First, cryptocurrency is a virtual currency created with cryptography technology so it is difficult to imitate and has absolute privacy. This cryptocurrency in the Indonesian context includes a virtual currency that is prohibited, as emphasized by Bank Indonesia regulation Number 19/12/PBI/2017 Article 8 paragraph 2. Second, cryptocurrency according to the Qur'an is a sale and purchase that is forbidden by Islamic law. and assets obtained from the sale and purchase, including property that is vanity (haram). This refers to several interpretations of mufasir a¥kâm Exegesis which mention parts of how to get the vanity property – among them – such as gharar (unclear) and maysir (gambling). Cryptocurrency can be categorized among the two types of vanity assets because it is considered unclear (gharar) its legality as an investment asset and a tool for economic transactions. Meanwhile, the fluctuating level is also too high so it is prone to fraud and causes losses to one party as gambling (maysir).

Item Type: Journal Article
Keywords: Al-Qur’an; investment assets; cryptocurrency; Ahkâm exegesis; economic transactions
Subjects: 14 ECONOMICS > 1401 Economic Theory > 140102 Macroeconomic Theory
14 ECONOMICS > 1402 Applied Economics > 140207 Financial Economics
22 PHILOSOPHY AND RELIGIOUS STUDIES > 2204 Religion and Religious Studies > 220403 Islamic Studies
22 PHILOSOPHY AND RELIGIOUS STUDIES > 2204 Religion and Religious Studies > 220403 Islamic Studies > 22040301 Al-Quran, Tafsir and related science
22 PHILOSOPHY AND RELIGIOUS STUDIES > 2204 Religion and Religious Studies
Divisions: Faculty of Economics > Department of Management
Depositing User: Nora Ria Retnasih
Date Deposited: 11 Oct 2023 11:27

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