The IDRT stablecoin dilemma: Navigating the intersection of legal monopolies and Islamic ethical norms in digital transactions

Al Munawar, Faishal Agil ORCID: https://orcid.org/0000-0002-8200-5096 and Syaputra, Abdul Wahid Rizky (2025) The IDRT stablecoin dilemma: Navigating the intersection of legal monopolies and Islamic ethical norms in digital transactions. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics), 17 (1). pp. 51-76. ISSN 2407-8654

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Abstract

IDRT stablecoin is a digital financial innovation that is claimed to be a representation of the rupiah with a stable value. Although its use is increasing, the legality of IDRT in Indonesia is unclear because Law No. 7 of 2011 stipulates the rupiah as the only legal tender. In Islamic law, there is no specific fatwa regarding IDRT, thus creating uncertainty. This study uses a normative juridical approach to analyze the relationship between positive legal instruments and relevant Islamic legal views. As a result, IDRT is not recognized as a legal tender according to positive law, but meets the criteria of sil'ah (tradeable commodity) in Islamic law because it has a stable value, is supported by rupiah reserves, and is free from gharar (uncertainty), qimar (speculation), and ḍarar (harm). Through the principle of istihsan bil maslahah (juristic preference for public interest), IDRT may be conditionally accepted within a sharia-compliant framework, provided regulatory compliance is ensured.

Item Type:	Journal Article
Keywords:	IDRT stablecoin; transactional instrument; positive law; Islamic jurisprudence
Subjects:	18 LAW AND LEGAL STUDIES > 1801 Law > 180106 Comparative Law 18 LAW AND LEGAL STUDIES > 1801 Law > 180122 Legal Theory, Jurisprudence and Legal Interpretation 18 LAW AND LEGAL STUDIES > 1801 Law > 180127 Mu'amalah (Islamic Commercial & Contract Law) > 18012727 Sharf (Jual Beli Valuta Asing) 18 LAW AND LEGAL STUDIES > 1801 Law > 180127 Mu'amalah (Islamic Commercial & Contract Law) > 18012799 Mu'amalah (Islamic Commercial & Contract Law) not elsewhere classified 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 > 22040304 Fiqh, Ushul Fiqh, Islamic Jurisprudence, and related science 18 LAW AND LEGAL STUDIES > 1801 Law
Divisions:	Faculty of Sharia and Law > Department of Sharia Business Law
Depositing User:	Faishal Agil Al Munawar
Date Deposited:	04 Aug 2025 10:26

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