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All Journal Al-Fikru: Jurnal Ilmiah Syarah: Jurnal Hukum Islam dan Ekonomi
Abdullah Yaqin
Institut Agama Islam At-Taqwa Bondowoso
Religion Humanities Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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Digital Gold Investment and Islamic Ethics: A Behavioral Finance Perspective on Muslim Investor Decisions in Indonesia Awis Hardjito; Zirlia Anggraini; Syamsul Arifin; Abdullah Yaqin
Al-Fikru: Jurnal Ilmiah Vol. 20 No. 1 (2026): Juni (2026)
Publisher : STAI Serdang Lubuk Pakam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51672/alfikru.v20i1.1025

Abstract

The growth of the digital gold market in Indonesia has attracted the interest of Muslim investors who are focused not only on financial gains but also on adherence to Islamic principles. However, research on the interaction between psychological factors and religious values in investment decision-making remains limited. This study aims to develop a conceptual framework that integrates the Theory of Planned Behavior (TPB), Islamic finance principles, and behavioral finance perspectives to explain digital gold investment behavior. This framework views religious values and cognitive biases as interacting factors in shaping perceptions, evaluations, and investment decisions. Based on Islamic teachings regarding justice, honesty, and the avoidance of speculative practices, this study argues that religious commitment can mitigate the influence of biases such as overconfidence, herding, and loss aversion. Furthermore, the implementation of Sharia compliance through transparency, clear asset ownership, and ethical accountability has the potential to encourage more rational and long-term-oriented investment behavior. This framework offers both theoretical contributions and practical implications for the development of a trustworthy, inclusive digital gold ecosystem that aligns with Islamic values.
The Implementation and Volatility Analysis of Sharia Cryptocurrencies Syamsul Arifin; Abdullah Yaqin; Syamsuddin Syamsuddin; Muhammad Zaenal Abidin
Syarah: Jurnal Hukum Islam dan Ekonomi Vol. 14 No. 2 (2025): SYARAH : Jurnal Hukum Islam dan Ekonomi
Publisher : Fakultas Syariah Universitas Islam Negeri Sultanah Nahrasiyah Lhokseumawe

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47766/syarah.v14i2.6875

Abstract

This study analyzes the implementation of sharia-compliant cryptocurrencies and compares their volatility with Bitcoin and the Indonesia Stock Exchange Composite Index (IHSG). Using a mixed method approach with a sequential exploratory design, the research combines a literature review on sharia compliance and time-series analysis using the ARIMA model. The analysis focuses on two gold-backed cryptocurrencies, OneGram Coin (OGC) and GOLDX. Findings indicate that although OGC and GOLDX meet several key sharia criteria, such as asset backing, avoidance of maysir, gharar, and riba, supervision by a Sharia Supervisory Board, and the allocation of philanthropic funds (tabarru’), their volatility is higher than both Bitcoin and IHSG. This suggests that despite being designed for sharia compliance, these cryptocurrencies are currently less stable and less effective as a medium of exchange than their conventional counterparts. Additionally, the absence of government regulation and the lack of sharia-based profit-sharing models such as mudharabah or musyarakah remain significant shortcomings. The study recommends stronger collaboration between developers and regulators to improve regulatory frameworks and align sharia-based cryptocurrency systems with the principles of justice, stability, and sustainability as outlined in maqashid sharia.
Co-Authors Awis Hardjito Muhammad Zaenal Abidin Syamsuddin Syamsuddin Syamsul Arifin Syamsul Arifin Zirlia Anggraini