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p-Index From 2021 - 2026
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All Journal Journal of Islamic economy and Community Engagement Cirebon International Journal of Economics and Business
Mohammad Yahdi
UIN Sunan Gunung Djati Bandung
Religion Economics, Econometrics & Finance Social Sciences

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BITCOIN AS ISLAMIC MONEY: A QAWA’ID FIQHIYYAH ANALYSIS OF SHARIAH COMPLIANCE Mohammad Yahdi; Shofwah Syafira; A. Faozan Adhima
Journal of Islamic Economy and Community Engagement Vol. 7 No. 1 (2026): Volume 7 No.1 2026
Publisher : FEBI UIN Sunan Kalijaga Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jiecem.2026.7.1.3044

Abstract

The rapid growth of Bitcoin necessitates a rigorous assessment of its permissibility within the framework of Islamic finance, which mandates that financial instruments adhere to Shariah principles. This study addresses a gap in the literature by moving beyond micro-transactional analysis to conduct a macro-level, doctrinal investigation. It evaluates Bitcoin’s properties as a potential form of money through the lens of classical Islamic legal maxims (qawa’id fiqhiyyah). The research employs a qualitative, doctrinal legal methodology, analyzing primary jurisprudential sources and secondary literature on cryptocurrency. The findings reveal that Bitcoin’s extreme price volatility constitutes excessive uncertainty (gharar fahish), invalidating its role as a stable store of value and unit of account, and thus disqualifying it as Shariah-compliant money (thamaniyyah). The study concludes that Bitcoin cannot be classified as Islamic money but rather as a speculative digital asset, providing critical insights for Islamic financial institutions and policymakers. Moreover, the pattern of cryptocurrency adoption in Muslim communities and its comparative analyses are necessary to be further investigated.
The Dimension of Environmental Protection in the Selection of Sharia Issuers in Indonesia Mega Permata Sari; Mohammad Yahdi
Cirebon International Journal of Economics and Business Vol. 4 No. 1 (2026): progress
Publisher : Faculty of Islamic Economics and Business IAIN Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70095/cijeb.v4i1.258

Abstract

Introduction/Main Objectives: The Islamic capital market in Indonesia has experienced significant growth, with the Daftar Efek Syariah (DES) serving as the primary mechanism for determining the sharia compliance of listed companies. This study examines the development of sharia compliance in the DES by considering environmental protection as an integral dimension of Islamic values. Background Problems: The current DES screening mechanism relies primarily on business activity and financial criteria, while contemporary Islamic legal thought increasingly emphasizes environmental responsibility. This study asks how MUI Fatwa No. 22 of 2011 and MUI Fatwa No. 86 of 2023 relate normatively to the DES mechanism and how environmental considerations can be incorporated into its sharia compliance framework. Novelty: This study proposes an extension of the existing concept of sharia compliance by integrating hifzh al-bi’ah (environmental protection) and Environmental, Social, and Governance (ESG) principles into the DES framework, an aspect that has not been explicitly established as an independent screening parameter. Research Methods: This study employs normative legal research using statutory, conceptual, and comparative approaches. The analysis focuses on relevant regulations, MUI fatwas, and the existing DES screening mechanism. Finding/Results: The findings indicate that the current DES system remains primarily focused on business activities and financial ratios, while environmental considerations have not yet become an independent parameter of sharia compliance. Conclusion: Integrating hifzh al-bi’ah and ESG principles can strengthen the DES framework by expanding sharia compliance beyond financial and business considerations toward ecological responsibility and sustainable Islamic capital market development.
Co-Authors A. Faozan Adhima Mega Permata Sari Shofwah Syafira