<![CDATA[Objective: The study examines the Sharia status of cryptocurrency by assessing its characteristics, functions, and transaction mechanisms based on fiqh al-muʿāmalāt, particularly its status as māl or thamaniyyah and its potential involvement in ribā, gharar, and maysir. Theoretical framework: The study is grounded in Islamic commercial jurisprudence, focusing on māl, thamaniyyah, ribā, gharar, maysir, and maqāṣid al-Sharīʿah as principles for evaluating cryptocurrency transactions. Literature review: The review discusses cryptocurrency, Islamic finance, contemporary fatwas, and scholarly debates concerning its classification, economic functions, potential benefits, and Sharia-related risks. Methods: The study employs a qualitative doctrinal approach based on Qur’anic principles, Sunnah, classical jurisprudence, contemporary fatwas, and recent academic literature on cryptocurrency and Islamic finance. Results: The analysis finds that cryptocurrency cannot be assigned a uniform halal or haram status solely on the basis of its technological form. Its Sharia status depends on the characteristics of the particular token, its economic function, transaction structure, and manner of use. Cryptocurrency may perform certain functions of money and facilitate lawful exchange, financial inclusion, remittances, and transparent transactions. However, high volatility, speculative trading, uncertain valuation, weak consumer protection, illicit uses, and interest-based products associated with some platforms raise substantial Sharia concerns. The findings therefore support a conditional, case-by-case approach to Sharia assessment. Implications: The findings highlight the need for case-by-case Sharia assessment and responsible governance that considers transparency, utility, transaction mechanisms, consumer protection, and the objectives of Sharia. Novelty: The study introduces a conditional approach to cryptocurrency assessment by shifting the focus from the technology itself toward token design, economic utility, transaction structure, and the presence or absence of prohibited Sharia elements.]]>
