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All Journal Al Qodiri: Jurnal Pendidikan, Sosial dan Keagamaan
Hasbullah
Universitas Ibn Khaldun Bogor

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Contemporary Money in Modern Financial Transactions and Its Fiqh Characterization (Al-Takyīf Al-Fiqhī) in Light of Islamic Economic Rulings: A Foundational Jurisprudential Study Hasbullah; Jaih Mubarok; Yulizar Djamaluddin Sanrego; Ibdalsyah
Al Qodiri : Jurnal Pendidikan, Sosial dan Keagamaan Vol. 24 No. 3 (2026): Al Qodiri: Jurnal Pendidikan, Sosial dan Keagamaan
Publisher : Universitas Islam KH. Achmad Muzakki Syah Jember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53515/alqodiri.v24i3.292

Abstract

Background of study: The transformation of money from banknotes to electronic value, central bank digital currencies (CBDCs), and privately issued crypto-assets has complicated the juristic classification of monetary instruments in Islamic law.Aims and scope of paper: This study compares contemporary forms of money through al-Takyīf al-Fiqhī by examining issuer, legal recognition, monetary function, basis of value, and transfer mechanism, and then identifies the Sharīʿah consequences of those characterizations. Methods: The study used qualitative library research with a juridical-normative and comparative approach, drawing on classical and contemporary fiqh works, peer-reviewed studies, fatwas and resolutions of Islamic legal institutions, and Indonesian monetary regulations. Result: Fiat banknotes are best characterized as independent money based on legally recognized thamaniyyah and general acceptance. Electronic money generally follows the ruling of the sovereign monetary value it stores and transfers. A state-issued CBDC may acquire the status of money when it constitutes sovereign monetary value recognized by the competent authority, although particular design features require separate Sharīʿah assessment. Cryptocurrencies require asset-specific characterization because legal status, utility, valuation, volatility, and transaction structure vary across assets. Conclusion: Fiqh characterization should proceed from the instrument’s economic reality, legal recognition, monetary function, and effective legal cause before rules concerning ribā, ṣarf, zakāh, and monetary capital are applied.
Co-Authors Ibdalsyah Ibdalsyah Jaih Mubarok Yulizar Djamaluddin Sanrego