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Blockchain Technology as A Means of Wealth Protection (Ḥifẓ al-Māl) in Digital Cryptocurrency Assets: A Maqāṣid-Oriented Analytical Framework Agus Wahyu Irawan; Muhammad Lathoif Ghozali; Sadiq Ibrahim Mijinyawa; Nurlaili Adkhi Rizfa Faiza
Afkaruna: Indonesian Interdisciplinary Journal of Islamic Studies Vol. 21 No. 2: December 2025
Publisher : Fakultas Studi Islam dan Peradaban, Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/afkaruna.v21i2.26972

Abstract

The rapid expansion of blockchain technology and digital cryptocurrency assets has generated significant debate within Islamic finance, particularly regarding their compliance with the objectives of Maqāṣid al-Sharīʿah. This study critically examines the role of blockchain technology in the protection of wealth (ḥifẓ al-māl) within digital cryptocurrency assets using a maqāṣid-oriented analytical framework. Employing a qualitative normative–conceptual approach grounded in Jasser Auda’s systems theory of maqāṣid al-Sharīʿah, the study analyzes how core blockchain characteristics transparency, cryptographic security, immutability, and distributed ledger architecture contribute to wealth protection while also identifying inherent risks and limitations. The findings indicate that blockchain can support ḥifẓ al-māl by enhancing transaction accountability, safeguarding ownership, and mitigating fraud. However, such contributions are neither inherent nor unconditional, as they depend on governance structures, regulatory alignment, and ethical usage frameworks. The study further distinguishes between blockchain as a neutral technological infrastructure and cryptocurrency as a financial instrument that may generate Shariah concerns due to volatility, gharar, and speculative excess. By articulating this distinction, the research advances a more proportionate and critically grounded maqāṣid-based assessment of blockchain, contributing to contemporary discourse on Islamic digital finance and offering a conceptual foundation for future regulatory and technological development.
Potensi Cash Waqf Linked Sukuk sebagai Instrumen Pemulihan Ekonomi Nasional Pasca Pandemi Nurlaili Adkhi Rizfa Faiza
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 3 No. 1 (2023)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic University Syekh Wasil of Kediri [UIN Syekh Wasil Kediri]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/almuhasib.v3i1.280

Abstract

The need for large funds for National Economic Recovery after the Covid-19 pandemic requires various low-cost, high-efficiency, and sustainable instruments. This study aims to analyze the potential of Cash Waqf Linked Sukuk (CWLS) as an instrument for National Economic Recovery in Indonesia. Collaborating on Sukuk as an instrument that can mobilize funds and waqf with its unique nature can generate income and finance productive activities where returns or profits will be stored for future funding. This study uses an exploratory qualitative approach by reviewing and analyzing facts, expert opinions, theories, and previous research on CWLS and its development potential. This study found that the CWLS collaboration model can be an alternative to sustainable Islamic financial instruments in Indonesia and has the potential as an instrument to obtain cheap and easy funds to accelerate post-pandemic national economic recovery. This instrument is very suitable because it has high flexibility, appeals to the Muslim philanthropic middle class, and is sustainable alms from waqf to be distributed to beneficiaries.