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Fauzul Hanif Noor Athief
Universitas Muhammadiyah Surakarta
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Journal : Journal of Islamic Economic Laws

 1 
Inacoin Cryptocurrency Analysis: An Islamic Law Perspective Windiastuti, Filka Catur; Athief, Fauzul Hanif Noor
Journal of Islamic Economic Laws Vol 2, No 2 (2019): Journal of Islamic Economic Laws
Publisher : Muhammadiyah University Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (410.464 KB) | DOI: 10.23917/jisel.v2i2.8585

Abstract

The existence of money makes buying and selling activity easier than the barter system. However, the increasing globalization of the world economy demands speed accelaration, ease and security of financial transactions. The discovery of cryptocurrency provides solution for the current payment system which relies highly on the third party in conducting digital transactions. One of those cryptocurrency products is Inacoin which is originated from Indonesia. Because this cryptocurrency is a contemporary problem that cannot be concluded directly from the classical fiqh book, a thorough investigation is needed to obtain the validity of this money from Islamic perspective. This research is a qualitative research that uses multimethod of normative-empirical Islamic law perspective in discussing the aforementioned problem. This study concluded that the existence of Inacoin cannot be accepted as money since there are Islamic requirements or criteria that are not met. In addition, the use of Inacoin is mostly for trading commodity, not as money. The Inacoin trade is legitimate but unlawful, because Inacoin has fulfilled the pillars and requirements of the Al-?arf, yet contradicted some Islamic principal such as maisir, gharar, and possibility of harming its user
Inacoin Cryptocurrency Analysis: An Islamic Law Perspective Filka Catur Windiastuti; Fauzul Hanif Noor Athief
Journal of Islamic Economic Laws Vol 2, No 2: July 2019
Publisher : Muhammadiyah University Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v2i2.8585

Abstract

The existence of money makes buying and selling activity easier than the barter system. However, the increasing globalization of the world economy demands speed accelaration, ease and security of financial transactions. The discovery of cryptocurrency provides solution for the current payment system which relies highly on the third party in conducting digital transactions. One of those cryptocurrency products is Inacoin which is originated from Indonesia. Because this cryptocurrency is a contemporary problem that cannot be concluded directly from the classical fiqh book, a thorough investigation is needed to obtain the validity of this money from Islamic perspective. This research is a qualitative research that uses multimethod of normative-empirical Islamic law perspective in discussing the aforementioned problem. This study concluded that the existence of Inacoin cannot be accepted as money since there are Islamic requirements or criteria that are not met. In addition, the use of Inacoin is mostly for trading commodity, not as money. The Inacoin trade is legitimate but unlawful, because Inacoin has fulfilled the pillars and requirements of the Al-Ṣarf, yet contradicted some Islamic principal such as maisir, gharar, and possibility of harming its user
Co-Authors Adityo Wiwit Kurniawan Afief El Ashfahany Agus Miswanto Agustina, Ricka Akhtiar, Muhammad Najid Al Afif, Rafiq Azzam Angga Aprilio Prabowo Annisa ul Lathifah Arum Brawijaya Putri Azhar Alam Bela Septiana Wahyu Priyadika Boby Habibi Dewi Nur Utari Dewi Permata Sari Dewi Permata Sari Dewi Puspitaningrum Dhidhin Noer Ady Rahmanto Dzaky Adam Thamrin Erland Sakti Anindito Putra Fahmi Ali Hudaefi Faizah, Annisa Nur Faqiatul Mariya Waharini Filka Catur Windiastuti Furqoni, Aminullah Habibi, Boby Hafizah Abdul Rahim Hakim, Lukmanul. Hassan, Fauziah Hendri Tanjung Ilham Rosyadi, Jundi Faaiq Imron Rosyadi Isman Iva Faizah Izzah, Luthfiyyah Nurul Jadidah, Wanti Nur Khaira Gina Yuda Jakti Laallam, Abdelkader Linda Isma Cahyaningrum Lukman Hakim Lukmanul Hakim Luthfiyyah Nurul Izzah Maulidyah Indira Hasmarini Mega Atika Mohammad Aulia Rachman Mohd Noh, Mohd Shahid Bin Mohd Shahid Bin Mohd Noh Muhamad Subhi Apriantoro Muhammad Abdul Aziz Muhammad Amir Anshori Muhammad Iqbal Fasa Muhammad Zakiy Muslimah, Ashri Ainin Bashiri Nafis, Zulhaznizam Nihayatul Masthuroh Nur Faizah, Annisa Nurcholis, Muhammad Nurul Latifatul Inayati Pratwindya, Arum Purwantini, Anissa Hakim Putri, Arum Brawijaya Putri, Salwa Shafiyya Rachman, Mohammad Aulia Ramadhan, Dwi Swasana Resti Hedi Juwanti Ricka Agustina Sausan Liski Aulia Suharto Suharto Supriyanto , Trisiladi Susanti, Neng Fitri Hedi Thamrin, Dzaky Adam Ulin Nuha Veronika Candra Dewi Waharini, Faqiatul Mariya Windiastuti, Filka Catur Y Yayuli Yayuli Yayuli Yayuli Zakiy, Faris Shalahuddin