Al-Risalah : Jurnal Imu Syariah dan Hukum
Vol 25 No 1 (2025): MAY (2025)

Cryptocurrency in Islamic Economics: A Critical Analysis of Dogecoin’s Compliance with Sharia Principles

Qiestha Khaira, Haba (Unknown)
Irawan, Anggi (Unknown)
Tamam, Munjir (Unknown)



Article Info

Publish Date
27 Feb 2025

Abstract

This study examines the characteristics of Dogecoin within the framework of Islamic economics, assessing its compliance with principles such as fairness, transparency, and the prohibition of gharar, maisir, and riba. The research aims to determine whether Dogecoin can function as a legitimate medium of exchange under Islamic financial ethics. A descriptive-analytical approach is employed, focusing on key aspects of Dogecoin, including its volatility, anonymity, and transactional utility. The analysis is grounded in Islamic economic principles, evaluating the extent to which Dogecoin aligns with or deviates from these ethical and legal standards. The findings indicate that while Dogecoin leverages blockchain technology to provide transparency and enhance financial inclusion, its high market volatility and speculative nature pose challenges to meeting Islamic economic principles. These factors contribute to uncertainty (gharar) and speculative risk (maisir), raising concerns about its permissibility in Islamic finance. This study contributes to the discourse on cryptocurrency in Islamic economics by offering a focused analysis of Dogecoin, a digital asset often overlooked in scholarly discussions. It provides a nuanced evaluation of how emerging financial technologies interact with Islamic financial ethics. The study underscores the need for Islamic-based regulatory frameworks and financial literacy initiatives to ensure responsible engagement with cryptocurrencies. Policymakers and scholars must work toward guidelines that balance innovation with ethical considerations, fostering a financial environment that aligns with Islamic values.

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Journal Info

Abbrev

al_risalah

Publisher

Subject

Religion Law, Crime, Criminology & Criminal Justice

Description

The journal Al-Risalah contains works whose material focuses on the results of research and thoughts related to the development of scientific disciplines, both sharia and legal disciplines in general. Also works covering thoughts that integrate religious disciplines (sharia) and legal disciplines in ...