Journal of Digital Economic Studies
Vol. 1 No. 1 (2026): June

Revisiting the Concept of al-Māl in the Digital Age: Theoretical and Practical Implications of CBDC Implementation in Islamic Economics

Adjeng Nurussalam (UIN Sunan Ampel Surabaya)
Rianto Anugerah Wicaksono (UIN Sunan Ampel Surabaya)



Article Info

Publish Date
15 Jun 2026

Abstract

Digital transformation in the global financial system presents an ontological tension between algorithmic technological innovation and the rigid principles of Islamic law. This article investigates the position of Central Bank Digital Currency (CBDC) or Digital Rupiah from a sharia economics perspective, highlighting the compatibility of its technical design with the doctrines of fiqh muamalah and maqās}id al-sharī‘ah. Using a qualitative approach based on literature studies and content analysis of Bank Indonesia policy documents and DSN-MUI fatwas, this study finds that the Digital Rupiah meets the criteria of legitimate property (al-māl) because it has legal intrinsic value and is guaranteed by state authority. Further analysis reveals that the Distributed Ledger Technology (DLT) architecture of the Digital Rupiah is capable of mitigating the risks of riba, gharar, and maysir through systemic transparency, while enhancing asset protection (hifz} al-māl) and promoting financial inclusion. This study recommends the formulation of a hybrid policy that integrates central bank technology standards with sharia compliance parameters to ensure ethical monetary sovereignty. In conclusion, the Digital Rupiah represents a harmonious synthesis of modernity and tradition, offering a new model of monetary architecture that is fair, efficient, and based on divine values. 

Copyrights © 2026






Journal Info

Abbrev

JDES

Publisher

Subject

Description

Aims and Scope The Journal of Digital Economic Studies (JDES) aims to publish high-quality empirical and theoretical research that critically examines the transformation of economic systems, institutions, and market practices within digitally mediated economic environments. The journal particularly ...