<![CDATA[This article examines how Islamic economic law evaluates crypto assets and what that evaluation implies for digital financial policy, using the concepts of māl (property), gharar (excessive uncertainty), and speculation (maysir or qimar) as its analytical axes. It employs a normative juridical method that combines statutory, conceptual, and comparative approaches, and it draws on the Qur’an, the Sunnah, the 2021 ruling of the Indonesian Ulema Council (MUI), Indonesian financial regulation, the resolutions of the Shariah Advisory Council of the Securities Commission Malaysia, and scholarly literature published mainly between 2021 and 2026. The analysis yields two principal findings. First, crypto assets are best treated not as a single juristic category but as a family of instruments whose qualification as māl and as a valid object of sale (silʿah) depends on exclusive control, an identifiable function, certainty of quantity, and the possibility of actual or constructive possession; the currency function is the hardest to reconcile with Islamic monetary criteria and with Indonesian currency law. Second, price volatility alone does not amount to gharar, whereas structural opacity, unreliable custody, leveraged trading, and derivative structures move crypto markets closer to prohibited gharar and maysir. The comparison with Malaysia shows that embedding Sharia determination within the capital-market regulator produces a more predictable, function-based framework than the Indonesian separation between religious fatwa and state regulation. The article concludes by proposing a Sharia-screening layer for the list of tradable assets, disclosure and custody safeguards, restrictions on leverage and derivatives, and institutional channels between fatwa authorities and the Financial Services Authority (OJK).]]>
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