Riba in Maqāṣid-Based Exegesis: Evaluating the Viability of Cryptocurrency as an Islamic Financial Instrument
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2760-2780
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10.58578/alsys.v6i5.11958
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Authors:Satriawan1*, Siti Asiah2, Muhyidin Azmi3
Copyright :Authors retain copyright and grant the journal right of first publication.
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Abstract
The rapid growth of cryptocurrency as a digital financial instrument raises fundamental questions regarding its compatibility with Islamic legal principles, particularly the prohibitions of riba, gharar, and maysir. This study examines the concept of riba through maqāṣidī exegesis, identifies the characteristics and functions of cryptocurrency as a financial instrument, and applies a maqāṣidī analytical framework to assess its Shariah eligibility. Employing qualitative library research with a descriptive-analytical method, the study examines Qur’anic verses concerning riba, classical and contemporary tafsīr works, and digital finance literature as primary and secondary sources. The findings demonstrate that, from a maqāṣidī perspective, the prohibition of riba is not confined to the formal existence of an increment in a transaction but is grounded in four substantive considerations: economic injustice, exploitation, the undermining of wealth preservation (ḥifẓ al-māl), and social destabilization. Accordingly, cryptocurrency cannot be classified as categorically permissible or prohibited; its legal status requires a graduated assessment based on its underlying mechanism and intended use. Real-asset-backed stablecoins tend toward conditional permissibility, while spot transactions involving cryptocurrencies with genuine utility may be permissible under appropriate supervision. By contrast, the widespread use of Bitcoin as a medium of exchange raises concerns ranging from reprehensibility to conditional prohibition, whereas interest-bearing DeFi lending, crypto derivatives, and fraudulent digital schemes are deemed prohibited. The study concludes that maqāṣidī exegesis provides a more adaptive evaluative framework than reliance on classical analogical reasoning alone for addressing digital financial innovation. This framework contributes to contemporary Islamic finance scholarship by enabling context-sensitive Shariah assessment of cryptocurrency instruments according to their mechanisms, purposes, risks, and socioeconomic consequences.
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