A Maslahah-Based Review of MUI's Fatwa on Cryptocurrency: A Cognizant Human Perspective

Authors

  • Sanuri Sanuri Faculty of Sharia, Universitas Islam Negeri Sunan Ampel
  • Masdar Hilmy Faculty of Sharia, Universitas Islam Negeri Sunan Ampel
  • Nafi’ Mubarok Faculty of Sharia, Universitas Islam Negeri Sunan Ampel
  • Imroatul Azizah Faculty of Sharia, Universitas Islam Negeri Sunan Ampel
  • Yoga Irama Faculty of Sharia, Universitas Islam Negeri Syekh Wasil Kediri
  • Hidayatulloh Hidayatulloh Faculty of Law, University of Miskolc, Hungary

DOI:

https://doi.org/10.18592/sjhp.v25i1.16641

Keywords:

cryptocurrency, MUI, ijtihad, maslahah, human’s cognizant

Abstract

Cryptocurrency is increasingly gaining global popularity, particularly among investors and digital entrepreneurs. In parallel, debates surrounding its permissibility under Islamic law have intensified. The lack of legal clarity among Islamic scholars presents a significant challenge in providing normative guidance. The fatwa issued by the Indonesian Ulema Council (MUI) declaring cryptocurrency haram (unlawful) has drawn criticism for being misaligned with contemporary concepts of maslahah and the evolving digital economy. This study critically examines the MUI's prohibition through the lens of Al-Tufi's human cognition-based theory of maslahah alongside contemporary Muslim scholars who assess legal rulings through contextual considerations of harm (mafsadah) and benefit (maslahah). This research is a literature-based study employing a normative-juridical approach and qualitative analysis, exploring the fatwa through the principles of Islamic jurisprudence, maslahah, and maqasid al-shari'ah while drawing on both classical and contemporary Islamic thought. The findings reveal that the MUI fatwa, based on four legal grounds—gharar (speculation), darar (harm), qimar (gambling), and sil'ah (tradable commodity)—and a rigid textual approach, fails to incorporate a human cognition-based maslahah as a viable alternative to support regulatory clarity and an adaptive formulation of Islamic law responsive to digital innovation. The study recommends prioritizing regulatory and constitutional certainty to enable a more adaptive and progressive Islamic legal response to technological advancement.

References

‘Abd al-‘Aziz Ibn ‘Abd Allah Ibn ‘Abd al-Rahman Ibn Baz. Majmu’ Fatawa Wa Maqalat Mutanauwwi’ah. Vol. 5. Riyad: Dar al-Qasim li al-Nashr, 2004.

'Abd Allah Ibrahim. Al-Imam Shihab al-Din al-Qarafi Wa Atharuh Fi al-Fiqh al-Islami. Beirut: Markaz Dirasat al-‘Ilm al-Islami, 1991.

‘Abd al-Qadir Ibn Badr al-Damshiqi. Al-Madkhal Ila Mazhab al-Imam Ahmad Li ‘Abd al-Qadir al-Damshiqi. ‘Abd Allah Ibn ‘Abd al-Muhsin. Beirut: Muassasah al-Risalah, 1981.

‘Abd al-Wahhab al-Khalaf. Masadir Al-Tashri' Fi Ma La Nass Fiqh. Kuwait: Dar al-Qalam, 1972.

Abdulaziz Sachedina. Islamic Ethics: Fundamental Aspects of Human Conduct. 1st ed. New York: Oxford University Press, 2021.

Abdullah Saeed. "Understanding the Three Abrahamic Faiths: Judaism, Christianity and Islam." Accessed February 12, 2023. https://www.dunedininterfaith.net.nz/Notices050907.php.

Abi Bakar Ahmad al-Husaini Ibn ‘Ali al-Baihaqi. Al-Sunan al-Kubra. 'Abd al-Qadir' Ata. Vol. 6. Bairut: Dar al-Kutub al-‘Ilmiyyah, 2002.

Addi, Lahouari, and Bonnie Einsiedel. The Crisis of Muslim Religious Discourse: The Necessary Shift from Plato to Kant. Routledge Studies in Islamic Philosophy Series. London ; New York: Routledge/Taylor & Francis Group, 2022.

Alfitri. Islamic Law and Society in Indonesia: Corporate Zakat Norms and Practices in Islamic Banks. 1st ed. London: Routledge, 2022. doi:10.4324/9781003183112.

Al-Husain Ibn Muhammad. Nidham Al-Ta’min al-Islami. Beirut: Dar al-Kutub al-‘Ilmiyyah, 2006.

Al-Shams al-Din Ibn al-Qayyim. I'lam al-Muwaqqi'in. Taha ‘Abd al-Ra’uf Sa’ad. Vol. vol 1. Beirut: Dar al-Jil, 1973.

Al-Shatibi. Al-Muwafaqat. Vol. 6. Saudi: al-Maktabah al-‘Arabiyyah al-Su’udiyyah, 1997.

———. Al-Muwafaqat. Abu' Abidah. Vol. 6. Saudi: al-Maktabah al-‘Arabiyyah al-Su’udiyyah, 1998.

Aulia, Mulvi. “Uang Elektronik, Uang Digital (Cryptocurrency) Dan Fatwa Dsn-Mui No.116 Tentang Uang Elektronik.” Al-Mizan : Jurnal Hukum Dan Ekonomi Islam 5, no. 1 (February 13, 2021): 15–32. doi:10.33511/almizan.v5n1.15-32.

Batubara, Maryam, and Muhammad Tho’in. "Transactions of Cryptocurrency in the Perspective of Islamic Finance and Economics." Muqtasid: Jurnal Ekonomi Dan Perbankan Syariah 14, no. 2 (2023): 133–47. doi:10.18326/muqtasid.v14i2.133-147.

Bencic, Federico Matteo, and Ivana Podnar Zarko. "Distributed Ledger Technology: Blockchain Compared to Directed Acyclic Graph." In 2018 IEEE 38th International Conference on Distributed Computing Systems (ICDCS), 1569–70. Vienna: IEEE, 2018. doi:10.1109/ICDCS.2018.00171.

Bucy, E. Page, and R. Lance Holbert. Sourcebook for Political Communication Research: Methods, Measures, and Analytical Techniques. Communications Series. New York: Routledge, 2011.

Burhan al-Din Ibrahim Ibn Ibrahim al-Laqani. Qada’u al-Watri Fi Nazhah al-Nadhri Fi Taudih Nukhbah al-Fikri Fi Mustalah Ahl al-Athar. Muhammad Salim Hashim. Dar al-Kutuh al-‘Ilmiyyah: Beirut, 1971.

Byrd, Dustin J., and Seyed Javad Miri, eds. Syed Hussein Alatas and Critical Social Theory: Decolonizing the Captive Mind. Studies in Critical Social Sciences, Volume 233. Leiden ; Boston: Brill, 2023.

Cindi Mutia Annur. “Deretan Mata Uang Kripto Terbesar Di Dunia Pada Awal 2023, Bitcoin Teratas.” Accessed February 11, 2023. https://databoks.katadata.co.id/datapublish/2023/01/06/deretan-mata-uang-kripto-terbesar-di-dunia-pada-awal-2023-bitcoin-teratas.

Corinne Maier. Childfree Marriage. Canada: McClelland & Stewart, 2009.

DailySocial.id, Marsya Nabila |. “Kemendag Catat 6,5 Juta Orang Investasi Kripto Per Mei 2021 | DailySocial.Id.” Accessed February 11, 2023. https://dailysocial.id/post/kemendag-catat-65-juta-orang-investasi-kripto-per-mei-2021.

Dave, Ashok. "Social Acceptability of the Systems Approach in Educational Planning." Educational Technology 12, no. 2 (1972): 65–67.

Doktoralina, Caturida Meiwanto, and Fikki Mutarotun Nisha. "Mudharabah Deposits among Conventional Bank Interest Rates, Profit-Sharing Rates, Liquidity and Inflation Rates." International Journal of Financial Research 11, no. 1 (2020): 25–33. doi:10.5430/IJFR.V11N1P25.

Drysdale, T. D., and J. Scoles. "Performing Engineering Digital Literacies in Context." SEFI 47th Annual Conference: Varietas Delectat... Complexity Is the New Normality, Proceedings, 2020, 347–59.

DSN-MUI. “Uang Elektronik Syariah.” Fatwa Dewan Syariah Nasional, no. 19 (2017): 1–12.

Eddie. “Investasi Crypto Terus Meningkat, Ini Langkah Asosiasi Blockchain.” Fintechnesia.com | Berita keuangan dan teknologi, July 1, 2021. https://fintechnesia.com/2021/07/01/investasi-crypto-terus-meningkat-ini-langkah-asosiasi-blockchain/.

Eko Sutriyanto. “Bursa Crypto Indonesia Dinilai Bisa Jaga Keamanan Pelaku Trading - TribunNews.Com.” Accessed February 11, 2023. https://www.tribunnews.com/new-economy/2022/01/28/bursa-crypto-indonesia-dinilai-bisa-jaga-keamanan-pelaku-trading.

Faizi. "Are Cryptocurrencies Ḥaram? A Critical Analysis toward MUI's Fatwa." AL-IHKAM: Jurnal Hukum & Pranata Sosial 18, no. 2 (December 29, 2023): 420–42. doi:10.19105/al-lhkam.v18i2.8290.

Farid Esack. Qur'an, Liberation & Pluralism. Oxford: Oneworld, 1997.

Farooq, Mohammad Omar, and Fareed Hadi. "Islam and Business: Beliefs, Values, and Norms." SSRN Scholarly Paper. Rochester, NY, May 1, 2020.

Fenwick, Stewart. Blasphemy, Islam and the State: Pluralism and Liberalism in Indonesia. Abingdon, Oxon ; New York, NY: Routledge, 2017.

Gaikwad, Adityawardhan, and Dr Sushil Mavale. "The Impact of Cryptocurrency Adoption as a Legal Tender in El Salvador." International Journal of Engineering and Management Research 11, no. 6 (December 30, 2021): 112–15. doi:10.31033/ijemr.11.6.16.

Hamid, Abdul. "Abdullah Saeed's Progressive Ijtihad in the Application of Rechtsvinding Judges in Religious Courts." Indonesian Journal of Islamic Law 5, no. 2 (December 30, 2022): 1–17. doi:10.35719/ijil.v5i2.824.

Hasanudin and Nuning Haryati. "Review of the Al-Sharf Academic on the Purchase and Sale Transactions of Digital Cryptocurrency Assets in Tokocrypto Application." IQTISHOD: Jurnal Pemikiran Dan Hukum Ekonomi Syariah 2, no. 2 (October 30, 2023): 102–14. doi:10.69768/ji.v2i2.25.

Hefner, Robert W. "Islam and Covenantal Pluralism in Indonesia: A Critical Juncture Analysis." The Review of Faith & International Affairs 18, no. 2 (April 2, 2020): 1–17. doi:10.1080/15570274.2020.1753946.

Hildir As'ad Ahmad. Nadhriyah Al-Ghish Fi al-‘Aqd. Muhammad Sulaiman Ahmad. Beirut: Dar al-Kutub al-‘Ilmiyyah, 2011.

Huibers, Fred. "Distributed Ledger Technology and the Future of Money and Banking: Banking Is Necessary, Banks Are Not. Bill Gates 1994." Accounting, Economics and Law: A Convivium, 2021. doi:10.1515/AEL-2019-0095.

Ibn Taimiyyah. Mausu’ah Fatawa al-Imam Ibn Taimiyyah Fi al-Mu’amalat Wa Ahkam al-Mal. Ahmad Ibn ‘Abd al-Halim. Egypt: Dar al-Salam li al-Taba'ah wa al-Nashr wa al-Tauzi' wa al-Tarjamah, 2004.

Intifada, Raizza Kinka, and Ahmad Izzuddin. "The Distinctions Of The Beginning Praying Time Calculation By Rinto Anugraha." Al-Hilal: Journal of Islamic Astronomy 3, no. 1 (May 21, 2021): 129–48. doi:10.21580/al-hilal.2021.3.1.7638.

Investment and Finance. "Islamic Finance | What Is the Difference Between Qimar and Maysir?" Accessed February 12, 2023. https://www.investment-and-finance.net/islamic-finance/questions/what-is-the-difference-between-qimar-and-maysir.html.

Irfan, Abbas. “Maqasid Al-Syari’ah Sebagai Sumber Hukum Islam: Analisis Terhadap Pemikiran Jasser Auda.” Al-Manahij: Jurnal Kajian Hukum Islam 7, no. 2 (December 23, 2013): 183–94. doi:10.24090/mnh.v7i2.563.

Irma, Dasih, Sari Maemunah, Saefudin Zuhri, and Nendi Juhandi. "The Future of Cryptocurrency Legality in Indonesia." Journal of Economics and Business Letters 1, no. 1 (June 30, 2021): 20–23. doi:10.55942/jebl.v1i1.87.

Jamaldeen, Faleel, and Joan Friedman. Islamic Finance for Dummies. For Dummies. Hoboken, N.J. : Chichester: Wiley ; John Wiley [distributor], 2012.

Jennifer A. Selby. ‘Secularism’ in the Ontario Sharia Debate.” In The Shari'a: History, Ethics and Law, Muslim Heritage Series. London: I.B. Tauris, 2018.

Jeth Soetoyo. "Cryptocurrency Use May Be Close to Mass Adoption. Watch Experts Speak on the New Asset Class." DealStreetAsia. Accessed February 11, 2023. https://www.dealstreetasia.com/stories/cryptocurrency-summit-video-275109/.

K, Alief. Dasar Investasi dan Trading Cryptocurrency. AK Pedia, 2020.

Kasprzyk, Marcin. "Comparative Review Of Regulatory Framework Of Virtual Currency (Cryptocurrency) In Selected Countries." Review of European and Comparative Law 35, no. 4 (June 16, 2019): 7–26. doi:10.31743/recl.4807.

Katterbauer, Klemens, Hassan Syed, Laurent Cleenewerck, and Sema Genc. "Sharia Compliance of Cryptocurrencies: Data-Driven Sharia Compliance Assessment." Talaa : Journal of Islamic Finance 2, no. 2 (December 30, 2022): 75–85. doi:10.54045/talaa.v2i2.691.

Kiki Saputri. “Kilas Balik Perkembangan Kripto di Indonesia Sepanjang 2021, Artis hingga Pejabat Berlomba Jualan NFT Halaman all.” KOMPAS.com, January 14, 2022. https://money.kompas.com/read/2022/01/14/104500726/kilas-balik-perkembangan-kripto-di-indonesia-sepanjang-2021-artis-hingga.

Kurnaz, Serdar. "The Search for Originality within Established Boundaries—Rereading Najm al-Din al-Ṭūfī (d. 716/1316) on Public Interest (Maṣlaḥa) and the Purpose of the Law." Religions 14, no. 12 (December 2023): 1522. doi:10.3390/rel14121522.

Kurniawan, Andika, Anya Fawnia, Kurnia Indah Damayanti, Nasywa Zhalifunnas Veva, and Shabrina Najla. "Cryptocurrency Under Islamic Law: Assessing Its Halal or Haram Status." FIRM Journal of Management Studies 10, no. 1 (2025): 34–41.

Leonard, C. D. The Future of Cryptocurrency. Cambridge: Len's eBooks, 2018.

Marsya Nabila. “Kemendag Catat 6,5 Juta Orang Investasi Kripto Per Mei 2021.” Accessed February 11, 2023. https://dailysocial.id/post/kemendag-catat-65-juta-orang-investasi-kripto-per-mei-2021.

Mattori, Muhammad, and Rusdiana. “Konsep Maqasid Syariah Jasser Auda Melalui Pendekatan Sistem.” SETYAKI : Jurnal Studi Keagamaan Islam 1, no. 3 (August 25, 2023): 112–25. doi:10.59966/setyaki.v1i3.872.

Mazur, Mieszko. "Non-Fungible Tokens (NFT). The Analysis of Risk and Return." SSRN Scholarly Paper. Rochester, NY, October 31, 2021. doi:10.2139/ssrn.3953535.

Medani, Khalid Mustafa. Black Markets and Militants: Informal Networks in the Middle East and Africa. 1st ed. Cambridge: Cambridge University Press, 2021. doi:10.1017/9781108961011.

Mediatama, Grahanusa. “Pasar Kripto Masuk Masa Pemulihan di 2023, Simak Prediksi Harganya.” kontan.co.id, December 2, 2022. https://investasi.kontan.co.id/news/pasar-kripto-masuk-masa-pemulihan-di-2023-simak-prediksi-harganya.

Mnif, Emna, and Anis Jarboui. "Resilience of Islamic Cryptocurrency Markets to Covid-19 Shocks and the Federal Reserve Policy." Asian Journal of Accounting Research 7, no. 1 (February 21, 2022): 59–70. doi:10.1108/AJAR-01-2021-0004/FULL/PDF.

Mohammad Zen Nasrudin Fajri. Islamic Fintech: Present and Future. Ponorogo: UNIDA Gontor Press, 2020.

Muh. Iqbal. “Resmi Nih, Fatwa MUI: Kripto Seperti Bitcoin Cs Haram!” Accessed February 11, 2023. https://www.cnbcindonesia.com/tech/20211111145640-37-290794/resmi-nih-fatwa-mui-kripto-seperti-bitcoin-cs-haram.

Muhammad al-‘Azawi. Al-Nur al-Sawi Min Faid Sahih al-Imam al-Bukhari. Hasan al-‘Adawi al-Hamzani. Beirut: Dar al-Kutub al-‘Ilmiyyah, 2014.

Muhammad Nasir al-Din al-Bani. Al-Ta’liqat al-Raudiyyah ‘ala al-Raudat al-Nadiyyah. Ali Ibn Hasan Ibn ‘Ali Ibn ‘Ab al-Hamid. Riyad: Dar Ibn ‘Affan li al-Nashr wa al-Tauzi,’ 2001.

Munadi, Munadi, and Budi Iswanto. "The Concept Maslahah of Najamuddin al Tufi and It's Relevance of Sharia Business." IQTISHODUNA: Jurnal Ekonomi Islam 9, no. 2 (April 10, 2020): 151–66. doi:10.36835/iqtishoduna.v9i2.526.

Mustafa Zayd. Al-Maslahah Fi Tashri’ al-Islami Wa Najm al-Din al-Tufi. Kairo: Dar al-Fikr, 1954.

Nitha, Dewa Ayu Fera, and I. Ketut Westra. “Investasi Cryptocurrency Berdasarkan Peraturan Bappebti No. 5 Tahun 2019.” Jurnal Magister Hukum Udayana (Udayana Master Law Journal) 9, no. 4 (December 31, 2020): 712–22. doi:10.24843/JMHU.2020.v09.i04.p04.

Nitha, Dewa Ayu Fera, and I Ketut Westra. “Investasi Cryptocurrency Berdasarkan Peraturan Bappebti No. 5 Tahun 2019.” Jurnal Magister Hukum Udayana (Udayana Master Law Journal) 9, no. 4 (December 31, 2020): undefined-undefined. doi:10.24843/JMHU.2020.V09.I04.P04.

Nurkhatiqah, Atila, Camelia Fitri, and Dhiya Rahmatina. “Bedah Makna, Unsur Dan Aspek Ijaz Al-Quran.” MUSHAF JOURNAL: Jurnal Ilmu Al Quran Dan Hadis 2, no. 2 (February 17, 2022): 150–58. doi:10.54443/MUSHAF.V2I2.29.

Rashid al-Din al-‘Atar. Al-Gharar al-Fawaid al-Majmu’ah Fi Bayani Ma Waqa’a Fi Sahih Muslim Min Ahadith al-Maqtu’ah. Beirut: Dar al-Kutub al-Ilmiyyah, 1996.

Rejeb, Abderahman, Karim Rejeb, and John G. Keogh. "Cryptocurrencies in Modern Finance: A Literature Review." ETIKONOMI 20, no. 1 (February 22, 2021): 93–118. doi:10.15408/etk.v20i1.16911.

Ria Manurung. Sistem Informasi Akuntansi Cryptocurrency Bitcoin. Solok: Insan Cendekia Mandiri, 2021.

Ritonga, Marataon. “Problematika Syafak Dan Fajar Dalam Menentukan Waktu Salat Isyak Dan Subuh.” Al-Marshad: Jurnal Astronomi Islam Dan Ilmu-Ilmu Berkaitan 7, no. 2 (2021): 169–82.

Rothman, Tiran, and Chen Yakar. "Empirical Analysis Тowards the Effect of Social Media on Cryptocurrency Price and Volume." European Scientific Journal ESJ 15, no. 31 (November 30, 2019). doi:10.19044/esj.2019.v15n31p52.

Shazia Ahmad. Migration as a Metaphor for Religious Conversion: A Reinterpretation of Freedom of Conscience and Belief in Colonial India and Pakistan. Michal Jan Rozbichi. London: Littlefield Publishing Group, 2018.

Sirait, Sangkot, Erika Setyanti Kusuma Putri, Evita Yuliatul Wahidah, Benny Prasetiya, and Ulfa Ulfa. "The Contribution of Jasser Auda in Maqashid Al Syari'ah Concept on Islamic Education Psychology." AL-MUADDIB: Jurnal Kajian Ilmu Kependidikan 4, no. 2 (July 4, 2022): 116–34. doi:10.46773/muaddib.v4i2.360.

Subhi R. Mahmassani. The Philosophy of Jurisprudence in Islam. Kuala Lumpur: Open Press, 2000.

Susilo, Didik, Sugeng Wahyudi, Irene Rini Demi Pangestuti, Bayu Adi Nugroho, and Robiyanto Robiyanto. "Cryptocurrencies: Hedging Opportunities From Domestic Perspectives in Southeast Asia Emerging Markets." SAGE Open 10, no. 4 (October 1, 2020): 215. doi:10.1177/2158244020971609.

Tandon, Chahat, Sanjana Revankar, Hemant Palivela, and Sidharth Singh Parihar. "How Can We Predict the Impact of the Social Media Messages on the Value of Cryptocurrency? Insights from Big Data Analytics." International Journal of Information Management Data Insights 1, no. 2 (November 1, 2021): 100035. doi:10.1016/J.JJIMEI.2021.100035.

Trifonova, Silvia, and Svilen Kolev. "Impact of the Fed's Unconventional Monetary Policy on the US Financial Market." Eurasian Journal of Economics and Finance 9, no. 3 (2021): 145–58.

Wahyuni, Desy. “Dampak Inflasi Pada Pinjaman (Qard) Dalam Hukum Perniagaan Islami.” FINANSIA : Jurnal Akuntansi Dan Perbankan Syariah 2, no. 1 (September 12, 2019): 84–101. doi:10.32332/finansia.v2i01.1555.

Wardoyo, Yohana Puspitasari, and Dwi Ratna Indri Hapsari. "Cryptocurrency Assets as a Physical Collateral in Indonesia." Legality : Jurnal Ilmiah Hukum 31, no. 1 (April 10, 2023): 59–71. doi:10.22219/ljih.v31i1.24190.

Wartoyo, and Alvien Septian Haerisma. "Cryptocurrency in The Perspective of Maqasid Al-Shariah." Afkaruna: Indonesian Interdisciplinary Journal of Islamic Studies 18, no. 1 (July 26, 2022): 111–30. doi:10.18196/afkaruna.v18i1.14164.

West, Mark D. Applications of Computer Content Analysis. Greenwood Publishing Group, 2001.

Wronka, Christoph. "Money Laundering through Cryptocurrencies - Analysis of the Phenomenon and Appropriate Prevention Measures." Journal of Money Laundering Control 25, no. 1 (January 1, 2021): 79–94. doi:10.1108/JMLC-02-2021-0017.

Xu, Lei, Lin Chen, Zhimin Gao, Larry Carranco, Xinxin Fan, Nolan Shah, Nour Diallo, and Weidong Shi. "Supporting Blockchain-Based Cryptocurrency Mobile Payment with Smart Devices." IEEE Consumer Electronics Magazine 9, no. 2 (March 1, 2020): 26–33. doi:10.1109/MCE.2019.2953734.

Yohandi, Axel, Nanik Trihastuti, and Darminto Hartono. “Implikasi Yuridis Penggunaan Mata Uang Virtual Bitcoin Sebagai Alat Pembayaran Dalam Transaksi Komersial (Studi Komparasi Antara Indonesia-Singapura).” Diponegoro Law Journal 6, no. 2 (July 26, 2017): 1–19.

Zgurovsky, Mikhail Z., and N. D. Pankratova. System Analysis: Theory and Applications. 2007th edition. Berlin ; New York: Springer, 2007.

ʿAuda, Ǧāsir. Maqasid Al-Shariah as Philosophy of Islamic Law: A Systems Approach. Edited by Jasser Auda. London: The International Inst. of Islamic Thought, 2008.

Downloads

Published

2025-07-30

Issue

Section

Articles