Zakah and Waqf for Cryptocurrency in Islamic Law
DOI:
https://doi.org/10.29240/jhi.v7i1.4229Keywords:
Islamic law, zakah, waqf, cryptocurrency, digital currencyAbstract
Cryptocurrency is a virtual currency based on block chain. Yet, some countries forbid it as a means of payment in transactions. It can only be used as diversification in investment. In fact, cryptocurrency is a liquid asset even though it fluctuates. In Islam, there are different views whether cryptocurrency can be assets or can be zakah, infaq, sadaqah, and waqf. The object of this study is to answer whether the crypto can be al-amwal azzakawiyah or something that can be zakah and waqf which can be maslahah for the society. Another purpose of this research is to enlighten about zakah and waqf managers on what cryptocurrency is for. The theory used is the theory of zakah and waqf in Islam. This is a qualitative study with a conceptual approach and an Islamic law approach. The result of this research is that cryptocurrency can be said as wealth or al-maal that can be zakah, infaq, and waqf because it has fulfilled several requirements to be classified as wealth or al-maal in Islam. Zakah calculation of crypto currency must exceed the nisab 2,5% equivalent to 85 grams of gold, the owned can already be an object of zakah.
Downloads
References
Adam, Mufti Faraz. “Bitcoin: Shariah Compliant.†Amanah Finance Consultancy 2017 (2017): 1–54. https://afinanceorg.files.wordpress.com/2017/08/research-paper-on-bitcoin-mufti-faraz-adam.pdf.
Afrizal, Afrizal, Marliyah Marliyah, and Fuadi Fuadi. “Analisis Terhadap Cryptocurrency (Perspektif Mata Uang, Hukum, Ekonomi Dan Syariah).†E-Mabis: Jurnal Ekonomi Manajemen Dan Bisnis 22, no. 2 (2021): 13–41. https://doi.org/10.29103/e-mabis.v22i2.689.
Amboro, F. Yudhi Priyo, and Agustina Christi. “Prospek Pengaturan Cryptocurrency Sebagai Mata Uang Virtual Di Indonesia (Studi Perbandingan Hukum Jepang Dan Singapura).†Prospek Pengaturan Cryptocurrency Sebagai Mata Uang Virtual Di Indonesia (Studi Perbandingan Hukum Jepang Dan Singapura) 21, no. 2 (2019): 14–40. http://www.ghbook.ir/index.php?name=Ùرهنگ Ùˆ رسانه های نوین&option=com_dbook&task=readonline&book_id=13650&page=73&chkhashk=ED9C9491B4&Itemid=218&lang=fa&tmpl=component%0Ahttp://www.albayan.ae%0Ahttps://scholar.google.co.id/scholar?hl=en&q=APLIKASI+PENGENA.
Ammous, Saifedean. “Can Cryptocurrencies Fulfil the Functions of Money?†Quarterly Review of Economics and Finance 70 (2018): 38–51. https://doi.org/10.1016/j.qref.2018.05.010.
Asnaini, Asnaini, and Riki Aprianto. “Kedudukan Harta Dan Implikasinya Dalam Perspektif Al-Qur’an Dan Hadis.†Al-Intaj : Jurnal Ekonomi Dan Perbankan Syariah 5, no. 1 (2019): 15. https://doi.org/10.29300/aij.v5i1.1713.
Auda, Jasser. Maqashid Al-Shariah As Philosophy Of Islamic Law A Syatem Approach. London: the international institute of islamic thought, 2007.
Barkatulla, Mufti Abdul Kadir. “How Does Sharia View Crypto-Currencies?†Ebrahim College, 2016. https://ebrahimcollege.org.uk/how-does-sharia-view-crypto-currencies/.
Billah, Mohd Ma’Sum. “SWOT Analysis of Halal Cryptocurrency Structure.†In Halal Cryptocurrency Management, edited by M. Billah. Cham: Palgrave Macmillaln, 2019.
Bintarto, Muhammad al Ikhwan. “Implementasi Pembiayaan Mudharabah Untuk Kegiatan Usaha Masyarakat Sebagai Upaya Pemulihan Ekonomi Nasional Akibat Pandemi Covid-19.†Jurnal Ilmiah Ekonomi Islam 7, no. 2 (2021): 571–76. https://doi.org/10.29040/jiei.v7i2.2489.
Didin Hafidhudin. Zakat Dalam Perekonomian Modern. 1st ed. Jakarta: Gema Insani Press, 2002.
Grabowski, Mark. Cryptocurrencies : A Primer on Digital Money. Cryptocurrencies, 2019. https://www.taylorfrancis.com/books/mono/10.4324/9780429201479/cryptocurrencies-mark-grabowski.
Habib, Farrukh, and Salami Saheed Adekunle. “Case Study of Bitcoin and Its Halal Dimension.†In Halal Cryptocurrency Management, edited by m. billah. Cham: Palgrave Macmillan, 2019.
Haq, Fachriey Imanul. “Konsep Hifdhu al-Amwal Ibnu Asyuur.†Accessed November 16, 2021. https://mahadali.umy.ac.id/2020/11/04/konsep-hifdhu-al-amwal-ibnu-asyuur/.
Harahap, Eka Purnama, Qurotul Aini, and Reza Khaerul Anam. “Pemanfaatan Teknologi Blockchain Pada Platform.†Technomedia Journal (TMJ) 4, no. 2 (2020).
Hasan, Ahmad. Mata Uang Islami Telaah Komprehensif Sistem Keuangan Islam. 1st ed. Jakarta: Raja Grafindo Persada, 2005.
Irfan Syauqi Beik, Mohammad Soleh Nurzaman Sari, and Aisha Putrina. “Zakat Standard Framework of Halal Cryptocurrency.†In Halal Cryptocurrency Management, edited by Mohd Ma‘Sum Billah. Cham: Palgrave Macmillan, 2019.
Irfan Syauqi Beik, Muhammad Hasbi Zaenal Priyesta Rizkiningsih. “Waqf Led Halal Cryptocurrency Model.†In Halal Cryptocurrency Management, edited by M. Billah. Cham: Palgrave Macmillaln, 2019.
Kasdi, Abdurrohman. Fiqih Wakaf Dari Wakaf Klasik Hingga Wakaf Produktif. yogyakarta: Idea Press, 2017.
Kusuma, Teddy. “Cryptocurrency Dalam Perdagangan Berjangka Komoditi Di Indonesia Perspektif Hukum Islam.†Tsaqafah 16, no. 1 (2020): 109. https://doi.org/10.21111/tsaqafah.v16i1.3663.
Miller, Douglas, Peter Mockel, Gordon Myers, Vijaya Ramachandran, and Thomas Rehermann. “Blockchain: Opportunities for Private Enterprises in Emerging Markets,†no. January (2019).
Mutmainah, Lu’liyatul, Nurwahidin, and Nurul Huda. “Waqf Blockchain in Indonesia: At A Glance.†Al-Awqaf : Jurnal Wakaf Dan Ekonomi Islam 14, no. 1 (2021): 31–49.
Oscar, Darmawan, Rosse, and Sintha. Bitcoin Trading for Z Generation Cara Gaul Mengenal Dan Trading Bitcoin. 1st ed. Jakarta: Jasakom Publisher, 2017.
Priyatno, Prima Dwi, Isti Nuzulul Atiah. “Melirik Dinamika Cryptocurrency Dengan Pendekatan Ushul Fiqih.†Jurnal Ilmiah Ekonomi Islam 7, no. 03 (2021): 1682–88.
Rohim, Ade Nur, Hendri Tanjung, and Irfan Syauqi Beik. “Analisis Fiqh Pola Penyaluran Zakat†7308 (1978): 217–36.
Rozalinda. Ekonomi Islam: Teori Dan Aplikasinya Pada Aktifitas Ekonomi. 4th ed. Jakarta: Raja Grafindo Persada, 2014.
Siswantoro, Dodik, Rangga Handika, and Aria Farah Mita. “The Requirements of Cryptocurrency for Money, an Islamic View.†Heliyon 6, no. 1 (2020): 1–9. https://doi.org/10.1016/j.heliyon.2020.e03235.
Umam, Ahmada Khoirul, Onny Herlambang Putra, and Ira Humaira Hany. “Dinamika Cryptocurrency Dan Misi Ekonomi Islam.†An-Nisbah: Jurnal Ekonomi Syariah 07, no. 2 (2020): 366–86.
Wanto, Deri, and Rahmad Hidayat. “Maqasid Shariah’s Change as Theory: From Classical to Cotemporary Maqasid Shariah Deri.†Al-Istinbath: Jurnal Hukum Islam 6, no. 2 (2021): 427–54. doi: http:dx.doi.org/10.29240/jhi.v6i2.3122 Received:
Wong, Wee Seng, Dennis Saerbeck, and Dante Delgado Silva. “Cryptocurrency: A New Investment Opportunity? An Investigation of the Hedging Capability of Cryptocurrencies and Their Influence on Stock, Bond and Gold Portfolios.†SSRN Electronic Journal, no. 2611450 (2018). https://doi.org/10.2139/ssrn.3125737.
Zulkhibri, Muhamed. “Halal Cryptocurrency and Financial Stability.†In Halal Cryptocurrency Management, edited by M. Billah. Cham: Palgrave Macmillaln, 2019.
Downloads
Published
How to Cite
Issue
Section
Citation Check
License
Authors who publish with Al-Istinbath : Jurnal Hukum Islam agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a CC BY-SA 4.0 Deed | Attribution-ShareAlike 4.0 International | Creative Commons (CC BY-SA 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).