This analysis examines the implementation of fiqh muamalah in digital financial transactions, specifically assessing sharia compliance in e-wallets, sharia fintech, and cryptocurrency assets

Abstract

The swift advancement of information technology has transformed the realm of financial transactions, leading to the emergence of innovations such as e-wallets, Islamic fintech, and cryptocurrency assets. This invention provides convenience, efficiency, and accessibility, although it also presents new issues for fiqh muamalah. This essay seeks to examine the degree of application of fiqh muamalah principles in diverse digital financial transactions. This research employs a qualitative methodology, incorporating literature reviews and comparative analyses of the operational attributes of several digital financial instruments. The study's findings indicate that e-wallets necessitate rigorous oversight of fund origins and the possibility of concealed usury. Islamic fintechs, being fundamentally sharia-compliant, must provide comprehensive adherence from upstream to downstream processes. Crypto assets pose intricate issues about intrinsic value, gharar, and speculative potential that do not align with Sharia principles, notwithstanding attempts to create Sharia-compliant cryptocurrencies. This article advocates for a definitive regulatory framework and fatwas from Sharia authorities to guarantee adherence and promote sustainable and ethical digital financial innovation in alignment with Islamic values