EXAMINING MAISIR ELEMENTS IN THE CRYPTO WORLD: IMPLICATIONS OF INDONESIA’S MUI FATWA NO. 1 OF 2022

Abstract

The rapid expansion of cryptocurrency as a global financial instrument has raised significant concerns among Islamic legal authorities, particularly regarding the presence of maisir (gambling), gharar (excessive uncertainty), and dharar (harm) in its mechanisms. This article examines the status of Bitcoin and similar digital assets in light of MUI Fatwa No. 1 of 2022, which classifies cryptocurrency as prohibited when used as currency or as a speculative investment lacking underlying value. Through a qualitative analysis of fatwas, regulatory frameworks, and comparative literature from Indonesia and Malaysia, the study identifies fundamental reasons behind the categorization of cryptocurrency—especially Bitcoin—as containing elements of maisir, notably extreme price volatility, speculative trading behavior, and the absence of intrinsic or asset-backed value. The paper further compares Bitcoin to forex trading, highlighting distinctions in risk structure, underlying assets, and sharia contract compliance. While spot forex may be permissible under the al-ṣarf contract when conducted for legitimate exchange purposes, margin-based or derivative forex instruments are classified as haram due to speculative and riba-based elements. In contrast, Bitcoin predominantly operates within a speculative framework that resembles a zero-sum game, thereby meeting maisir criteria. A comparative analysis with Malaysia’s Muzakarah Council and Shariah Advisory Council reveals a more accommodative regulatory stance, allowing cryptocurrency under strict supervision and platform licensing. Malaysia’s conditional permissibility approach contrasts with Indonesia’s prohibitive stance yet reflects a shared objective: minimizing public harm and preventing gambling-like practices in digital finance. The study concludes that, under current market conditions, Bitcoin investment as practiced widely today aligns strongly with maisir and is therefore prohibited according to MUI. Nevertheless, technological and regulatory developments—particularly asset-backed digital tokens and improved governance—may influence future sharia assessments. This suggests a dynamic interpretative space in which Islamic legal reasoning continues to engage with evolving financial innovations.