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ISLĀMIYYĀT 45(1) 2023: 37 - 46
(https://doi.org/10.17576/islamiyyat-2023-4501-04)
Cryptocurrency According to The Principles of Usul Al-Fiqh:
A Critical Analysis by Mohd Daud Bakar
Mata Wang Kripto Menurut Prinsip-prinsip Usul Fiqh: Analisis Kritis oleh Mohd Daud Bakar
There are various views concerning the cryptocurrency issue. The majority of scholars and world Islamic bodies, such
as Dar al-Iftā ‘al-Miṣriyyah (Egypt), Dar al-Iftā’ al-Falasteeniyya (Palestine) and the Turkish Directorate of Religious
Aairs, do not permit cryptocurrency for various reasons, including the existence of uncertainty (gharar), risk (khatar)
and the fact that it facilitates (wasilah) the crime of fraud and money laundering. However, some Islamic nancial
and religious scholars do permit it. One scholar who views cryptocurrency positively and believes that it should be
permitted is Mohd Daud Bakar, who is the Chairperson of the Shariah Advisory Council of Securities Commission
Malaysia (SC) and former Chairperson of the Shariah Advisory Council for Bank Negara Malaysia (BNM). He is also
former President of the International Islamic University (IIUM) and the chairperson or international Shariah advisor
at various nancial institutions around the world, including the S&P Islamic Index and Dow Jones Islamic Market
Index (New York). His extensive experience of more than 25 years in this dynamic eld has made him a leading and
important reference expert. In 2015, in a report released by the Global Islamic Finance Report (GIFR), he ranked sixth
among the world’s 10 Islamic nance experts. This success has made him an expert, not only in the eld of Usul al-Fiqh
which is the core knowledge base of Islam, but also beyond the eld of Islamic nance and law. This paper analyses
the validity of Mohd Daud Bakar’s views on cryptocurrencies within the scope of Usul al-Fiqh according to the ‘illah,
‘urf, sad zarai’ and fatḥ zarāi’ methods. This qualitative study had obtained data from Facebook Live video recordings,
reports and articles, which were then analysed using the descriptive content analysis method. It can be concluded from
an ‘illah (legal operative cause) aspect that there is no acceptable ‘illah for banning this currency. From the point of
view of al-’urf, cryptocurrencies are acceptable and do not contradict the principles of Shariah. Whereas from the point
of view of sad zarāi’, this study found no solid evidence that it could lead to deleterious circumstances other than mere
conjecture and assumption, hence, the introduction of cryptocurrencies should be permitted or made accessible. He
also suggested the use of the fath zarāi’ method, which is better suited for creating opportunities for innovation and
creativity of nancial products based on nancial technology (ntech). Finally, he mentioned about the permissibility of
cryptocurrency as a medium of exchange even if it does not become the legal currency of a country.
Keywords: Crypto; Usul al-Fiqh; Daud Bakar; Fintech; Currency
Terdapat pelbagai pandangan dalam isu mata wang kripto. Majoriti ulama dan badan Islam dunia antaranya seperti
Dar al-Iftā’ al-Miṣriyyah, Dar al-Iftā’ al-Falasteeniyya, Palestin dan Direktorat Hal Ehwal Agama Turki tidak
mengharuskannya dengan pelbagai sebab antaranya ia mengandungi ketidakpastian (gharar), berisiko (khatar) dan
memudahkan (wasilah) jenayah penipuan dan pengubahan wang haram (money laundering). Manakala sebahagian
ulama dan cendekiawan kewangan Islam mengharuskannya. Antara yang mengharuskannya ialah Mohd Daud Bakar
yang merupakan Pengerusi Majlis Penasihat Syariah Suruhanjaya Sekuriti Malaysia (SC) dan mantan Pengerusi Majlis
Penasihat Syariah (MPS) Bank Negara Malaysia (BNM). Beliau juga merupakan mantan Presiden Universiti Islam
Antarabangsa (UIAM) dan merupakan pengerusi atau penasihat syariah bertaraf antarabangsa di pelbagai institusi
kewangan seluruh dunia termasuk S & P Islamic Index and Dow Jones Islamic Market Index (New York). Pengalaman
luas lebih daripada 25 tahun dalam bidang ini menjadikan beliau rujukan utama dan penting dalam bidang yang dinamik
38
Islāmiyyāt 45(1(
ini. Pada tahun 2015, dalam laporan yang dikeluarkan oleh Global Islamic Finance Report (GIFR), beliau menduduki
tempat keenam dalam kalangan 10 pakar kewangan Islam dunia. Kejayaan ini juga meletakkan beliau sebagai pakar
rujuk bukan sahaja dalam bidang Usul Fiqh iaitu ilmu teras beliau, bahkan melangkaui bidang kewangan Islam dan
undang-undang. Kertas ini menganalisis keabsahan pandangan Mohd Daud Bakar tentang mata wang kripto dalam
skop Usul Fiqh. Ini termasuklah kaedah illah, ’urf, sad zarāi’ dan fatḥ zarāi’. Kajian ini adalah kajian kualitatif
dan data yang diperolehi melalui rakaman video Facebook Live, kertas laporan dan artikel dianalisis menggunakan
metod analisis kandungan secara deskriptif. Kesimpulannya, dari segi illah, tiada illah yang tepat bagi pengharaman
mata wang ini. Dari sudut al-’urf, mata wang kripto adalah diterima dan tidak bercanggah dengan prinsip syara’.
Mana kala dari sudut sad zarāi’, penulisan ini mendapati tiada bukti kukuh yang menyatakan ia membuka pintu
kepada kemudaratan melainkan hanya sangkaan dan andaian semata-mata, justeru ia tidak perlu disekat. Beliau turut
mencadangkan penggunaan kaedah fath zarāi’ yang lebih sesuai digunakan bagi membuka ruang bagi inovasi dan
kreativiti dalam produk kewangan berasaskan teknologi kewangan (ntech). Akhirnya, beliau menyatakan keharusan
mata wang kripto sebagai satu medium pertukaran sekalipun tidak mencapai tahap mata wang sah bagi sesebuah
negara.
Kata kunci: Kripto; Usul al-Fiqh; Daud Bakar; teknologi kewangan; mata wang
(gharar fāhisyhmaisir
jahālah) (Dar
Affairs stated that cryptocurrencies are prone to
the criteria of an asset (mal mutaqawwam
(umlahthamaniyyah
ethereum
locus andi in
Crypto Currency
Crypto Currency
Cryptocurrency According to The Principles of Usul Al-Fiqh: A Critical Analysis by Mohd Daud Bakar
39
specifically focus on the Usul al-Fiqh principles
applied in the debate on the cryptocurrency issue
childhood has shaped his personality and expanded his
on the cryptocurrency issue because of his direct
surprising that he possesses the authority to present
40
Islāmiyyāt 45(1(
book “Anak Desa ke Persada Antarabangsa
and “Kembara Ilmu Dari Sg. Korok ke St. Andrews”
Blockchain & Distributed Ledger Technology:
Based on the background and expertise of Mohd
such as al-ūrf and fatḥ zarāi’
\
cryptocurrency acts as a tool that assists in the
‘illah
‘illah
(jahalah
fatwa
Cryptocurrency According to The Principles of Usul Al-Fiqh: A Critical Analysis by Mohd Daud Bakar
Cryptocurrencies are also alleged to facilitate
is the basis for banning cryptocurrencies according to
cryptocurrencies should be banned as they contain
being regulated by any authority because they are digital
‘illah
the concept of maqāsid syari’ah
ḥifz al-māl
ḥifz al-māl
Uncertainty (Gharar) And Risks (Khatar)
issue of uncertainty (gharar) found in cryptocurrencies
gharar
that exists in the goods for sale (al-mabi’
stated that gharar is protected by the situation and
gharar) is present in a cryptocurrency and
gharar
gharar khatar
khatar) and uncertainty (gharar) but
Islāmiyyāt 45(1(
that khatar
muḍārabahmurābaḥah
al-mubarrir li al-ribḥ)
as in the al-ghurm bi al-ghunm
‘illah
khilābah) and
khidā’
Another ‘illah underlying the policy of banning
al-thaman
of account holders so that it can be counted as a
society” (al-mithāqiah al-ijtimā’iah
purchase of plane tickets that can be exchanged or
this perception could be true if digital currency
Sad Zarāi’ and Fatḥ Zarāi’
should be banned tend to use the sad zarāi’
They argue that because the cryptocurrency is not
According to sad zarāi
Cryptocurrency According to The Principles of Usul Al-Fiqh: A Critical Analysis by Mohd Daud Bakar
43
Sad zarāi’
mukhtalaf h
sad zarāi’
can lead to mafsadahmafsadah
mafsadah
sad zarāi’
sad zarāi’
fatḥ zarāi
fatḥ zarāi
zarāi’ (wasilah-wasilah) if
maṣlaḥah) because it is
syara’
fatḥ zarāi’
al-zarī’ah
wasīlahmaqāsid
Source
that the currency is easily hacked is unfounded because
the necessity for cryptocurrency is al-ibāḥah al-
aṣliyyahal-aṣlu al-asyā ’al-ibaḥah
44
Islāmiyyāt 45(1(
Bakar is al-’urfal-’urf as a
defined al-’urf
al-’urf
Al-’urf is one of the techniques
wahyu
Referring to the al-’urf
‘urf
order to ensure that this ‘urf
is that it cannot contradict any decree or text (nas) of
Utusan Malaysia
Kedinamikan Syariah, Fintech Is-
lam dan Rangkuman Kewangan Melalui E-Dompet
Cryptocurrency According to The Principles of Usul Al-Fiqh: A Critical Analysis by Mohd Daud Bakar
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