کرپٹو کرنسی کی شرعی حیثیت:فقہِ شافعی کے اصولِ بیع و شراء کی روشنی میں ایک جامع تحقیقی مطالعہ

The Status of Crypto currency in Islamic Law: A Research Evaluation in Perspective of the Principles of Buying and selling in Shafi'i jurisprudence

Abstract

This study examines the Shariah-compliant status of cryptocurrencies within the framework of Shafi‘i jurisprudence, particularly focusing on the principles of buying and selling (bi‘a wa-shira’). With the rise of digital finance, decentralized financial systems, and blockchain-based assets such as Bitcoin and Ethereum, traditional concepts of wealth and ownership have been challenged. Cryptocurrencies are intangible digital codes whose value depends on market perception, making them a subject of scholarly investigation. By analyzing primary Shafi‘i texts—including Al-Umm, Al-Majmu‘ Sharh al-Muhadhdhab, Tuhfat al-Muhtaj, and Mughni al-Muhtaj—this study evaluates cryptocurrencies in light of key jurisprudential concepts: the definition of wealth, contractual conditions of sale, possession (qabḍ), gharar (excessive uncertainty), riba (usury), and maysir (gambling). The findings indicate that cryptocurrencies can be recognized as ‘urfī (conventionally accepted) assets, provided that possession is secure, uncertainty is minimized, and transactions are conducted with permissible intention. However, excessive speculation, market manipulation, or lack of regulatory safeguards may render transactions non-compliant. The study concludes that cryptocurrencies are conditionally permissible under Shafi‘i principles, emphasizing the necessity of regulatory stability, clear ownership, and avoidance of excessive risk. The research provides guidance for scholars, investors, and regulators seeking to reconcile modern digital financial instruments with classical Islamic legal standards.