Institutional Repository UIN Sunan Kalijaga YogyakartaTRANSAKSI FINANCIAL MARKET DIGITAL DI INDONESIA PERSPEKTIF FIQIH MUAMALAH DAN HUKUM POSITIF STUDI PADA BITCOIN DAN GOLD SEBAGAI REPRESENTASI PASAR CRYPTO DAN FOREXNIM.: 22103080110Imam Muttaqin AminauthorThe disruption of financial technology has given rise to new digital investment instruments, such as Crypto Assets (Bitcoin) and derivative gold Futures Trading (XAU/USD), which have raised quite complex legal issues within society. Therefore, this research addresses three main issues: first, how fiqh muamalah views digital financial market transactions, specifically Bitcoin and Gold (XAU/USD); second, how Indonesian positive law views these transactions; and third, the compatibility between fiqh muamalah and Indonesian positive law regarding their transaction practices. This study aims to deeply analyze these perspectives concerning the transaction mechanisms, asset legality, and the protection of market participants in both instruments. This type of research is normative juridical research combined with empirical elements. The approaches used to examine this issue include a statute approach and a conceptual approach. The main data sources focus on literature studies of state regulations, such as Laws and Bappebti Regulations, as well as fiqh muamalah literature. In addition, this research is also supported by primary empirical data obtained through direct interviews with trading practitioners. All collected data are then analyzed using a qualitative comparative method to formulate comprehensive conclusions. The research findings show that: First, from the perspective of Positive Law, Bitcoin and Gold Futures (XAU/USD) transactions are valid and legal. The state recognizes Bitcoin as a futures commodity under the supervision of Bappebti and OJK, and acknowledges its economic value through the imposition of taxes regulated in the Minister of Finance Regulation (PMK) No. 68/PMK.03/2022. The security of investors' funds is guaranteed through a Segregated Account mechanism. Second, from the perspective of Fiqh Muamalah, there is a difference in legal status. Bitcoin transactions in the physical market (Spot Market) are deemed permissible (mubah) because they meet the criteria of property (mal mutaqawwam) and the validity of electronic handover (qabdh). Conversely, Gold transactions (XAU/USD) with a Leverage Trading scheme are unlawful (haram/fasid) because they fail to meet the cash requirement (yadan bi yadin) due to the absence of physical delivery (non-delivery), the combination of debt and sale contracts (bai' wa salaf) in the leverage feature which triggers Riba Qardh, and the dominance of speculation (Maysir).297.273 Ekonomi Islam / Fiqih Muamalah2026-04-07UIN SUNAN KALIJAGA YOGYAKARTA;FAKULTAS SYARI’AH DAN HUKUMThesis

For work being deposited by its own author: In self-archiving this collection of files and associated bibliographic metadata, I grant Institutional Repository UIN Sunan Kalijaga Yogyakarta the right to store them and to make them permanently available publicly for free on-line. I declare that this material is my own intellectual property and I understand that Institutional Repository UIN Sunan Kalijaga Yogyakarta does not assume any responsibility if there is any breach of copyright in distributing these files or metadata. (All authors are urged to prominently assert their copyright on the title page of their work.)

For work being deposited by someone other than its author: I hereby declare that the collection of files and associated bibliographic metadata that I am archiving at Institutional Repository UIN Sunan Kalijaga Yogyakarta) is in the public domain. If this is not the case, I accept full responsibility for any breach of copyright that distributing these files or metadata may entail.

Clicking on the deposit button indicates your agreement to these terms.