Institutional Repository UIN Sunan Kalijaga YogyakartaANTARA PRODUKSI NILAI RIIL DAN REDISTRIBUSI SPEKULATIF DALAM BITCOIN (STUDI PEMIKIRAN SYAWQI IBRAHIM ABDUL KARIM ALLAM DAN ZIYAAD MAHOMED)NIM.: 21103060066M. Azkiaun Ni AmillahauthorThe development of Bitcoin has generated considerable debate among contemporary muslim scholars regarding its legal status in Islamic law. This debate is not only concerned with the permissibility of Bitcoin as an investment and medium of exchange but also with a more fundamental question: whether the profits generated from Bitcoin represent real value creation or merely a form of speculative redistribution of wealth. Among scholars who hold differing views on Bitcoin are Syawqi Ibrahim Abdul Karim Allam and Ziyaad Mahomed. Their differing perspectives are significant because they are based on distinct understandings of Bitcoin’s characteristics and its implications for the objectives of Islamic law. This study aims to analyze and compare the views of Syawqi Allam and Ziyaad Mahomed on Bitcoin and to examine them through the perspective of maqāṣid al-syarĩ’ah. This research employs a qualitative library research method. Primary data were obtained from the works and fatwas of both scholars, while secondary data were collected from books, academic journals, scholarly articles, and other relevant documents. The data were analyzed using a descriptive-comparative approach with maqāṣid al-syarĩ’ah serving as the analytical framework. The findings reveal that Syawqi Allam considers Bitcoin to contain elements of gharar (uncertainty), maysir (speculation), and significant potential harm, making it closer to speculative redistribution than real value creation. In contrast, Ziyaad Mahomed argues that Bitcoin technology possesses the potential to generate new economic value through efficiency, transparency, and innovation within the digital financial system. Based on the analysis of maqāṣid al-syarĩ’ah, this study concludes that Bitcoin cannot be categorically classified as either an instrument of real value creation or speculative redistribution. Its assessment depends on its purpose, transaction model, and the extent to which it promotes public benefit while minimizing speculative elements that may cause harm to society.340.2 Hukum Perbandingan2026-09-01UIN SUNAN KALIJAGA YOGYAKARTA;FAKULTAS SYARI’AH DAN HUKUMThesis

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