TRANSAKSI FINANCIAL MARKET DIGITAL DI INDONESIA PERSPEKTIF FIQIH MUAMALAH DAN HUKUM POSITIF STUDI PADA BITCOIN DAN GOLD SEBAGAI REPRESENTASI PASAR CRYPTO DAN FOREX

Imam Muttaqin Amin, NIM.: 22103080110 (2026) TRANSAKSI FINANCIAL MARKET DIGITAL DI INDONESIA PERSPEKTIF FIQIH MUAMALAH DAN HUKUM POSITIF STUDI PADA BITCOIN DAN GOLD SEBAGAI REPRESENTASI PASAR CRYPTO DAN FOREX. Skripsi thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

The 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).

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