REVIEW OF PURCHASING AND SELLING NFTS IN ISTIHSAN
DOI:
https://doi.org/10.21580/jish.v8i2.17245Keywords:
Non-Fungible Token, Istihsan, Maqashid Syari’ahAbstract
Abstract
So far, NFTs have been defined as digital tokens that are shaped like ownership certificates for virtual and physical assets. These NFTs are usually traded online and are often paid for using cryptocurrencies, especially Ethereum. However, the problem is that in 2021 the MUI issued a fatwa that cryptocurrency is illegal. This is because it there are elements of qimar, dharar, and gharar. For this reason, it is necessary to study the methodology of Islamic law regarding Non-Fungible Tokens (NFT) through istihsan (juristic preference). This study uses a qualitative approach. The data were collected from library study, documentation and observation. In analyzing the data used descriptive-analytic analysis with the approach used is ushuliyah. This study revealed that from istihsan point of view, transactions using Non-Fungible Tokens are permitted. This is because, from Qiyas Khafi perspective, NFT is known as the underlying assets of the transaction. Up to the operational level, if qiyas khafi is of greater benefit, then qiyas jali may be abandoned. What is used is qiyas khafi to maintain the principles of maqasid shari'a. Therefore, within the istihsan framework, Non-Fungible Token transactions are allowed through qiyas khafi due to an element of greater benefit.
Keywords: Non-Fungible Token Transaction; Istihsan; Maqasid Shari’a,
Abstrak
Selama ini NFT didefinisikan sebagai token digital yang berbentuk seperti sertifikat kepemilikan untuk aset virtual dan fisik. NFT ini adalah biasanya diperdagangkan secara online dan sering dibayar untuk menggunakan cryptocurrency, khususnya Ethereum. Namun yang menjadi persoalan ialah pada tahun 2021 MUI pernah memfatwakan haram penggunaan cryptocurrency karena mengandung unsur gharar, dharar, dan qimar. Untuk itu, diperlukan kajian metodologi hukum Islam tentang Non-Fungible Token (NFT) melalui istihsan. Penelitian ini menggunakan pendekatan kualitatif. Sementara metode pengumpulan data yang dipakai dalam penelitian ini adalah metode literatur, dokumentasi dan observasi. Dalam menganalisis data yang telah dikumpulkan, peneliti menggunakan analisis deskriptif-analitis dengan pendekatan ushuliyah. Hasil penelitian ini menyatakan bahwa dalam tinjauan istihsan, transaksi dengan menggunakan Non-Fungible Token diperbolehkan. Hal ini dikarenakan dalam tinjauan qiyas khafi, NFT dikenal asset yang mendasari transaksi tersebut (underlying assets). Hingga dalam tataran operasionalnya, bila qiyas khafy lebih besar manfaatnya, maka qiyas jaly itu boleh ditinggalkan dan yang dipakai adalah qiyas khafy demi terpeliharanya prinsip-prinsip maqasid syari’ah. Oleh karena itu, dalam kerangka istihsan, transaksi Non-Fungible Token diperbolehkan melalui qiyas khafi dikarenakan adanya unsur maslahat yang lebih besar.
Keywords: Non-Fungible Token; Istihsan; Maqashid Syari’ah.Downloads
References
Al-Sarakshi. Ushul Al-Sarakhsi,. Kuwait: Dar al-Qalam, 1977.
Al-Syatibi, Abu Ishaq. Al-Muwafaqat Fi Ushul Al-Syari’ah. Mesir: Dar al-Fikr al-Araby, 1973.
Ante., Lennart. “‘The Non-Fungible Token (NFT) Market and Its Relationship with Bitcoin and Ethereum.’” FinTech 1, no. 3 (2022): 216–24.
Ardhi Barkah Apandi, Muhammad Iqbal Fasa, and A. Kumedi Ja’far. “‘Legalitas Dan Pandangan Majelis Ulama Indonesia Terhadap Bitcoin Sebagai Alat Transaksi.’” Reslaj: Religion Education Social Laa Roiba Journal 2, no. 4 (2022): 311–20.
Beyer, Gerry W. “‘Non-Fungible Tokens: What Every Estate Planner Needs to Know.’” Available at SSRN (2021) 2021 (n.d.): 2.
Bloch, David S. “‘Non-Fungible Tokens: A Solution to the Challenges of Using Blockchain Bills of Lading in the International Sales of Goods.’” Journal of Law, Market & Innovation 1, no. 1 (2022): 44–65.
Coggan, Georgia. “‘What Are NFTs? Non-Fungible Tokens Explained,’ Creative Blog; ‘Art and Design Inpiration,’” n.d.
Dowling, M. “Is Non-Fungible Token Pricing Driven by Cryptocurrencies?.” Finance Research Letters 44 (2022): 1–6.
Dowling, Michael. “Is Non-Fungible Token Pricing Driven by Cryptocurrencies?.” Finance Research Letters 44 (2022): 1–6.
Febriandika, Nur Rizqi, Fadli Fadli, Denizar Abdurrahman Mi’raj. “‘How Are NFT (Non-Fungible Token) Transactions Reviewed According to Islamic Law?.’” Borobudur Law Review 4, no. 1 (2022): 1–12.
Gallagher, Jacob. “‘NFTs Are the Biggest Interest Craze. Do They Work for Sneakers.’” The Wall Streeat Jounal, 2021, 224.
Hisny, Nur Fadilah, Masruroh Masruroh, Febby Putri Marini, Weby Khamelia, Fajrussalam. “"Pandangan Islam Terhadap NFT Di Era Digital.” AS-SABIQUN 4, no. 1 (2022): 151–62.
Hisny Fajrussalam, Nur Fadilah, Masruroh Masruroh, Febby Putri Marini, Weby Khamelia. “‘Pandangan Islam Terhadap NFT Di Era Digital.’” AS-SABIQUN 4, no. 1 (2022): 151–62.
ʻAbd al-Wahhab Khallaf. ‘Ilm Al-Usul Al-Fiqh. Indonesia: al-Haramayn, 2004.
Imron, Mohammad Farid Fad and Ali. “‘A Halal Cryptocurrency Model Under the Maqashid Al-Shari’ah Scheme.’” Journal of Islamic Economics Lariba 8, no. 1 (2022): 229–41.
Jon Truby, Rafael Dean Brown, Andrew Dahdal, and Imad Ibrahim. “‘Blockchain, Climate Damage, and Death: Policy Interventions to Reduce the Carbon Emissions, Mortality, and Net-Zero Implications of Non-Fungible Tokens and Bitcoin.’” Energy Research & Social Science, no. 88 (2022): 1–14.
Kinanti, Dewi Sulistianingsih and Apriliana Khomsa. “‘Hak Karya Cipta Non-Fungible Token (NFT) Dalam Sudut Pandang Hukum Hak Kekayaan Intelektual.’” KRTHA BHAYANGKARA 1, no. 16 (2022): 197–206.
Kraizberg, Elli. “‘Non-Fungible Tokens: A Bubble or the End of an Era of Intellectual Property Rights.,’” 2022. Available at SSRN 4044957.
Mahler, Zoë M. “‘Why Be a Great Woman Artist When You Could Be Spectacular: The Study of Women Old Masters in the Art History Canon through Art Market Bias.’” PhD Diss., Sotheby’s Institute of Art-New York, 2021, 38.
Mandẓur, Ibn. Lisan Al-‘Arab. Beirut: Dar al-Kutub al-Ilmiyyah, 1999.
Mohd Hafiz Jamaludin, Ahmad Hidayat Buang. “‘Syariah Courts in Malaysia and the Development of Islamic Jurisprudence: The Study of Istihsan.’” International Journal of Nusantara Islam 1, no. 1 (2013): 1–12.
Muhammad Shahrul Ifwat Ishak, Syairazi Muhammad Husni Mohd Sharoni. “‘The Role of Istihsan in Applying Maslahah in Islamic Finance.’” Journal of Islamic Finance 11, no. 1 (2022): 113–20.
Muhammad Sulaiman ‘Abdullah al-Asyraf. Al-Wadhih Fi Ushul Al-Fiqh Lil Mubtadiin. Amman: Dar al-Nafais, n.d.
Noor., Muhammad Usman. “‘NFT (Non-Fungible Token): Masa Depan Arsip Digital? Atau Hanya Sekedar Buble?.’” Pustakaloka 2, no. 13 (2021): 223–34.
Qin Wang, Rujia Li, Qi Wang, Shiping Chen. “‘Non-Fungible Token (NFT): Overview, Evaluation, Opportunities and Challenges.,’” 2021.
Rajan, Kuriakkottu Amalraj. “‘Impact of Non-Fungible Tokens in Digital Assets.’” International Journal of Research in Engineering, Science and Management 3, no. 5 (2022): 74–75.
Shilina, Sasha. “Blockchain and Non-Fungible Tokens (NFTs): A New Mediator Standard for Creative Industries Communication.” Российская Пиарология: Тренды и Драйверы, 2021, 217–25.
Usman W. Chohan. “‘Non-Fungible Tokens: Blockchains, Scarcity, and Value.’” In Critical Blockchain Research Initiative (CBRI) Working Papers, 1–14, 2021.
Valeonti, Foteini, Antonis Bikakis, Melissa Terras, Chris Speed, Andrew Hudson-Smith, and Konstantinos Chalkias. “‘Crypto Collectibles, Museum Funding and OpenGLAM: Challenges, Opportunities and the Potential of Non-Fungible Tokens (NFTs).’” Applied Sciences 11 11, no. 21 (2021): 9931.
Y., Chandra. “Non-Fungible Token-Enabled Entrepreneurship: A Conceptual Framework.” Journal of Business Venturing Insights, no. 18 (2022): 1–9.
Zaidan, Abdul Karim. Al-Wajiz Fi Usul Al-Fiqh. Beirut: Muassasah ar-Risalah, 1996.