المجلة الجزائرية للمالية الاسلامية

The Shariah Characterization Of Crypto-assets In Islamic Finance: Towards A Normative Framework For Distinguishing Between Property (māl), Digital Asset, And Financial Right

Auteurs : Al-shukri الشكري .

Résumé

This study proceeds from the methodological premise that the Shariah issue associated with crypto-assets does not primarily concern whether they are permissible or prohibited in themselves. Rather, it begins with a more fundamental question concerning their Shariah, economic, and legal nature: whether they constitute valuable property (māl mutaqawwam), digital assets, financial rights, benefits (manfa‘ah), or a combination of these characteristics. To address this issue, the study adopts a composite methodology integrating induction, analysis, foundational reasoning (ta’sil), comparison, Shariah characterization (takyif), and synthesis. This approach seeks to move beyond previous studies that have focused on determining Shariah rulings or surveying juristic opinions without developing a systematic classificatory tool for characterization. The study’s contribution is the development of the MSAR Framework (Sanad–Māl–Raqamī–Asl), a normative framework comprising thirteen analytical stages. These stages begin with the technical definition of the crypto-asset and proceed through tests of financial value and taqwim, ownership, legal entitlement, and possession (qabd), followed by tests of gharar, maysir, and riba, culminating in the final Shariah characterization upon which the ruling is determined. The framework is applied to five cases: an exchange currency, a utility token, a financial-rights token, a non-fungible asset, and a stablecoin. The study concludes that crypto-assets do not constitute a single Shariah category and that their characterization varies according to technical structure, locus of ownership, and the nature of attached rights. It further emphasizes the need to distinguish between the Shariah ruling on the asset itself and the ruling on transactions conducted in relation to it.

Mots clés

Crypto-Assets; Shariah Characterization; Islamic Finance; Property (Māl); Financial Right.