Analytical Sharia Perspectives on Digital Assets: A Systematic Review of Maqasid al-Sharia in the Crypto Era

Abstract

The rapid evolution of decentralized finance and digital assets has created significant legal and ethical challenges within Islamic jurisprudence. This research provides a systematic review of Sharia perspectives on digital assets, utilizing the Maqasid al-Sharia framework to evaluate their legitimacy and utility in the "crypto era." Through a Narrative Literature Review (NLR) of scholarly contributions from 2021-2025, this study examines how digital currencies, tokens, and smart contracts align with the preservation of wealth (hifz al-mal) and the promotion of public interest (maslahah). The findings indicate a spectrum of scholarly opinions, ranging from strict prohibition due to gharar (uncertainty) and maysir (gambling) to conditional acceptance based on their potential to enhance financial inclusion and transparency. This review highlights that the integration of blockchain technology can fulfill the Maqasid of transparency and justice if regulated within a robust Sharia governance framework. The study concludes that an analytical shift from a purely formalistic approach to a purposive Maqasid-based evaluation is essential for navigating the complexities of the digital economy. This research offers a conceptual foundation for developing Sharia-compliant digital asset standards that protect investors while fostering financial innovation.