Developing classification factors for sharia-compliant crypto in Indonesia

This item is published by Universitas Islam Negeri Sunan Ampel Surabaya

Rinaima, Chetrine Alya (2026) Developing classification factors for sharia-compliant crypto in Indonesia. Masters thesis, UIN Sunana Ampel Surabaya.

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Abstract

The rapid growth of cryptocurrency adoption in Indonesia has raised concerns regarding Sharia compliance due to the lack of operational standards. Existing studies remain largely normative, with limited empirical evidence on how Sharia principles are structured in practice. This study addresses this gap by developing empirically grounded classification factors for Sharia-compliant crypto in Indonesia. This study employs a sequential exploratory mixed-method design. In the initial qualitative stage, an extensive review of fatwa, project and crypto-related literature was conducted to generate an initial pool of 53 Sharia compliance indicators. These indicators were subsequently evaluated and refined through a Delphi process involving six experts from regulatory bodies, academia, the crypto industry, and scholar. Through iterative expert assessment, one additional indicator related to environmental sustainability was proposed and achieved consensus, resulting in a final set of 54 Sharia compliance indicators. In the quantitative stage, the finalized indicators were administered to 597 Indonesian crypto users who passed a strict screening process. Exploratory Factor Analysis (EFA) was applied to examine how these indicators are empirically structured based on users’ perceptions. The results reveal eight latent factors shaping the perception of Sharia-compliant crypto: Transaction Principles, Underlying Asset Compliance, Transparency Disclosure, Governance Institutional Oversight, Legal Regulatory Compliance, Ethical Risk Management Security, Maqāṣid al-Sharī‘ah Alignment, and Social Impact. These findings indicate that Sharia compliance in crypto is perceived as a multidimensional construct rather than a single legal or transactional criterion. This study contributes to Islamic finance literature by empirically operationalizing Sharia principles for digital assets and bridging normative Sharia discourse with user-based empirical analysis. The proposed classification factors do not constitute a Sharia ruling, but serve as an empirical reference for understanding how Sharia compliance is evaluated in practice. The findings provide practical insights for regulators, Sharia authorities, and crypto developers in Indonesia in designing more operational, transparent, and ethically grounded approaches to Sharia-compliant crypto

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Item Type:	Thesis (Masters)
Creators:	Creators Email NIM Rinaima, Chetrine Alya chetrinealya@gmail.com 02250323011
Contributors:	Contribution Name Email NIDN Thesis advisor Samsuri, Andriani andriani@uinsby.ac.id 2002087603 Thesis advisor Sofi, Mohd Fikri mohdfikri@uum.edu.my -
Subjects:	Ekonomi Islam
Keywords:	Sharia-compliant crypto; Islamic finance; maqāṣid al-Shariah
Divisions:	Program Magister > Ekonomi Syariah
Depositing User:	Chetrine Alya Rinaima
Date Deposited:	28 Jan 2026 02:20
Last Modified:	28 Jan 2026 02:25
URI:	http://digilib.uinsa.ac.id/id/eprint/88172

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