ANALISIS PENERIMAAN MASYARAKAT TERHADAP CRYPTO ASSET SEBAGAI INSTRUMEN HEDGING INVESTASI PERBANKAN SYARIAH

Ahmad Nurafendi; Hasnah Aziz; Muslimin; Bachtiar Kemal Harahap; Akhmad Faishal

doi:10.47353/bj.v6i3.546

Authors

Ahmad Nurafendi Universitas Islam Syekh-Yusuf Tangerang
Hasnah Aziz Universitas Islam Syekh-Yusuf Tangerang
Muslimin Universitas Islam Syekh-Yusuf Tangerang
Bachtiar Kemal Harahap Universitas Islam Syekh-Yusuf Tangerang
Akhmad Faishal Universitas Islam Syekh-Yusuf Tangerang

DOI:

https://doi.org/10.47353/bj.v6i3.546

Keywords:

Crypto Asset, Hedging, Islamic Banking, Investment Portfolio, Sharia Fatwa, OJK

Abstract

The development of crypto assets in Indonesia has reached a significant stage with transaction value reaching IDR 482.23 trillion in 2025 and consumer numbers surpassing 20.19 million. On the other hand, Islamic banking in Indonesia faces challenges in diversifying sharia-compliant investment portfolios. This study aims to analyze public acceptance of crypto assets as hedging instruments in Islamic banking investment portfolios, identify legal and sharia challenges, and formulate an ideal regulatory framework. The method used is normative legal research with statutory, conceptual, and comparative approaches. The results indicate that public acceptance of crypto assets tends to be positive, especially among young age groups, but is confronted with legal uncertainty regarding the sharia status of crypto assets, extreme volatility approaching gharar and maysir elements, and the absence of a definitive fatwa from the National Sharia Council-Indonesian Ulema Council. This study recommends the establishment of a specific fatwa on crypto assets for Islamic banking, strengthening of sharia financial literacy, and harmonization of regulations between OJK, BI, and DSN-MUI to create a sharia-compliant crypto asset investment ecosystem.

Downloads

Download data is not yet available.

References

Buku

Auda, Jasser. (2008). Maqasid al-Shariah as Philosophy of Islamic Law: A Systems Approach. London: International Institute of Islamic Thought.

Chapra, M. Umer. (1985). Towards a Just Monetary System: A Discussion of Money, Banking, and Monetary Policy in the Light of Islamic Teachings. Leicester: The Islamic Foundation.

Ibn Ashur, Muhammad al-Tahir. (2006). Treatise on Maqasid al-Shariah. Trans. Mohamed El-Tahir El-Mesawi. London: International Institute of Islamic Thought.

Kamali, Mohammad Hashim. (2003). Principles of Islamic Jurisprudence. 3rd ed. Cambridge: Islamic Texts Society.

Meera, Ahamed Kameel Mydin. (2018). The Islamic Gold Dinar. London: Pearson Malaysia.

Jurnal Ilmiah

Abdillah, H. (2023). Hukum Cryptocurrency sebagai Mata Uang dan sebagai Komoditas (Analisis Fatwa MUI tentang Hukum Cryptocurrency). Jurnal Ilmiah Ekonomi Islam, 9(3), 4245. https://doi.org/10.29040/jiei.v9i3.10269

Ahmad Kholil, Muhammad Zuardi, Amrin, dan Juryatina. (2025). Optimizing Islamic Financial Instruments in Indonesia to Support SDGs: Maqashid Syariah Perspective. Profetika: Jurnal Studi Islam, 26(01), 191-210. https://doi.org/10.23917/profetika.v26i01.9217

Al Hadi, M. Q. (2022). Fiqh Mu'amalah in Theory and Practice: an Overview of Islamic Economics. Al Hurriyah: Jurnal Hukum Islam, 6(2), 16. https://doi.org/10.30983/alhurriyah.v6i2.5010

Baur, Dirk G., dan Thomas Dimpfl. (2018). The Asymmetric Volatility of Gold and Bitcoin. Finance Research Letters, 30, 233-239.

Baur, Dirk G., dan Brian M. Lucey. (2010). Is Gold a Hedge or a Safe Haven? An Analysis of Stocks, Bonds and Gold. The Financial Review, 45(2), 217-229.

Chopra, A., dan S. Mehta. (2022). Bitcoin: A Safe Haven or a Hedge? Evidence from COVID-19. Journal of Risk and Financial Management, 15(3), 112.

Firdaus, M., et al. (2023). Islamic Hedging Instruments: A Review and Conceptual Framework. International Journal of Islamic Economics and Finance, 6(1), 45-68.

Hrytsiuk, Yuliia. (2019). Distribution of Cryptocurrency Returns: Cauchy or Normal? Journal of Financial Risk Management, 8(3), 102-115.

Imroatus Sholiha. (2024). Manajemen Resesi Ekonomi dalam Perspektif Islam: Studi Kasus Strategi Nabi Yusuf AS. Jurnal Ekonomi dan Bisnis Islam, 12(2), 78-95.

Kamar, A. (2021). Crypto-Assets in Islamic Finance: Legal and Shariah Analysis. Journal of Islamic Finance, 10(2), 23-41.

Peraturan Perundang-Undangan

Indonesia. Undang-Undang Nomor 4 Tahun 2023 tentang Pengembangan dan Penguatan Sektor Keuangan.

Indonesia. Peraturan Otoritas Jasa Keuangan Nomor 27 Tahun 2024 tentang Penyelenggaraan Perdagangan Aset Keuangan Digital Termasuk Aset Kripto.

Indonesia. Peraturan Otoritas Jasa Keuangan Nomor 23 Tahun 2025 tentang Perubahan atas Peraturan Otoritas Jasa Keuangan Nomor 27 Tahun 2024 tentang Penyelenggaraan Perdagangan Aset Keuangan Digital Termasuk Aset Kripto.

Indonesia. Peraturan Otoritas Jasa Keuangan Nomor 18 Tahun 2025 tentang Transparansi dan Publikasi Laporan Bank.

Laporan dan Publikasi Resmi

AAOIFI. (2017). The AAOIFI Shari'ah Standard No. 57 on Gold and its Trading Controls. Manama: Accounting and Auditing Organization for Islamic Financial Institutions.

Dar al-Ifta. (2017). Fatwa on Cryptocurrency. Cairo: Dar al-Ifta al-Misriyyah.

IFSB. (2019). Islamic Financial Services Board Stability Report. Kuala Lumpur: Islamic Financial Services Board.

IMF. (2023). World Economic Outlook: Navigating Global Divergences. Washington DC: International Monetary Fund.

Otoritas Jasa Keuangan. (2025). Data Statistik Aset Keuangan Digital dan Aset Kripto per Desember 2025.

Otoritas Jasa Keuangan. (2026). Konferensi Pers RDKB OJK, April 2026.

World Bank. (2022). Global Economic Prospects: June 2022. Washington DC: World Bank.

Sumber Online

Bisnis.com. (2026, 6 April). Sederet Langkah OJK Kembangkan Pasar Kripto Tanah Air. https://market.bisnis.com/read/20260406/94/1964464/sederet-langkah-ojk-kembangkan-pasar-kripto-tanah-air

CNBC Indonesia. (2025, 4 Desember). OJK Terbitkan Regulasi Baru Untuk Perdagangan Aset Digital dan Derivatif Kripto. https://www.youtube.com/watch?v=VOwcqMAH__A

Gotrade Indonesia. (2026, 9 April). Apa Itu Portofolio Syariah? Tujuan, Kombinasi, dan Contoh. https://www.heygotrade.com/id/blog/apa-itu-portofolio-syariah/

Hukumonline. (2025, 22 Desember). OJK Perketat Aturan Main: Lima Regulasi Strategis yang Terbit Sepanjang 2025. https://www.hukumonline.com/berita/a/ojk-perketat-aturan-main--lima-regulasi-strategis-yang-terbit-sepanjang-2025-lt694952a11504b/Suara.com. (2025, 4 Desember). OJK Keluarkan Aturan Baru Soal Aset

Kripto, Intip Poin-poinnya. https://www.suara.com/bisnis/2025/12/04/135749/ojk-keluarkan-aturan-baru-soal-aset-kripto-intip-poin-poinnya

UIN Sunan Kalijaga. (2023). Efektivitas Bitcoin sebagai Safe Haven dan Instrumen Hedging dalam Portofolio Multi-Aset selama Masa Krisis 2022-2025: Perspektif Maqasid al-Shariah. https://digilib.uin-suka.ac.id/75653/1/22108030045_BAB-I_IV-atau-V_DAFTAR-PUSTAKA.pdf

UIN Jakarta. (2023). Tinjauan Yuridis Penggunaan Aset Kripto sebagai Instrumen Hedging dalam Perspektif Hukum Islam. https://repository.uinjkt.ac.id/dspace/bitstream/123456789/76097/1/SAFIRA%20SURYA%20RAIHANANDA-FSH.pdf