Analysis of Gharar Fahisy and Maysir in the DSN-MUI Fatwa on Crypto Assets: A Critical Review of Maqashid Sharia

Abstract

This study examined Fatwa of the Dewan Syariah Nasional of the Indonesian Ulema Council (DSN-MUI) Number 140/DSN-MUI/XI/2021 concerning the prohibition of certain types of crypto assets through the lens of maqashid shariah. The analysis focused on identifying elements of gharar fahisy (excessive uncertainty) and maysir (speculative behavior resembling gambling) as the primary normative bases for the legal ruling. The study employed a qualitative methodology using content analysis of the DSN-MUI fatwa document, supported by classical and contemporary Islamic legal and financial literature. The findings indicated that crypto assets lacking clearly defined intrinsic value exhibited extreme price volatility and high levels of risk, thereby fulfilling the criteria of gharar fahisy as conceptualized in fiqh al-muamalat. Additionally, the prevalence of speculative trading practices, characterized by a zero-sum game structure, reflected elements of maysir that closely resembled the prohibited practice of qimar. From a maqashid sharia perspective, the DSN-MUI fatwa aligned with the objectives of protecting wealth (hifzh al-mal) and safeguarding intellect (hifzh al-?aql), while also preventing collective harm (dharar ?am). At the same time, the exemption granted to crypto assets backed by tangible underlying assets demonstrated the flexibility of Islamic law in balancing harm prevention with the accommodation of financial innovation that contributed to the real economic sector.