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Technological progress affects many things and practices in today’s life. In addition to the occurrence of the COVID-19 pandemic, it leads to a more open and almost comprehensive use of technology. This effect also occurs in the financial aspect. The emergence of various forms of technology-based transactions also has implications for legislation and sharia. This study was conducted qualitatively through the analysis of literature and legal sources from selected countries such as Malaysia and Indonesia. The study found that there is a law that has been drafted to regulate this aspect as well as a fatwa issued to lay the foundation for this transaction from a contractual point of view according to the Syariah perspective. However, further research still needs to be done considering that various forms of innovation involve transactions that have taken place and each of them requires clarification from a legal point of view as well as jurisprudence adaptation. [ABSTRACT FROM AUTHOR]

As most countries use currencies to denote paper money created as a medium of exchange for buying and selling goods or services. Nevertheless, there are attempts from several entities to create a crypto asset named cryptocurrencies which aims to replace the functions of paper money. The issue arises whether cryptocurrency is valid to be used as a currency or investment asset according to Shariah’s perspective. This article aims to clarify the Shariah views on the legality of cryptocurrency, analyze the suitability of cryptocurrencies as a currency or investment assets, and finally, suggest that cryptocurrency is one of the investment assets or commodities in line with the requirements of Shariah. The research adopts pure legal research methodology utilizing content analysis on the primary and secondary sources. The research findings revealed that Islamic scholars have conflicting views regarding the legality of cryptocurrency as a means of exchange to replace the function of paper money and as an investment asset. Nevertheless, cryptocurrency and crypto assets are required today because of Maqasid Shariah, maslahah, and qawaid fiqhiyyah. Future research should focus on the usage and practice of cryptocurrency worldwide and its legal application in specific countries. [ABSTRACT FROM AUTHOR]

The Central Bank Act of 2009 established the Shariah Advisory Council of Bank Negara Malaysia as the exclusive and highest authority responsible for issuing resolutions on Shariah matters pertaining to Islamic finance. An in-depth analysis of the Shariah Advisory Council’s legal standing is provided in this article. The Shariah Advisory Council’s legal obligations will also be clarified. To determine where the Shariah Advisory Council fits within the context of Malaysian law, quantitative analysis of content is employed with reference to parliamentary acts, directives, as well as judicial rulings through court cases. The investigation discovered that the use of digital technologies can strengthen the Shariah Advisory Council’s mandated duties. As a result, it is suggested that internal policies and processes, plans for empowering Shariah resolutions, and public reference bodies be established. [ABSTRACT FROM AUTHOR]