Crypto Assets and Islamic Macroeconomic Stability: A Theoretical Framework Based on Maqashid Sharia

Abstract

The rapid growth of crypto assets has generated significant debate regarding their implications for financial systems, monetary stability, and ethical economic governance. Within the context of Islamic economics, the emergence of crypto assets presents both opportunities and challenges, particularly in relation to macroeconomic stability and compliance with Sharia principles. This study aims to develop a theoretical framework that examines the relationship between crypto assets and Islamic macroeconomic stability through the perspective of Maqashid Shariah. Using a qualitative-conceptual approach, this research analyzes the characteristics of crypto assets, including decentralization, volatility, speculative behavior, and digital scarcity, and evaluates their potential impact on inflation, monetary sovereignty, financial inclusion, and wealth distribution. The study integrates classical Islamic economic principles with contemporary digital financial developments to formulate a maqashid-based evaluative framework. The findings suggest that crypto assets may contribute positively to Islamic macroeconomic objectives when utilized as instruments that promote transparency, financial inclusion, and protection of wealth (hifz al-mal). However, excessive speculation, high price volatility, and the absence of adequate regulatory mechanisms may threaten economic justice and public welfare (maslahah). Therefore, a balanced regulatory and ethical framework grounded in Maqashid Shariah is necessary to ensure that crypto asset development aligns with the broader objectives of Islamic economics, including stability, justice, and sustainable prosperity. This study contributes to the growing discourse on Islamic digital finance by offering a conceptual foundation for future empirical and policy-oriented research.