The Role of Maṣlaḥa (Public Interest) in Determining Fatwas on Cryptocurrency in Muslim-Majority Countries

Abstract

This research explores the role of maṣlaḥa (public interest) in shaping fatwas on cryptocurrency in Muslim-majority countries, focusing on Saudi Arabia, Malaysia, and Turkey. Through qualitative analysis of fatwas and interviews with Islamic scholars, the study reveals significant variations in the application of maṣlaḥa across these countries. In Saudi Arabia, a conservative approach emphasizes preventing harm and financial instability, resulting in prohibitive fatwas on cryptocurrency. In contrast, Malaysia and Turkey adopt a more progressive interpretation of maṣlaḥa, allowing for the regulated use of cryptocurrency to promote economic growth and financial inclusion. The findings demonstrate that maṣlaḥa provides a flexible framework for Islamic jurists to address contemporary financial innovations, but its application is shaped by local economic priorities, political contexts, and regulatory frameworks. This research contributes to the understanding of how Islamic legal principles are adapted to address the challenges posed by emerging financial technologies like cryptocurrency, offering insights for policymakers, regulators, and scholars in Islamic finance.