Authors :
Afidah Nur Aslamah; Mohamad Soleh Nurzaman
Volume/Issue :
Volume 8 - 2023, Issue 4 - April
Google Scholar :
https://bit.ly/3TmGbDi
Scribd :
https://bit.ly/3NR4wQR
DOI :
https://doi.org/10.5281/zenodo.7912665
Abstract :
Does Digital Rupiah (CBDC) Comply with
Sharia Principle? A Classical Literature Review.
Monetary authorities in Indonesia are trying to respond
to developments in digital technology by starting to
review the implementation of the Digital Rupiah (CBDC).
Through a white paper launched at the end of November
2022, Bank Indonesia introduced the Garuda project as
part of an effort to accelerate the 2025 Indonesian
payment system blueprint. A few months later, Bank
Indonesia issued a Consultative Paper (CP) regarding
plans to develop the Digital Rupiah. This CP is a followup to the publication of the Garuda Project White Paper:
Navigating the Digital Rupiah Architecture. The massive
development of CBDCs in several countries such as
Nigeria, Bahamas, Bahrain and so on indicates that
CBDCs can be an alternative payment instrument option
which is basically a conversion of physical form to digital
in cash rupiah. However, as Bank Indonesia which also
manages the monetary policy mechanism in the sharia
financial system, it is important to pay attention to sharia
principle. This study attempts to analyze the literature on
the thoughts of classical Muslim economists regarding the
concept and nature of money. The five classical Muslim
economists such as Ibn Khaldun, Al Ghazali, Ibn
Taimiyah, Ibn Qoyyim and Al Maqrizi have different
views. Broadly speaking, there are several aspects that
are in accordance with sharia in digital Rupiah, such as
the concept, creation, and use. However, the functional
aspect of digital rupiah is still not in accordance with
sharia as a store of wealth in digital assets which has the
potential to hoard money.
Keywords :
Digital Rupiah, Central Bank Digital Currency, Sharia Principle.
Does Digital Rupiah (CBDC) Comply with
Sharia Principle? A Classical Literature Review.
Monetary authorities in Indonesia are trying to respond
to developments in digital technology by starting to
review the implementation of the Digital Rupiah (CBDC).
Through a white paper launched at the end of November
2022, Bank Indonesia introduced the Garuda project as
part of an effort to accelerate the 2025 Indonesian
payment system blueprint. A few months later, Bank
Indonesia issued a Consultative Paper (CP) regarding
plans to develop the Digital Rupiah. This CP is a followup to the publication of the Garuda Project White Paper:
Navigating the Digital Rupiah Architecture. The massive
development of CBDCs in several countries such as
Nigeria, Bahamas, Bahrain and so on indicates that
CBDCs can be an alternative payment instrument option
which is basically a conversion of physical form to digital
in cash rupiah. However, as Bank Indonesia which also
manages the monetary policy mechanism in the sharia
financial system, it is important to pay attention to sharia
principle. This study attempts to analyze the literature on
the thoughts of classical Muslim economists regarding the
concept and nature of money. The five classical Muslim
economists such as Ibn Khaldun, Al Ghazali, Ibn
Taimiyah, Ibn Qoyyim and Al Maqrizi have different
views. Broadly speaking, there are several aspects that
are in accordance with sharia in digital Rupiah, such as
the concept, creation, and use. However, the functional
aspect of digital rupiah is still not in accordance with
sharia as a store of wealth in digital assets which has the
potential to hoard money.
Keywords :
Digital Rupiah, Central Bank Digital Currency, Sharia Principle.
