Regulating The Metaverse: Sharia Compliance, Digital Assets, And The Evolution Of Islamic Economic Law In Indonesia
Keywords:
Metaverse Regulation, Sharia Compliance, Digital Assets, Islamic Economic LawAbstract
Purpose of the study: This study aims to identify doctrinal, regulatory, and institutional gaps hindering Sharia-compliant metaverse governance in Indonesia and to propose an integrative framework based on maqasid al-shariah for digital-asset oversight post-OJK transfer. Methodology: This study employs a Systematic Literature Review (SLR) following the PRISMA 2020 protocol. It synthesizes 42 publications indexed in Scopus and SINTA (2015–2025) using thematic analysis. No software or surveys were applied; the review relies on qualitative document synthesis of peer-reviewed articles and regulatory texts. Main Findings: Three persistent tensions are identified: doctrinal ambiguity on virtual assets' legal status (mal), fragmented multi-regulator governance, and limited DSN-MUI fatwa responsiveness to virtual transactions. These gaps obstruct Sharia-compliant metaverse development, necessitating a tripartite framework integrating fiqh muamalah, prudential regulation, and Sharia-by-design technology. Novelty/Originality: This study offers the first systematic integration of maqasid al-shariah with post-transfer Indonesian digital-asset governance, bridging fiqh muamalah, prudential regulation, and technology design. It advances Islamic economic law by presenting a concrete, context-specific framework for metaverse compliance, addressing regulatory fragmentation and doctrinal uncertainty uniquely.
References
Ahmad, A. A. (2024). Non-Fungible Tokens (NFTs) in Islamic Perspective: Challenges and Way Forward. Journal of Contemporary Islamic Law, 9(1), 8–15. https://doi.org/10.26475/jcil.2024.9.1.02
Ahmad, N., Hanapi, M. S., & Yasin, Y. F. (2025). Maqasid Shariah and Islamic Fintech Research: Trends, Topics and Collaborations. Jurnal Ilmiah Peuradeun, 13(3), 2271–2310.
Manaf, S., & Rokimin, R. (2025). Manajemen kepemimpinan kepala sekolah dalam meningkatkan kecerdasan emosional siswa. Jurnal Manajemen Pendidikan, 10(2), 509–518.
Manaf, S., Novita, M., Rokimin, R., & Thaariq, Z. Z. A. (2025). Visionary leadership in Islamic education: Transforming practices and enhancing educational governance. Journal of Pedagogy and Education Science, 4(03), 706–722.
Alkasasbeh, O. M., Sulaiman, A. A., & Alzoubi, M. A. (2025). Metaverse finance: shaping the future of Islamic fintech solutions in UAE. Journal of Islamic Marketing, 17(2), 489–510. https://doi.org/10.1108/JIMA-12-2023-0398
Alshater, M. M., Saba, I., Supriani, I., & Rabbani, M. R. (2022). Fintech in Islamic finance literature: A review. Heliyon, 8(9), e10385. https://doi.org/10.1016/j.heliyon.2022.e10385
Asyiqin, I. Z. (2025). Islamic Economic Law in the Digital Age: Navigating Global Challenges and Legal Adaptations. Media Iuris, 8(1), 41–66. https://doi.org/10.20473/mi.v8i1.61800
Bashori, Y. A., Umami, K., & Wahid, S. H. (2024). Maqasid Shariah-Based Digital Economy Model: Integration, Sustainability and Transformation. Malaysian Journal of Syariah and Law, 12(2), 405–425. https://doi.org/10.33102/mjsl.vol12no2.647
Belk, R., Humayun, M., & Brouard, M. (2022). Money, possessions, and ownership in the Metaverse: NFTs, cryptocurrencies, Web3 and Wild Markets. Journal of Business Research, 153, 198–205. https://doi.org/10.1016/j.jbusres.2022.08.031
Braun, V., & Clarke, V. (2019). Reflecting on reflexive thematic analysis. Qualitative Research in Sport, Exercise and Health, 11(4), 589–597. https://doi.org/10.1080/2159676X.2019.1628806
Chong, F. H. L. (2024). Enhancing trust through digital Islamic finance and blockchain technology. Qualitative Research in Financial Markets, 16(3), 406–425. https://doi.org/10.1108/QRFM-05-2023-0102
Kurniasihanto, A. S., Yuspitasari, S., & Hidayatulloh, R. (2025). Dhikr as an effort to increase learning motivation of grade XII students at MAS Al-Amanah Al-Gontory. Qoumun: Journal of Social and Humanities, 1(1), 72–79.
Lamatenggo, N., Razak, I. A., Abas, M., & Uno, W. Z. (2025). Transforming teacher performance through school management digitalization and data-based discipline systems at SMP Negeri 03 Limboto Barat. Qoumun: Journal of Social and Humanities, 1(2), 99–105.
Čiković, K. F., & Keček, D. (2025). The Application of Blockchain Technology in Islamic Banking Literature: A PRISMA-Compliant Literature Review. In Navigating Economic Uncertainty - Vol. 2 (pp. 23–41). Springer. https://doi.org/10.1007/978-3-031-73510-3_2
Fikri, M., Supardin, Syatar, A., Fatmawati, & Indriana. (2024). The Potential Utilization of Metaverse as a Praying Space from the Perspective of Maslahah Mursalah. Journal of Ecohumanism, 3(4), 2143–2160. https://doi.org/10.62754/joe.v3i4.3713
Hardyansah, R., Sukirno, & Hadi, S. (2026). Mapping Digital Asset Regulatory Models and Their Implications for Islamic Financial Governance: A Comparative Study of Indonesia, the United Arab Emirates, and Turkey. Jurnal Akta, 13(1), 89–112.
Hutson, J., Banerjee, G., Kshetri, N., Odenwald, K., & Ratican, J. (2023). Architecting the metaverse: blockchain and the financial and legal regulatory challenges of virtual real estate. Journal of Intelligent Learning Systems and Applications, 15(1), 1–24. https://doi.org/10.4236/jilsa.2023.151001
Katterbauer, K., Syed, H., Cleenewerck, L., & Genc, S. (2024). Interplay Between the Metaverse and Islamic Finance: Mutual Impacts and Implications for Taxation. International Journal of Islamic Economics and Finance Studies, 10(2), 152–178. https://doi.org/10.54427/ijisef.1596811
Khelassi, A., Boulanouar, Z., & Belouafi, A. (2025). External Sharia Audit and Islamic Banking Performance. Journal of Islamic Marketing, 17(2), 511–533.
Mohd Sobri, N. A., Ahmad, A. A., & Md Hashim, A. H. (2024). The Legal Status of Non-Fungible Token in Islamic Financial System: A Shariah Perspective. International Journal of Research and Innovation in Social Science, 8(12), 1745–1762.
Musleh, A., & Ahmad, A. A. (2025). Ijara of Specified Benefits and Forward Ijara in the Virtual Era. Journal of Islamic Marketing, 17(2), 534–556.
Nanaeva, Z., Rabbani, M. R., & Khan, S. (2024). Technological perspectives of Metaverse for financial service providers. Technological Forecasting and Social Change, 200, 123178. https://doi.org/10.1016/j.techfore.2024.123178
Omar, M. A., & Rahman, A. A. (2021). Maqasid al-Shariah and Financial Technology (FinTech): A Conceptual Analysis. Journal of Islamic Accounting and Business Research, 12(5), 687–702. https://doi.org/10.1108/JIABR-09-2020-0285
Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., et al. (2021). The PRISMA 2020 statement: An updated guideline for reporting systematic reviews. BMJ, 372, n71. https://doi.org/10.1136/bmj.n71
Putri, R. A., Hadi, A., & Akbar, T. (2025). Controversies of cryptocurrency: Fatwa analysis and implications from Muhammadiyah and Nahdlatul Ulama perspectives in Indonesia. Journal of Islamic Law on Digital Economy and Business, 1(1), 1–17.
Rabbani, M. R., Khan, S., & Atif, M. (2022). Business trends & challenges in Islamic FinTech: A systematic literature review. F1000Research, 11, 329. https://doi.org/10.12688/f1000research.109400.1
Sacipto, R., Subli, & Mu'minin, M. A. (2024). Sharia and State's Intervention: Uncertainty Cryptocurrency in Indonesia. AHKAM: Jurnal Ilmu Syariah, 23(2), 415–438. https://doi.org/10.15408/ajis.v23i2.31876
Tahir, M., Ali, S., & Rahman, M. (2025). Shariah-Compliant Innovation: Mapping the Convergence of Fintech and Islamic Banking through a Scopus-Based Review. International Journal of Research and Innovation in Social Science, 9(10), 412–435.
Vidal-Tomás, D. (2022). The new crypto niche: NFTs, play-to-earn, and metaverse tokens. Finance Research Letters, 47, 102742. https://doi.org/10.1016/j.frl.2022.102742
Widyaningsih, S., Aji, A. M., & Yunanto. (2024). The Future of Islamic Finance in the Era of Digital Transformation: Opportunities and Shariah Challenges. Social Science and Humanities Journal, 8(11), 1–22.
Wiwoho, J., Trinugroho, I., Kharisma, D. B., & Suwadi, P. (2024). Islamic crypto assets and regulatory framework: evidence from Indonesia and global approaches. International Journal of Law and Management, 66(2), 155–171. https://doi.org/10.1108/IJLMA-03-2023-0051
Affero, M. I., & Mustofa, I. (2024). Cryptocurrency Under Islamic Law: Assessing Its Halal or Haram Status in the Indonesian Context. FIRM Journal of Management Studies, 9(2), 34–48.
Alifia, A. N. (2023). The Law of Transactions of Virtual Land Sale and Purchase in Metaverse from the Perspective of Fiqh Mu'amalah. Journal of Indonesian Comparative of Syari'ah Law, 6(1), 143–158. https://doi.org/10.21111/jicl.v6i1.9865
Ammar Arifin, Y., Arifin, T., & Sunan Gunung Djati, U. (2024). Memanfaatkan Teknologi Metaverse Berdasarkan Hadits Dan UU No.1 Tahun 2024. Jurnal Insan Pendidikan Dan Sosial Humaniora, 2(3), 216–226. https://doi.org/10.59581/jipsoshum-widyakarya.v2i3.3668
Arzam, A., Fauzi, M., Mursal, M., & Muid, A. (2023). Legalitas Cryptocurrency: Tinjauan terhadap Fatwa-Fatwa Institusi dan Personal. Al-Muzdahir: Jurnal Ekonomi Syariah, 5(2), 135–148.
Baidhowi, A., & Triwibowo, A. (2023). Digital Financial Innovation and OJK Regulation. Journal of Islamic Digital Economic and Finance, 1(1), 10–25.
Dewi, R. K. (2024). Investasi Aset Digital dalam Perspektif Hukum Islam di Indonesia. SALSABIL: Journal of Sharia and Economic Law, 1(1), 25–48.
Fadhali, M. R., Lindawaty, P., & Suherman Sewu. (2024). Tinjauan Hukum Aset Kripto Dihubungkan Dengan Sistem Hukum Jaminan Dan Pengamanannya Di Indonesia. VERITAS: Jurnal Program Pascasarjana Ilmu Hukum, 10(2), 739–769.
Hadi, M. (2024). Cryptocurrency dalam Pandangan Fatwa MUI, Undang-Undang, Peraturan BAPPEBTI, dan Peraturan Bank Indonesia. Jurnal Ekonomi dan Bisnis, 18(1), 45–64.
Koni, A. S. (2023). Review of Cryptocurrency Based on Sharia Economic Law. Pena Justisia: Media Komunikasi dan Kajian Hukum, 22(2), 211–228. https://doi.org/10.31941/pj.v22i2.2540
Latang, M. A., Fathurrahman, & Muhammad Faried. (2024). Fatwa on Cryptocurrency as Digital Assets: An Islamic Perspective Amidst Indonesia's Regulatory Landscape. Parewa Saraq: Journal of Islamic Law and Fatwa Review, 3(2), 95–115.
Maksalmina, M. (2022). Selling and Purchasing Virtual's Land in the Metaverse of Muamalah's Legal Perspective. Proceedings of the International Conference on Islamic Studies (ICIS), 2, 765–777.
Muthmainnah, N., Budhijanto, D., & Safiranita, T. (2023). Analisis Yuridis Distribusi NFT Bermuatan Pelanggaran Data Pribadi Berdasarkan Undang-Undang Nomor 27 Tahun 2022 Tentang Pelindungan Data Pribadi. Padjadjaran Jurnal Ilmu Hukum, 10(2), 245–264.
Rais, M., & Pramata, H. (2024). Regulating Sharia Financial Transactions: The Role of the Sharia Supervisory Boards. Jurnal Hukum Islam, 22(1), 89–112.
Rindika, S. M., Mashuda, K. U., & Retnawati, A. (2024). Non Fungible Token (NFT): Sharia and Accounting Perspectives. Jurnal Ilmiah Ekonomi Islam, 10(3), 3025–3035.
Sarif, M., & Ariyanti, F. (2024). Sharia-Compliant Crowdfunding and Digital Zakat in Indonesia. Iqtishadia: Journal of Islamic Economics and Banking, 11(2), 156–178.
Wati, A., & Hakim, I. L. (2023). Jual Beli Tanah Di Sandbox Metaverse Dalam Perspektif Hukum Ekonomi Syariah. Jurnal Hukum Ekonomi Syariah, 2(1), 1–6.
Dewan Syariah Nasional – Majelis Ulama Indonesia (2021). Fatwa No. 140/DSN-MUI/IX/2021 tentang Hukum dan Pedoman Aset Kripto. Jakarta: DSN-MUI.
Majelis Ulama Indonesia (2021). Keputusan Fatwa Hukum Uang Kripto atau Cryptocurrency. Ijtima Ulama Komisi Fatwa Se-Indonesia VII. Jakarta: MUI.
Pemerintah Republik Indonesia (2024). Peraturan Pemerintah Nomor 49 Tahun 2024 tentang Penyelenggaraan Aset Keuangan Digital Termasuk Aset Kripto. Lembaran Negara RI Tahun 2024.
Republik Indonesia (2023). Undang-Undang Nomor 4 Tahun 2023 tentang Pengembangan dan Penguatan Sektor Keuangan (UU P2SK). Lembaran Negara RI Tahun 2023.
