INTEGRATION OF THE AL-MILKIYYAH CONCEPT IN CRYPTO ASSET INHERITANCE TO EMPOWER DIGITAL WEALTH MANAGEMENT

INTEGRASI KONSEP AL-MILKIYYAH DALAM PEWARISAN ASET KRIPTO BAGI MEMPERKASA PENGURUSAN KEKAYAAN DIGITAL

Abstract

The evolution of financial technology has expanded the definition of physical property ownership to encompass digital property ownership, such as crypto assets. However, their lack of physical form has sparked new polemics within the framework of Islamic law. Therefore, this study aims to analyse the concept of al-Milkiyyah concerning these intangible assets and evaluate its application in crypto asset inheritance to reinforce their position as valid estate property. A qualitative methodology is applied in this study through doctrinal and exploratory analyses. The findings reveal that crypto assets fulfil the criteria of valuable property (mal al-Mutaqawwam) according to Shariah. The exclusive access capability through private key and digital wallet address reflects the legitimacy of ownership rights over these assets. Furthermore, the official recognition by the Securities Commission Malaysia mandates that the management of crypto assets be subject to the faraid distribution framework upon the owner's demise. The study finds that the inheritance status of crypto assets depends not only on their recognition as property but is also determined by the form of custodianship, contractual rights, and technical control over the assets. The possession of a private key can serve as an indicator of qabd and the power of tasarruf, but it is not necessarily the sole proof of ownership. In custodial holdings, user rights must be determined based on the contractual structure and platform procedures. Hence, personal wealth management in the digital era necessitates the adaptation of systematic inheritance planning instruments to ensure that the transition of digital estates can be executed seamlessly and in a Shariah-compliant manner.

Abstrak

Evolusi teknologi kewangan telah memperluas takrifan pemilikan harta fizikal untuk merangkumi pemilikan harta digital, seperti aset kripto. Namun, ketiadaan bentuk fizikalnya mencetuskan polemik baharu dalam kerangka hukum Islam. Oleh itu, kajian ini bertujuan menganalisis konsep al-Milkiyyah terhadap aset tidak ketara ini dan menilai pengaplikasiannya dalam pewarisan aset kripto bagi memperkukuh kedudukannya sebagai harta pusaka yang sah. Kaedah kualitatif diaplikasikan dalam kajian ini menerusi analisis doktrinal dan eksploratori. Kajian mendapati bahawa aset kripto menepati piawaian harta bernilai (mal al-Mutaqawwam) menurut syarak. Keupayaan akses secara eksklusif melalui kunci persendirian dan alamat dompet digital mencerminkan keabsahan hak pemilikan ke atas aset tersebut. Selain itu, pengiktirafan rasmi Suruhanjaya Sekuriti Malaysia turut meletakkan pengurusan aset kripto wajib tertakluk di bawah kerangka pembahagian faraid selepas kematian pemilik aset. Kajian mendapati bahawa status pewarisan aset kripto tidak hanya bergantung pada pengiktirafannya sebagai harta, tetapi turut ditentukan oleh bentuk kustodian, hak kontraktual dan kawalan teknikal terhadap aset. Penguasaan kunci persendirian boleh menjadi petunjuk qabd dan kuasa tasarruf, tetapi tidak semestinya menjadi bukti tunggal pemilikan. Dalam pegangan kustodian, hak pengguna perlu ditentukan berdasarkan struktur kontrak dan prosedur platform. Justeru, pengurusan kekayaan peribadi di era digital menuntut pengadaptasian instrumen perancangan pewarisan bersistematik bagi menjamin peralihan pusaka digital dapat dilaksanakan dengan tuntas dan patuh syariah.