LIABILITY STRUCTURE IN CRYPTO ASSET CUSTODIANSHIP: A CLASSICAL SHĀFIʿĪ FIQH ANALYSIS OF THE CONCEPT OF DHAMĀN IN THE BLOCKCHAIN ECOSYSTEM

STRUKTUR LIABILITI DALAM PENJAGAAN ASET KRIPTO: ANALISIS FIQH KLASIK SHĀFIʿĪ TERHADAP KONSEP DHAMĀN DALAM EKOSISTEM BLOCKCHAIN

Abstract

The rapid development of blockchain technology and cryptocurrency markets has introduced new forms of digital asset management that challenge traditional concepts of liability in financial systems. Although blockchain is commonly described as a decentralized ecosystem without intermediaries, in practice many digital assets are held through cryptocurrency exchanges that function as custodians by controlling customers’ private keys. This raises significant legal and Sharīʿah questions regarding liability for the loss of digital assets, particularly within the framework of fiqh muʿāmalāt, which emphasizes responsibility over property under one’s control. This study aims to examine the liability structure in blockchain asset custodianship through the concept of dhamān in the classical Shāfiʿī school of Islamic jurisprudence. The research adopts a qualitative approach using normative textual analysis of major classical works such as Nihāyat al-Maṭlab by Al-Juwaynī and al-Ḥāwī al-Kabīr by Al-Māwardī, alongside contemporary literature on fintech and digital asset governance. The analysis identifies several Shāfiʿī principles of dhamān related to negligence, unauthorized use of property, economic benefit, and allocation of risk between multiple parties. The findings indicate that many cryptocurrency platforms substantively operate under the characteristics of yad al-ḍamān, despite contractual attempts to disclaim responsibility for asset losses. The study argues that such structures may contradict Islamic legal principles linking control over property with liability for risk. Therefore, this research proposes a Sharīʿah-based liability framework that integrates digital asset control, economic benefit, and custodial responsibility within the blockchain ecosystem.

Abstrak

Perkembangan teknologi blockchain dan pasaran kripto telah mewujudkan bentuk baharu pengurusan aset digital yang mencabar kerangka tradisional tanggungjawab dalam sistem kewangan. Walaupun ekosistem blockchain sering digambarkan sebagai sistem kewangan teragih tanpa institusi perantara, realiti pasaran menunjukkan bahawa sebahagian besar aset digital disimpan melalui platform pertukaran yang bertindak sebagai kustodian dengan mengawal private keys pelanggan. Situasi ini menimbulkan persoalan penting berkaitan liabiliti terhadap kehilangan aset digital, khususnya dari perspektif fiqh muamalat yang menekankan tanggungjawab terhadap harta di bawah penguasaan seseorang pihak. Kajian ini bertujuan menganalisis struktur liabiliti dalam penjagaan aset blockchain melalui kerangka konsep dhamān dalam fiqh mazhab Shāfiʿī. Kajian menggunakan pendekatan kualitatif berasaskan analisis normatif terhadap teks turath utama seperti Nihāyat al-Maṭlab karya Al-Juwaynī dan al-Hāwī al-Kabīr karya Al-Māwardī, di samping menggabungkan literatur kontemporari berkaitan fintech dan tadbir urus aset digital. Analisis mengenal pasti beberapa prinsip dhamān berkaitan kecuaian penjagaan harta, pelampauan penggunaan aset, hubungan antara manfaat ekonomi dan tanggungjawab risiko, serta pembahagian liabiliti apabila kerugian melibatkan lebih daripada satu pihak. Dapatan kajian menunjukkan bahawa banyak platform kripto beroperasi dalam keadaan yang secara substantif menyerupai yad al-ḍamān, walaupun secara kontraktual cuba menafikan tanggungjawab terhadap kehilangan aset pelanggan. Oleh itu, kajian ini mencadangkan kerangka liabiliti Syariah yang menghubungkan penguasaan aset digital dengan tanggungjawab terhadap keselamatan harta pelanggan.