Following the issuance of the fatwa regarding the status of cryptocurrency, the Tarjih and Tajdid Council of the Central Board (PP) of Muhammadiyah is now shifting its focus to the potential utilization of its underlying technology, blockchain. The religious organization is encouraging Muslims to start exploring this distributed ledger technology for social benefit and the development of the Sharia economy.
A member of the Tarjih and Tajdid Council of PP Muhammadiyah, Bektie Hendrie Anto, emphasized that public attention should no longer be focused on crypto trading speculation. Instead, blockchain innovation should be directed towards supporting more transparent and accountable organizational governance, especially in the management of religious social funds.
One of the concrete ideas proposed is the implementation of the Real World Asset (RWA) concept through the tokenization of waqf assets. By recording the ownership of waqf assets in a blockchain system, it is claimed that bookkeeping will become much more secure, transparent, and easily audited by all members of the association openly.
In addition to the governance of waqf and zakat, this technology is deemed to have the potential to support the financing of Micro, Small, and Medium Enterprises (MSMEs) and Muhammadiyah Business Ventures (AUM) through Sharia-friendly decentralized finance (DeFi) schemes. Other benefits include the use of NFTs for historical documentation, digital voting systems, and interactive da'wah media based on Web3.
Bektie also mentioned that the Financial Services Authority (OJK) is currently reviewing the tokenization of financial assets such as sukuk. Although supporting the adaptation of this digital technology, Muhammadiyah reminds the public to avoid speculative activities that resemble gambling (gamblefi) and to ensure that all utilization remains within the corridor of Islamic Sharia law.
