Empirical validation of a framework for Fiqh analysis of crypto assets

Abstract

Purpose – This study aims to empirically validate a conceptual framework for evaluating crypto assets, specifically addressing their multifaceted challenges concerning Sharī‘ah compliance. The research provides insights into the framework’s applicability and effectiveness in assessing maturity, risk and compliance in the evolving digital economy landscape. Design/methodology/approach – A qualitative research approach was used, utilizing semi-structured interviews with experts in the field. The collected data were analyzed to assess expert perspectives on the conceptual framework developed by Mohammed et al. (2024), highlighting its strengths, limitations and practical applications. Findings – The experts recognized the framework’s potential to provide a systematic methodology for evaluating crypto assets and to address Sharī‘ah compliance complexities. Their insights were instrumental in optimizing and refining the framework, enhancing its robustness and applicability. Nevertheless, they also identified challenges such as resistance to early adoption, limitations in real-world application and the need for institutional and multidisciplinary support. The findings highlight the importance of independent and well-informed juristic rulings, regulatory oversight and integration into institutional and policy structures to enable effective adoption and long-term sustainability. Originality/value – This study contributes to establishing a standardized approach for evaluating Sharī‘ah compliance of crypto assets. The research offers a foundational tool for jurists, institutions and policymakers to address evolving demands in the crypto asset landscape. Future studies could focus on real-world application of the refined framework and assess its viability in keeping pace with the dynamic nature of crypto assets.