Sharia Analysis of the Property-Asset Tokenisation Business Model: The Goro.id Case

Asnan Purba; Oyo Sunaryo Mukhlas; Atang Abd Hakim

doi:10.24256/alw.v11i2.11320

Authors

Asnan Purba Tazkia Islamic University, Indonesia
Oyo Sunaryo Mukhlas State Islamic University Sunan Gunung Djati Bandung, Indonesia
Atang Abd Hakim Sunan Gunung Djati State Islamic University, Indonesia

DOI:

https://doi.org/10.24256/alw.v11i2.11320

Abstract

Purpose – This study develops and applies the Tokenisation Sharia-Compliance Matrix (TSCM), a three-layer model for assessing a property-asset tokenisation business model. The model examines the contractual layer of fiqh muamalah, the positive-law layer of the Compilation of Sharia Economic Law (KHES) and Financial Services Authority (OJK) regulation, and the teleological layer of Maqashid al-Syariah, with a focus on Hifzh al-Mal. It is tested on Goro.id, an Indonesian real-asset tokenisation platform admitted to the OJK Regulatory Sandbox.

Method – The study uses a qualitative single-case design that combines normative-juridical reasoning with documentary evidence. The analysis follows four stages: open coding of documents into a graded evidentiary register; thematic mapping against the six-stage tokenisation life cycle; legal reasoning through takhrij, tanqih, and tahqiq al-manath, checked against KHES and the fatwas of the National Sharia Council of the Indonesian Ulema Council (DSN-MUI); and scoring of Hifzh al-Mal on a four-point rubric.

Result – Four findings emerge. First, the token is mal mutaqawwim of the mal ‘ain hukmi type, a constructive corporeal right rather than a debt. Second, the transaction is a three-tier composite contract comprising syirkah milk for ownership, wakalah bi al-ujrah for management, and ijarah for income, with bay‘ confined to entry and exit. Third, the smart contract functions as sighat and tawthiq, not as the contract itself, so it removes procedural but not substantive gharar. Fourth, the model scores 2 out of 3 on both the protection and the development of wealth, because eight legal and market exposures remain open, most critically enforceability, bankruptcy-remoteness, secondary-market liquidity, and the absence of a specific fatwa. Its Sharia alignment is therefore conditional.

Implication – The matrix offers a replicable tool for appraising digital financial innovation, identifies the fatwa and regulatory gaps that DSN-MUI and OJK need to close, and distinguishes compliance-critical safeguards from merely desirable ones.

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