THE FUTURE OF ISLAMIC IN A CASHLESS SOCIETY: OPPORTUNITIES AND ETHICAL DILEMMAS

Nabila Novania, Muhammad Rafi’i

Abstract


The global transition toward a cashless society, driven by rapid advancements in
financial technology (fintech), digital payments, and artificial intelligence, presents both
unprecedented opportunities and profound ethical challenges for Islamic economics. While
cashless systems promise efficiency, transparency, and financial inclusion, they also raise
critical concerns regarding justice (ʿadl), transparency (amanah), privacy, digital exclusion,
and the prohibition of riba, gharar, and maysir. This paper explores the future of Islamic
economics within a cashless environment by examining its compatibility with Shariah
principles and identifying ethical dilemmas arising from digital financial infrastructures.
Using a qualitative normative-analytical approach supported by contemporary literature, this
study analyzes the opportunities provided by cashless financial systems such as enhanced
zakat management, halal supply-chain integration, and Islamic fintech innovation alongside
ethical risks including data commodification, algorithmic bias, and unequal access. The
findings suggest that while a cashless society can align with Islamic economic objectives
(maqasid al-shariah), such alignment requires robust Shariah governance, ethical fintech
design, and inclusive digital policies. This study contributes to Islamic economic discourse by
offering a conceptual framework for ethically integrating cashless systems into Islamic
financial ecosystems.


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