Applying Islamic Legal Maxims to Utility-Backed Crypto-Assets: Toward a Decentralized Shariah Accounting Framework for the Metaverse Halal Value Chain

Abstract

The rapid digitalization of the halal economy through metaverse technologies has accelerated the adoption of blockchain, decentralized accounting, and utility-backed crypto-assets. Despite their potential to enhance transparency, traceability, and operational efficiency, existing governance models remain largely technology-driven and insufficiently grounded in Islamic jurisprudence. This study aims to develop a conceptual framework for decentralized Shariah accounting by applying fiqh al-mu'amalah and Islamic legal maxims (al-qawāʿid al-fiqhiyyah) to the governance of utility-backed crypto-assets within the Metaverse Halal Value Chain (MHVC). Using a structured literature review and conceptual synthesis, the study integrates evidence from blockchain governance, decentralized finance, halal supply chains, and Shariah accounting. The analysis is anchored in the legal maxims al-aṣl fī al-muʿāmalāt al-ibāḥah, al-ghurm bi al-ghunm, al-kharāj bi al-ḍamān, al-ḍarar yuzāl, and al-yaqīn lā yazūl bi al-shakk to assess ownership, contractual legitimacy, accountability, and risk allocation in digital transactions. The findings indicate that utility-backed crypto-assets may satisfy Shariah principles when supported by identifiable underlying assets, transparent contractual arrangements, effective risk-sharing mechanisms, and continuous Shariah oversight. Consequently, the study proposes a decentralized Shariah accounting framework integrating blockchain traceability, smart contracts, Halal Oracles, and human Shariah governance to mitigate gharar, algorithmic bias, and governance failures. This framework contributes to Islamic accounting literature by providing normative guidance for trustworthy and ethically governed virtual halal ecosystems.