ابراهیم برارپور

SUBJECT & OBJECTIVES: In recent years, cryptocurrency and forex markets have emerged as transformative financial platforms, drawing considerable global interest. This study aims to provide a comprehensive jurisprudential and ethical analysis of these markets through the lens of Islamic principles. It seeks to identify the main legal and moral challenges these systems pose, while also exploring the opportunities they may offer for Islamic finance. METHOD & FINDING: Using a descriptive-analytical approach, this article reviews classical and contemporary Islamic legal sources, along with scholarly opinions, to assess the permissibility of cryptocurrencies and forex trading. From a jurisprudential perspective, cryptocurrencies raise significant concerns related to ġarar (excessive uncertainty), ribā (usury), and the absence of intrinsic value. The scholarly discourse remains divided, with some jurists deeming these assets impermissible due to their speculative nature, while others permit their use under clearly defined conditions. Similarly, the forex market presents legal ambiguities involving ribā, speculative practices akin to gambling, and fictitious transactions. Ethically, both markets face criticisms concerning a lack of transparency, inadequate accountability mechanisms, and unequal access to market information. Nonetheless, these platforms also offer valuable prospects for enhancing financial inclusion and developing Sharīʿah-compliant financial instruments. CONCLUSION: The article proposes practical frameworks to align these emerging markets with Islamic jurisprudential and ethical standards. It underscores the pivotal role of regulatory bodies and educational institutions in raising awareness and promoting compliance with Islamic norms. The findings contribute to scholarly and policy-oriented debates on the future of digital financial systems within an Islamic context.