Designing a Framework for the Outcomes of Shadow (Ghost) Assets Consequences and The Violation of Investors' Shariah Trust

Document Type : Science - Research (Islamic Capital Market)

Authors
Soudabeh Sadat Mirbagheri 1
Mohammadreza Abdoli 2
Maryam Shahri 2
Hasan Valiyan 3
Asghar Karami 4
1 Ph.D. Student, Department of Accounting, Shahrood Branch, Islamic Azad University, Shahrood, Iran
2 Professor, Department of Accounting, Shahrood Branch, Islamic Azad University, Shahrood, Iran
3 Assistant Professor, Department of Accounting, Shahrood Branch, Islamic Azad University, Shahrood, Iran
4 Assistant Professor, Department of Accounting, Eslamshahr Branch, Islamic Azad University, Eslamshahr, Iran
10.30497/ifr.2026.248767.1980
Abstract
1. Introduction and Objective
The rapid expansion of financial technologies, digital assets, and decentralized monetary systems has transformed the structure of contemporary capital markets. Alongside these developments, new forms of hidden, intangible, and non-transparent assets have emerged that are often difficult to identify, evaluate, and regulate within conventional financial and legal frameworks. These assets, referred to in this study as “shadow (ghost) assets,” are increasingly associated with informational asymmetry, hidden corporate practices, speculative digital transactions, and ambiguous ownership structures. In this context, Shadow (Invisible) Assets are defined as economic resources, value-generating mechanisms, or hidden obligations that, due to their off-balance-sheet nature and structural opacity, remain undisclosed in formal financial reports and lack standardized measurement criteria (Aldridge, 2023). Such conditions not only influence financial transparency and market efficiency but also create significant ethical and religious concerns among investors operating within Islamic financial environments.
In Islamic financial systems, investment decisions are not solely based on economic rationality and profitability. Rather, they are deeply intertwined with Shariah principles, ethical legitimacy, spiritual cognition, and perceptions of halal compliance. Consequently, whenever financial activities become opaque, speculative, or disconnected from recognized Islamic norms, investors may experience uncertainty regarding the religious legitimacy of their investments. This uncertainty can weaken what is conceptualized in this study as “Shariah trust,” namely the degree to which investors perceive investment activities as compliant with Islamic teachings, jurisprudential principles, and ethical obligations.
Despite the growing literature on Islamic finance and digital financial technologies, limited research has examined how the emergence of shadow assets affects the cognitive and religious trust structures of investors. Existing studies have primarily focused on financial risk, technological innovation, cryptocurrency adoption, or regulatory challenges, while the relationship between shadow asset emergence and the erosion of Shariah trust has remained theoretically fragmented and methodologically underexplored. Moreover, there is a lack of integrated frameworks capable of combining qualitative conceptualization with quantitative prioritization in order to explain the multidimensional effects of shadow assets on religiously informed investment behavior.
Accordingly, the primary objective of this study is to design a multidimensional framework explaining the consequences of the emergence of shadow assets and to evaluate their impact on the violation or weakening of investors’ Shariah trust in the capital market. To achieve this objective, the study combines grounded theory methodology with intuitionistic fuzzy decision-making techniques in order to both conceptualize the phenomenon and quantitatively evaluate its dimensions. The research further seeks to identify the most influential dimensions of shadow asset emergence and determine which aspects of Shariah trust are most vulnerable under technologically driven and informationally opaque market conditions.


2. Methods and Materials
This study adopts a mixed-method exploratory design integrating qualitative grounded theory analysis with quantitative intuitionistic fuzzy evaluation techniques. The methodological rationale for employing a mixed approach was based on the complexity and multidimensionality of the phenomenon under investigation. Since shadow assets represent an emerging and theoretically underdeveloped concept within Islamic financial studies, an exploratory qualitative phase was first required to construct an initial theoretical framework. Subsequently, quantitative fuzzy methods were employed to validate and prioritize the identified dimensions under conditions of uncertainty and subjective judgment.
In the qualitative phase, data were collected through semi-structured interviews with experts and specialists in the fields of finance, Islamic economics, capital markets, accounting, and financial technology. Purposeful and theoretical sampling techniques were employed until theoretical saturation was achieved. A total of 13 in-depth interviews were conducted. The interview data were analyzed using grounded theory procedures involving open coding, axial coding, and selective coding.
The coding process resulted in the extraction of 245 open codes, which were subsequently categorized into six axial components and three overarching structural categories. These categories formed the basis of the proposed theoretical framework concerning the consequences of shadow asset emergence in capital markets. The qualitative analysis emphasized dimensions associated with digital currency-based assets, hidden financial operations, informational opacity, speculative transactions, and cognitive-religious uncertainty among investors.
Following the qualitative phase, the reliability and generalizability of the extracted dimensions were examined using the Fuzzy Delphi Method (FDM). Experts evaluated the identified components through linguistic scales transformed into triangular intuitionistic fuzzy numbers. Dimensions that satisfied the required consensus threshold were retained for the subsequent analysis. The Delphi process ensured that only conceptually reliable and contextually relevant dimensions entered the quantitative decision-making stage.
In the final phase, the validated dimensions of shadow asset emergence were integrated with standardized dimensions of investors’ Shariah trust. To evaluate the relationships among these dimensions and identify the most influential factors, an intuitionistic fuzzy multi-criteria decision-making (MCDM) framework was implemented using the fuzzy VIKOR approach. The selection of VIKOR was based on comparative evaluations conducted through Adaptive Neuro-Fuzzy Inference System (ANFIS) simulations and cross-validation metrics, including Accuracy, Precision, Recall, F-measure, and Mean Measure Criteria (MMC). Comparative analysis indicated that the intuitionistic fuzzy VIKOR model provided superior performance in handling discrepancies between real and fuzzy data structures.
The analysis process involved pairwise comparisons, aggregation of expert judgments, geometric averaging, consistency assessment, determination of positive and negative ideal solutions, and prioritization of dimensions based on compromise ranking indices. Furthermore, consistency ratios were evaluated to ensure the reliability of the fuzzy comparison matrices. Through this integrated methodological framework, the study was able to bridge conceptual theory development with advanced fuzzy decision-making analysis.

3. Research Findings
The findings of the qualitative phase revealed that the emergence of shadow assets is a multidimensional phenomenon rooted in hidden financial practices, technological transformations, and informational asymmetries within capital markets. Analysis of the interviews demonstrated that shadow assets are not limited to invisible accounting items or unregistered financial resources; rather, they represent broader mechanisms through which organizations may generate concealed benefits, exploit technological ambiguities, and create asymmetric access to economic opportunities.
The grounded theory analysis resulted in the identification of 245 open codes, six axial categories, and three major structural categories. These categories collectively illustrated how shadow assets emerge through technological complexity, non-transparent financial activities, speculative digital transactions, and hidden profit-generation mechanisms. Among the identified dimensions, digital currency-based asset outcomes emerged as the most prominent category influencing investor perceptions and trust structures.
The quantitative findings confirmed the significance of these dimensions within the context of Shariah trust evaluation. Results obtained from the intuitionistic fuzzy VIKOR analysis indicated that the dimension labeled “Digital Currency-Based Asset Outcomes (S1)” was ranked as the most influential factor contributing to the weakening of investors’ Shariah trust. This finding suggests that cryptocurrency-related financial activities, due to their decentralized nature, speculative volatility, and limited jurisprudential consensus, generate substantial cognitive and ethical uncertainty among investors committed to Islamic principles.
Furthermore, among the dimensions associated with Shariah trust, the criterion “Perceived Compliance with the Principle of Shariah Halal in Investment (W1)” demonstrated the highest level of vulnerability and influence. In other words, investors’ trust was most strongly affected when they perceived ambiguity regarding the halal legitimacy of investment activities. This result indicates that religiously informed investment behavior is deeply dependent upon subjective perceptions of ethical and jurisprudential conformity rather than purely economic indicators.
The fuzzy evaluation process also demonstrated that investors’ perceptions are significantly shaped by hidden organizational behaviors and non-transparent financial gains associated with technologically advanced financial instruments. As companies increasingly engage in digital financial operations that lack sufficient transparency or clear Shariah governance, investors may experience difficulties reconciling these activities with established Islamic teachings regarding halal income, avoidance of gharar (uncertainty), and prohibition of unjust enrichment.
Another important finding of the study concerns the cognitive dimension of investment behavior. The results indicate that investors rely not only on formal legal or financial analyses but also on internalized spiritual cognition and previously learned religious principles when evaluating investment legitimacy. Consequently, when technological financial environments become excessively ambiguous or disconnected from recognizable ethical standards, investors experience a decline in religious confidence and cognitive certainty.
Overall, the findings highlight that the emergence of shadow assets constitutes not merely a financial or technological issue but also a socio-cognitive and ethical challenge that directly affects the foundations of Shariah-oriented investment trust.

4. Discussion and Conclusion
The findings of this study demonstrate that the emergence of shadow assets in modern capital markets has profound implications for investors’ Shariah trust, particularly within technologically driven financial environments such as cryptocurrency markets. The study contributes to the literature by proposing an integrated theoretical and analytical framework capable of explaining how hidden financial structures and digital asset mechanisms influence religiously grounded investment perceptions.
One of the central conclusions of this research is that the violation or weakening of Shariah trust is primarily rooted in cognitive ambiguity rather than purely financial risk. Investors who adhere to Islamic ethical principles evaluate investment opportunities not only according to profitability but also according to perceived legitimacy, transparency, and compliance with religious teachings. Therefore, whenever financial systems become highly opaque, decentralized, or insufficiently regulated, the cognitive balance between economic rationality and spiritual assurance becomes disrupted.
The prominence of digital currency-based assets as the strongest factor affecting Shariah trust reflects the broader tension between rapid technological innovation and the slower evolution of jurisprudential and regulatory frameworks. Although digital financial technologies provide new opportunities for efficiency and economic participation, they simultaneously create uncertainty regarding ownership legitimacy, transactional transparency, speculative behavior, and compliance with Islamic financial ethics.
The study also underscores the importance of perception in shaping investor trust. The identified dominance of “perceived compliance with halal investment principles” indicates that trust formation in Islamic financial contexts is heavily influenced by subjective ethical interpretation and spiritual cognition. Consequently, even technologically efficient financial systems may fail to achieve investor confidence if they cannot provide sufficient religious transparency and jurisprudential assurance.
From a practical perspective, the findings suggest the necessity of establishing more comprehensive Shariah governance systems for emerging financial technologies. Regulatory institutions, Islamic financial authorities, and capital market policymakers should develop updated jurisprudential frameworks specifically addressing cryptocurrencies, blockchain-based assets, and digital financial transactions. Specialized Shariah supervisory committees may also play an essential role in reducing ambiguity and strengthening investor confidence.
Furthermore, the development of Islamic fintech models compatible with blockchain technologies could provide an effective pathway toward integrating technological innovation with religious legitimacy. Establishing Shariah certification mechanisms for digital asset platforms, cryptocurrency exchanges, and fintech institutions may contribute to greater transparency and reduce investors’ ethical uncertainty.
In conclusion, this study demonstrates that shadow assets represent not merely hidden economic phenomena but multidimensional structures capable of influencing ethical cognition, spiritual confidence, and investment legitimacy perceptions. By integrating grounded theory with intuitionistic fuzzy decision-making techniques, the research provides a comprehensive framework for understanding the interaction between technological financial developments and Shariah-oriented investor trust. The findings may serve as a basis for future interdisciplinary studies at the intersection of Islamic finance, behavioral finance, financial technology, and fuzzy decision sciences.
Keywords
Shadow Assets
Shariah Trust
Spiritual Cognition
Digital Currency
Intuitionistic Fuzzy VIKOR
Subjects
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  • Receive Date 16 August 2025
  • Revise Date 26 March 2026
  • Accept Date 04 April 2026