However, unlike fiat currencies, there is no authority to back up cryptocurrencies and they are not particularly stable. Also, unlike the use of fiat currency, there is no necessity to use bitcoin. Shaykh Haitham leaves open the potential for a directly gold-backed cryptocurrency and for it to be seen as halal. The Shaykh also concludes that by implication bitcoin mining is also impermissible as it is creating money from nothing. His personal conclusions were that Bitcoin is permissible as it is seen as something valuable and available on currency exchanges and is a medium of payment accepted by a number of shops and platforms today.
He also makes a more prudential note that this is a nascent industry, prices are volatile, and there is a risk of loss.
Bitcoin Fatwa & How it Conforms With Shariah?
All that is important is that there is social acceptance among people that such currency has value and it is capable of being used in transactions. However Shaykh Ziyaad also points out that where cryptocurrencies like bitcoin become excessively volatile with retail investors driving irrational increases in price, the trading in bitcoin could be seen as more questionable.
Overall, the Shaykh concludes on a cautiously optimistic note regarding the potential of cryptocurrency. For views of even more scholars and their analysis please refer to our Fatwa Forum thread on Bitcoin here. For our views on the topic see this article. Your email address will not be published. Notify me when new comments are added. Post Comment. This site uses Akismet to reduce spam.
Islamic Trading Accounts in Finland
Fiqih Islam Wa Adillatuhu. Translated from Arabic by A. El Kattani. Jakarta: Gema Insani. Google Scholar. Bakar, N. Bohme, R. Bitcoin: Economies, Technology and Governance. The Journal of Economic Perspectives , 29 2 , pp. Hosseini, H. International Journal of Social Economics , 15 9 , pp. Kahf, M. Economics of Zakat Book of Reading No.
Jeddah: Islamic Development Bank. Leon, D. Blockchain: Properties and Misconceptions. Asia Pacific Journal of Innovation and Entrepreneurship , 11 3 , pp. Nakamoto, S. Accessed 22 April With this in mind, we have 10 years of experience!
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Is Bitcoin halal?
Please call us now if you would like to find more. Barn doors are a very big and heavy door. This means not anyone can deal with repair and install of the barn door.
- Is Bitcoin Halal? What Scholars Say And Where It Stands.
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- Is Bitcoin halal? Muslim scholars debate the cryptocurrency - Decrypt.
- Islamic law committees!
- Halal or not halal.
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Is Bitcoin Halal or Haram? Bitcoin Fatwa in Islam | AIMS UK
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