• Latest
  • Trending
  • All
Why Are Cryptocurrencies Prohibited In Muslim-Majority Countries?

Why Are Cryptocurrencies Prohibited In Muslim-Majority Countries?

January 13, 2022
5 Biggest Cryptocurrency Scams To Watch out for in 2022

5 Biggest Cryptocurrency Scams To Watch out for in 2022

May 16, 2022
A Day in The Life of Cryptocurrency Traders

A Day in The Life of Cryptocurrency Traders

May 9, 2022
Metaverse and Real Estates; Why Investors are Buying Virtual Land

Metaverse and Real Estates; Why Investors are Buying Virtual Land

April 27, 2022
Everything You Need to Know About Ethereum Virtual Machine

Everything you Need to Know about Ethereum Virtual Machine

April 23, 2022
Web3 And Blockchain: Impacts of Digital Asset Ownership on Business

Web3 and Blockchain: Impacts of Digital Asset Ownership on Business

April 18, 2022
All You Need to Know About Ripple Network and Its Crypto XRP

All you Need to Know About Ripple Network and its Crypto XRP

April 18, 2022
6 Ways to Get Free Crypto In 2022

  6 Ways to Get Free Crypto in 2022

April 18, 2022
An Introduction to Crypto Staking: How the Dynamics Changed

An Introduction to Crypto Staking: How the Dynamics Changed

April 4, 2022
Understanding Crypto Taxes

Understanding Crypto Taxes

April 3, 2022
The Link Between Ransomware And Crypto

The Link Between Ransomware and Crypto

April 3, 2022
Visa Launches A Program To Help Creatives Build Businesses With NFTs

Visa Launches a Program to Help Creatives Build Businesses with NFTs

April 1, 2022
Blockchain Cross-chain Interoperability

Cross-Chain Interoperability – A New Approach to Blockchain Technology

April 1, 2022
  • Home
    • Alternative Layout 1
    • Alternative Layout 2
    • Alternative Layout 3
    • Alternative Layout 4
  • Contact
  • Publish Your Article
  • Disclaimer
Sunday, May 22, 2022
  • Login
  • Register
Money Giants
  • Home
  • Cryptocurrency
    • All
    • Bitcoin
    • Crimes
    • Investments
    • Law & Compliance
    • Metaverse
    • Newcomers
    • NFT
    • Technology
    5 Biggest Cryptocurrency Scams To Watch out for in 2022

    5 Biggest Cryptocurrency Scams To Watch out for in 2022

    A Day in The Life of Cryptocurrency Traders

    A Day in The Life of Cryptocurrency Traders

    Metaverse and Real Estates; Why Investors are Buying Virtual Land

    Metaverse and Real Estates; Why Investors are Buying Virtual Land

    Everything You Need to Know About Ethereum Virtual Machine

    Everything you Need to Know about Ethereum Virtual Machine

    Web3 And Blockchain: Impacts of Digital Asset Ownership on Business

    Web3 and Blockchain: Impacts of Digital Asset Ownership on Business

    All You Need to Know About Ripple Network and Its Crypto XRP

    All you Need to Know About Ripple Network and its Crypto XRP

    6 Ways to Get Free Crypto In 2022

      6 Ways to Get Free Crypto in 2022

    An Introduction to Crypto Staking: How the Dynamics Changed

    An Introduction to Crypto Staking: How the Dynamics Changed

    Understanding Crypto Taxes

    Understanding Crypto Taxes

No Result
View All Result
Money Giants
No Result
View All Result
Home Cryptocurrency Investments

Why Are Cryptocurrencies Prohibited In Muslim-Majority Countries?

by Money Giants Editorial Team
January 13, 2022
in Investments, Law & Compliance
Reading Time: 3 mins read
0
Why Are Cryptocurrencies Prohibited In Muslim-Majority Countries?
4k
SHARES
4.7k
VIEWS
Share on FacebookShare on Twitter

Following the debut of bitcoin, the most heated argument in Islamic banking and financial institutions has been whether bitcoin is Halal or Haram. Many Muslims throughout the world are curious about the genuine status of bitcoin to decide whether or not to use it.

We’ve put together a comprehensive plan to assist you in the process.

“Currencies were designed to be a medium of exchange, and turning them into a traded commodity for profit is contrary to Islamic economics.” There is no legal basis under Shariah to accept Bitcoin or other Cryptocurrencies as a form of payment. It’s just an imaginary number produced by a complicated mathematical process. It’s bought for gambling or speculation, and it’s utilized in illegal or criminal transactions.” Mufti Taqi Usmani

Read: How to set up a crypto company in Dubai

In Islam, the Concepts Of Cryptocurrency And Money

Bitcoin and comparable digital forms of money fulfill the monetary functions of currency — serving as a means of exchange, a unit of record, and a store of significant value — while also gaining Islamic cash status as “standard cash.” Standard cash, according to Shariah, is anything that elevates money’s status by widespread public recognition or government mandate.

In Germany, digital money is regarded as legal tender and hence qualifies as bitcoin Islam cash. Bitcoin requires official legal, financial status in some countries, such as the United States. Still, it is accepted for payment at various merchants and hence qualifies as bitcoin Islam regular money.


Read: Is it Ethical to Invest in Cryptocurrencies?

Opinions of Shariah Scholars on Bitcoin Fatwa and Rulings

The Islamic Canonical Law, also known as Sharia, is based on the lessons of the Quran and prohibits some activities, such as acknowledgment of a specific premium, which is considered usury (Riba), or investments in organizations that are opposed to Islamic recognition, such as liquor.

Lately, there has been a surge in interest in Islamic account management, with the official board of the International Monetary Fund convening the first discussion on the subject in decades.

Is Bitcoin a Haram or a Halal Currency? A Review of Shariah

Even though premiums, venture capital, and theory in Bitcoin and digital money have continued to rise, there is growing confusion among Muslims — who make up nearly a quarter of the population — over whether Bitcoin and cryptographic forms of money are compliant with Shariah law. Shariah law is a set of tenets followed by Muslims following the Quran’s regulations and the Prophet Muhammad’s (P.B.U.H) lessons.

Read: Accepting Cryptocurrency in Business Operations: Why it has Become a Need of the Hour?


The Islamic fund segment, which provides money-related services to Muslims and Islamic foundations, adheres to Shariah law — a clear understanding of digital money and blockchain is growing in importance as experts increasingly recognize that blockchain will change every aspect of the global budgetary framework in the same way that the internet changed media and distribution.

Final Thoughts

Whether bitcoin is halal or haram is a difficult one to answer. Some regulations believe bitcoin is halal, while others consider it haram. However, most experts believe that trading in Bitcoin is not Halal because it has no intrinsic value. It doesn’t have any economic value, and it doesn’t return any origin. 

Any recognized government body has not adopted it, and market fluctuations solely determine its value. The majority of qualities and functions of bitcoin and other cryptocurrencies are deemed haram, and they are utilized for gambling and other haram activities.


Tags: halalharammuslimshariah
Share663Tweet414Share116

  • Trending
  • Comments
  • Latest
Metaverse and Cryptocurrencies – A Relative Study

Metaverse and Cryptocurrencies – A Relative Study

November 1, 2021
What Are Crypto Launchpads?

What Are Crypto Launchpads?

November 9, 2021
The Future of Cryptocurrency

The Future of Cryptocurrency

November 19, 2021
What does the price of Bitcoin depend on?

What does the price of Bitcoin depend on?

0
Who Invented Bitcoin?

Who Invented Bitcoin?

0
Cryptocurrency and the Promising Newcomers in the Field

Cryptocurrency and the Promising Newcomers in the Field

0
5 Biggest Cryptocurrency Scams To Watch out for in 2022

5 Biggest Cryptocurrency Scams To Watch out for in 2022

May 16, 2022
A Day in The Life of Cryptocurrency Traders

A Day in The Life of Cryptocurrency Traders

May 9, 2022
Metaverse and Real Estates; Why Investors are Buying Virtual Land

Metaverse and Real Estates; Why Investors are Buying Virtual Land

April 27, 2022
Money Giants

Copyright © 2015 - 2022 Money Giants.

Navigate Site

  • Home
  • Contact
  • Publish Your Article
  • Disclaimer

Follow Us

No Result
View All Result
  • Home

Copyright © 2015 - 2022 Money Giants.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In