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Title: When lending bitcoin is haram?Is haram taking the collateral when giving a loan? Post by: traderbit on July 19, 2016, 05:50:43 PM Guys I'm worried when lending bitcoin to users.
- I know that taking interest on loans is haram but are there any other situation when giving a loan is haram? - What if I require a collateral? Is it haram or not? - If the user defaults am I able to spend the collateral? I was scammed for $75 in the near past and was very pissed of that I didn't request a valid collateral. Mods: If i posted in a wrong board please move it to the correct one. Title: Re: When lending bitcoin is haram?Is haram taking the collateral when giving a loan? Post by: steven0021 on July 19, 2016, 06:05:40 PM Not an expert on Islam law here (I'm not even Islam), but looks like there's a good explanation here complete with references: https://islamqa.info/en/140078
It pretty much said that it is indeed haram. But. I think you can get a more clear answer from your local imam. Title: Re: When lending bitcoin is haram?Is haram taking the collateral when giving a loan? Post by: bestluck on July 19, 2016, 06:10:14 PM For you I have found some Islamic laws about loan, and as bitcoin is currency so you can apply it the same as to other currencies. below are the details of Islamic Rules of Loan;
https://www.al-islam.org/a-summary-of-rulings-makarim-shirazi/rules-loans-qardh http://www.islamic-laws.com/debtloanrules.htm Title: Re: When lending bitcoin is haram?Is haram taking the collateral when giving a loan? Post by: traderbit on July 19, 2016, 06:19:56 PM For you I have found some Islamic laws about loan, and as bitcoin is currency so you can apply it the same as to other currencies. below are the details of Islamic Rules of Loan; https://www.al-islam.org/a-summary-of-rulings-makarim-shirazi/rules-loans-qardh http://www.islamic-laws.com/debtloanrules.htm None of them mention collateral but thanks, I learned something new :-X Not an expert on Islam law here (I'm not even Islam), but looks like there's a good explanation here complete with references: https://islamqa.info/en/140078 It pretty much said that it is indeed haram. But. I think you can get a more clear answer from your local imam. The website you mentioned is the first result on google when I research about collateral, it says that if I benefit from collateral it is counted as haram but what if i just get my money back by selling that collateral and send back the rest to the user who took the loan? Title: Re: When lending bitcoin is haram?Is haram taking the collateral when giving a loan? Post by: isvicre on July 19, 2016, 06:31:36 PM A very interesting topic. I'm a bit surprised anyone involved with cryptocurrency or interested in lending would impede themselves in this way. I don't mean any offence, but can't you just do what everyone else does and interpret these teachings or rules in a way that benefits you? Or rather not benefits, but keeps you on a level playing field. If you get shit about it in your afterlife, you can always claim it's not real money but virtual currency and the old texts didn't make clear how to handle such digital, virtual bytes.
Title: Re: When lending bitcoin is haram?Is haram taking the collateral when giving a loan? Post by: steven0021 on July 19, 2016, 06:41:27 PM For you I have found some Islamic laws about loan, and as bitcoin is currency so you can apply it the same as to other currencies. below are the details of Islamic Rules of Loan; https://www.al-islam.org/a-summary-of-rulings-makarim-shirazi/rules-loans-qardh http://www.islamic-laws.com/debtloanrules.htm None of them mention collateral but thanks, I learned something new :-X Not an expert on Islam law here (I'm not even Islam), but looks like there's a good explanation here complete with references: https://islamqa.info/en/140078 It pretty much said that it is indeed haram. But. I think you can get a more clear answer from your local imam. The website you mentioned is the first result on google when I research about collateral, it says that if I benefit from collateral it is counted as haram but what if i just get my money back by selling that collateral and send back the rest to the user who took the loan? Hmm you got a point. Only scenario there is using the collateral and not selling it. I think the first link provided by bestluck does have that scenario. Just look for the word "mortgage". Quote 2317. * If the creditor demands the repayment of debt when it is due, and the debtor does not repay it, the creditor can sell the mortgaged property and collect his dues, provided that he had been authorized to do so. And if he was not authorized to do so, it will be necessary to obtain permission from the debtor. And if the debtor is not available, he should obtain permission for the sale of the property from the Mujtahid. In either case, if the sale proceeds exceed the amount due to him, he should give the amount in excess of his debt to the debtor. Title: Re: When lending bitcoin is haram?Is haram taking the collateral when giving a loan? Post by: Losvienleg on July 24, 2016, 06:22:27 PM If you're talking about "haram", you're surely referring to Islam. Then, I guess it's not "haram" if the other guy isn't Muslim. Too, if guy scammed you, that shouldn't be a problem, but you should offer him repentance, in case he come back, even with delays.
Title: Re: When lending bitcoin is haram?Is haram taking the collateral when giving a loan? Post by: rackam on July 24, 2016, 08:58:21 PM You should ask advised on your Imams or Elders, I think this is about Islam. FYI Most bitcoiners are atheist.
Title: Re: When lending bitcoin is haram?Is haram taking the collateral when giving a loan? Post by: Losvienleg on July 26, 2016, 11:54:05 AM FYI Most bitcoiners are atheist. I'm not really sure of this statement that came of your hat. Lots of people are coming from Indonesia or India, where atheism is near inexistent. Some people from Europe, as me, are also heavily Christian. Title: Re: When lending bitcoin is haram?Is haram taking the collateral when giving a loan? Post by: Hirose UK on July 26, 2016, 02:06:06 PM Guys I'm worried when lending bitcoin to users. - I know that taking interest on loans is haram but are there any other situation when giving a loan is haram? - What if I require a collateral? Is it haram or not? - If the user defaults am I able to spend the collateral? I was scammed for $75 in the near past and was very pissed of that I didn't request a valid collateral. Mods: If i posted in a wrong board please move it to the correct one. I don't find out about it yet, but as long as I know interest is haram. I've ever thought about this too (I'm muslim) bitcoin price is not stable. so I think if you lend 0.5 btc for instance when the price is $400 then he/she give it back when the price is $500, I think you will get interest. so it's better to avoid things you're not sure because it's syubhat. Title: Re: When lending bitcoin is haram?Is haram taking the collateral when giving a loan? Post by: virtualx on July 26, 2016, 05:34:20 PM Guys I'm worried when lending bitcoin to users. No, because all currency (including Arabic) is loan or debt based. Bitcoin is not debt based, so I don't think it's haram. :)- I know that taking interest on loans is haram but are there any other situation when giving a loan is haram? Title: Re: When lending bitcoin is haram?Is haram taking the collateral when giving a loan? Post by: Dank14 on July 26, 2016, 07:56:45 PM Even if taking a loan is Haram, requesting for a collateral should not be Haram.
That is just safeguarding your assets. Title: Re: When lending bitcoin is haram?Is haram taking the collateral when giving a loan? Post by: groll on July 27, 2016, 01:27:37 PM Guys I'm worried when lending bitcoin to users. - I know that taking interest on loans is haram but are there any other situation when giving a loan is haram? - What if I require a collateral? Is it haram or not? - If the user defaults am I able to spend the collateral? I was scammed for $75 in the near past and was very pissed of that I didn't request a valid collateral. Mods: If i posted in a wrong board please move it to the correct one. If you worry too much because you thought is lending bitcoin is haram. Then you should stop giving out loans. Find other investment or other business related or that accepts bitcoin so you can free yourself from engaging in haram activities. |