Bitcoin Forum

I just came across the news that bitcoin is Shariah compliant and it could be very helpful in clarifying Muslim brothers about whether to consider as a haram or halaal. Things look positive and I am expecting more investors from countries like UAE, Qatar, etc. would believe in bitcoin technology and the use of it. Besides, these countries have very high sovereign funds for investment. (https://news.bitcoin.com/research-paper-declares-bitcoin-compliant-with-shariah-law/ (https://news.bitcoin.com/research-paper-declares-bitcoin-compliant-with-shariah-law/))

Any opinion is highly appreciated.

Bitcoin is not against the Shariah Law and there are muslim scholars who already agreed to this kind of statement. Anyway, let us clarify first the word halal, halal refers to the preparation of meat by the muslim in according to their shariah law thus we cannot apply this to bitcoin since bitcoin is not a food but a cryptocurrency.

But anyway bitcoin according to Muslim Scholars are in compliant and not against the Shariah Law and its just a matter of time before Arab and Muslim Countries will jump and join the bitcoin market.

Let us hope that that Arab and Muslim countries become more aware about blockchain technology and bitcoin in general. This might be positive to alt coins as well.

I think it is true that bitcoin is in accordance with Islamic Sharia, because it has an increasing value like gold that is not infected by inflation, and I believe that soon the Qatari state and others will soon become big investors.

Thank you for posting this, our Muslim brothers are an essential part of this community, they are capable and willing to support the cause of cryptocurrency adoption, I'm sure in the next few years our Muslim brothers will become a major player in the cryptocurrency industry.

The article states that Shariah law does not prohibit Bitcoin, but then it says that it all depends on a country. National Law still the one that should be followed. Bitcoin for them is not just a currency but a technology for payment and transaction. So the acceptance of Bitcoin depends on the rulings in a certain country.

Plenty of Muslim interest in Bitcoin and cryptocurrency in general, and this should open up the door for increased involvement. Saying that, I don't think that is has slowed investment down too much; I have noticed a number of Arab country based cryptocurrencies and plenty of the governments already seem open to acceptance.

Bahrain - https://www.ccn.com/bahrains-government-keen-adopting-bitcoin/

UAE (Dubai) - https://cointelegraph.com/news/dubai-will-issue-first-ever-state-cryptocurrency

Be interesting to see how it plays out over the next few years.

Looks like they have another way of trading oil, no need to rely on USD when you can buy using bitcoin. Good to see that religion is not going to block the adoption of bitcoin, all should get involved in this new type of bank-free currency.