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Author Topic: Is Bitcoin Forbidden In Islam? Why?  (Read 1337 times)
sachithra
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December 07, 2017, 04:14:26 AM
 #1

Assim al-Hakeem, a Saudi minister has announced that cryptographic forms of money are entirely disallowed under Islamic law. This is on account of they are both vague and give namelessness to crooks. He made this declaration on Ask Zaad, as Bitcoin costs shot above $12,000 for the first run through.

This decision comes after the best religious body in Turkey likewise expressed that Bitcoins were contradictory with Islam in light of the fact that the estimation of them is 'available to theory' and can be utilized as a part of 'illicit activiies'.

A great deal of this is a direct result of the Bitcoin action on darknet commercial centers, where they trust that clients are utilizing the cash in return for medications and weapons, which has raised various diverse doubts about the virtual cash.

In only one year, the estimation of Bitcoin has raised fundamentally from only $1000 toward the begin of the year, to more than $12,000 now. This sensational ascent has isolated the monetary group, with many trusting that the money may soon come smashing down once more.

Bitcoin was made about 10 years back, to fill in as an other option to government provided monetary forms. Exchanges including Bitcoin can consider finish obscurity, which has made it unbelievably prevalent among the individuals who wish to keep their money related action and their personality private.

Bitcoin digger work PC ranches, where they can check client's exchanges by settling complex scientific riddles. These mineworkers are paid in Bitcoin, which would then be able to be changed over into a conventional cash.

The utilization of digital forms of money have changed as of late. While at first they were utilized as a technique for installment, all the more as of late they have turned into an extremely prevalent venture opportunity.

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December 07, 2017, 03:50:20 PM
 #2

As a payment network YES, Bitcoin is halal. In fact, Bitcoin goes beyond what more conventional closed banking networks offer. Unlike conventional bank networks which use private ledgers where there's no guarantee that the originator actually owns the underlying assets, Bitcoin guarantees with mathematical certainty that the originator of the transfer owns the underlying assets. Conventional banks operate using the principle of fractional reserve, which is prohibited in Islam.
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December 07, 2017, 06:58:44 PM
 #3

It doesn't make any sense at all. In that way, every currency in the world should be forbidden in Islam because all of them can be used for such actions like buying weapons, or supplying drugs from one place to another. Just because a currency can be used by criminals, it doesn't mean it is a "criminals currency". Bitcoin is a part of technology, and technology, if used in a bad way, is forbidden in Islam because it will be breaking the rules of the religion which is not allowed, but you are not using a thing for a wrong purpose, it won't be forbidden.

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December 07, 2017, 07:49:01 PM
 #4

as far as I know only lending/borrowing money for interest is strictly forbidden in Islam
bitcoin is not falling into that area,since you do not,technically,get interest using it
maybe some of the preachers or islamic theologists consider it haram
but Coran says nothing about cryptocurrencies or money surrogates

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December 07, 2017, 08:09:38 PM
 #5

It doesn't make any sense at all. In that way, every currency in the world should be forbidden in Islam because all of them can be used for such actions like buying weapons, or supplying drugs from one place to another. Just because a currency can be used by criminals, it doesn't mean it is a "criminals currency". Bitcoin is a part of technology, and technology, if used in a bad way, is forbidden in Islam because it will be breaking the rules of the religion which is not allowed, but you are not using a thing for a wrong purpose, it won't be forbidden.
If they are seeing on this kind of aspect on where it has being used on criminality and other stuff then they should forbidden fiat too. Grin because anywhere you would go either on bitcoin or on fiat those things can be used since they do have value which means its really senseless on islam law why they do ban or prohibit bitcoin.I cant see any reason even we do say on religious aspects. They are only making such prohibition when it reaches over $12000.I dont know whats on their minds.

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December 07, 2017, 08:18:26 PM
 #6

Bitcoin existed while the Islamic laws were being written, is it?  Shocked
I wonder if Satoshi Nakamoto is actually a time traversing chalice of malice, appearing and disappearing in the vast threads of time  Tongue

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December 07, 2017, 08:34:41 PM
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Assim al-Hakeem, a Saudi minister has announced that cryptographic forms of money are entirely disallowed under Islamic law. This is on account of they are both vague and give namelessness to crooks. He made this declaration on Ask Zaad, as Bitcoin costs shot above $12,000 for the first run through.

This decision comes after the best religious body in Turkey likewise expressed that Bitcoins were contradictory with Islam in light of the fact that the estimation of them is 'available to theory' and can be utilized as a part of 'illicit activiies'.

A great deal of this is a direct result of the Bitcoin action on darknet commercial centers, where they trust that clients are utilizing the cash in return for medications and weapons, which has raised various diverse doubts about the virtual cash.

In only one year, the estimation of Bitcoin has raised fundamentally from only $1000 toward the begin of the year, to more than $12,000 now. This sensational ascent has isolated the monetary group, with many trusting that the money may soon come smashing down once more.

Bitcoin was made about 10 years back, to fill in as an other option to government provided monetary forms. Exchanges including Bitcoin can consider finish obscurity, which has made it unbelievably prevalent among the individuals who wish to keep their money related action and their personality private.

Bitcoin digger work PC ranches, where they can check client's exchanges by settling complex scientific riddles. These mineworkers are paid in Bitcoin, which would then be able to be changed over into a conventional cash.

The utilization of digital forms of money have changed as of late. While at first they were utilized as a technique for installment, all the more as of late they have turned into an extremely prevalent venture opportunity.


I would agree with the part that it might be used for illegal means but saying its against Islamic laws is just too absurd for me to phantom because it then means majority of human civilisation is against Islamic law. Even Saudi Arabia the origin of Islam so to say gave citizenship to a robot by the name Sophia but that was in consonance with Islamic law.

What I see is that the leaders are only using that as an excuse to back their theory up is labelling bitcoin a bad name since their countries is ruled by Islamic laws its then good to say any thing they don't want is against the law so that people can believe them. By the time the other countries gives bitcoin legal status, they will still find a section of the law that would accommodate the legalization of bitcoin

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December 07, 2017, 09:48:45 PM
 #8

It is not so. I've heard rumors that Iran is considering the possibility of legalization in their territory of bitcoin. Arab countries have long been looking for an alternative to the dollar. It started from the time of "desert Storm". But oil is traded in dollars and it's hold on the Islamic state to the U.S. dollar.

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December 08, 2017, 01:10:29 AM
 #9

Bitcoin existed while the Islamic laws were being written, is it?  Shocked
I wonder if Satoshi Nakamoto is actually a time traversing chalice of malice, appearing and disappearing in the vast threads of time  Tongue

This is perhaps the reason why Satoshi has disappeared from the Bitcoin arena and has remained anonymous. Maybe Satoshi has already traveled to the future and taken over the world with his/her/their 1 million BTC! Cheesy

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December 08, 2017, 05:05:41 AM
 #10

They are just saying this kind of statement that OP has stated because the price of bitcoin is quite disturbing to the lustful eyes of Muslims and Christians, even thou we cannot clearly say that bitcoin can ruin their beliefs but what really are they up to is it's price. 

Moreover, we know that the ISIS group is a known terrorist and they are also "MUSLIM"  but we don't know if they are in cryptograph world, that they use to get their funds.

Muslims Leaders in Saudi is really conservative to the things that the written word in HOLY QURAN must not be disregard, However let's search more information about this issue.

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December 08, 2017, 05:51:00 AM
 #11

My intention is not to offend anyone but how does cryptocurrency gonna do anything about religion. I’m a catholic at birth but I do respect Islamic brothers. This has nothing to do with it and criminal activity is been in decades that is presence in our world ever since before bitcoin exist.

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December 08, 2017, 07:41:36 AM
 #12

In my view, based on the knowledge I have received in Islamic schools that I have lived, whether or not Bitcoin in Islam is seen from the quantity of benefits or losses it causes. Why is it prohibited? Because criminals use bitcoin in transactions because it is harder to trace. It should be the job of the Cyber ​​Police to track the transaction. Bitcoin in terms of benefits far outweigh its disadvantages. Even for people who do not have a job, if you know and know how to work bitcoin life is much better.
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December 08, 2017, 08:31:20 AM
 #13

To my knowledge.. I think in Islam, currency exchange is a form of business that's allowed. However, both parties must both receive money to reach a transaction, and are not allowed to postpone it.
After all, bitcoin has a value, which one can complete a transaction with others who use Bitcoin and proves that the coin has a value.
In addition, even a currency that can be said "halal" in Islam it should have a characteristic deflation natural, leading to fluctuations in value. The value of Bitcoin has gone up over the past seven years, despite some price reductions that have occurred to date.
And now I think we can intelligently judge that Bitcoin is "halal" under Islam if we compare it to the already circulating paper currency.

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December 08, 2017, 09:14:21 AM
 #14

Bitcoin existed while the Islamic laws were being written, is it?  Shocked
I wonder if Satoshi Nakamoto is actually a time traversing chalice of malice, appearing and disappearing in the vast threads of time  Tongue
Of course the laws were written much earlier than bitcoin code. I do not know how those rules exactly sounds so it is hard to me to make a decision why Koran is against of crypto currencies. This talks began from news from Turkey, the imam said that bitcoin is out of the religion. But if it is going to be admitted so by all Muslim countries, what are going to do those Muslim people who already invest big money in bitcoin and crypto?

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December 08, 2017, 08:56:54 PM
 #15

as far as I know only lending/borrowing money for interest is strictly forbidden in Islam
bitcoin is not falling into that area,since you do not,technically,get interest using it
maybe some of the preachers or islamic theologists consider it haram
but Coran says nothing about cryptocurrencies or money surrogates

exactly, Islam forbids the interest on loans that they call 'Riba', and also prohibits gambling. But Islam allows buying and selling, wherein bitcoin, people only buy and sell transactions, so it is not prohibited. Unless people use bitcoin for actions that are prohibited by Islamic rules. And by the way, Islam doesn't only include Turki only, so if an Islamic country issues such a statement, doesn't mean all of Islam is involved.
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December 09, 2017, 02:01:05 AM
 #16


This decision comes after the best religious body in Turkey likewise expressed that Bitcoins were contradictory with Islam in light of the fact that the estimation of them is 'available to theory' and can be utilized as a part of 'illicit activiies'.

A great deal of this is a direct result of the Bitcoin action on darknet commercial centers, where they trust that clients are utilizing the cash in return for medications and weapons, which has raised various diverse doubts about the virtual cash.


If the reason why they forbid bitcoin is because of "illicit activities" then why only focus in bitcoin when in fact, all payment options available can be use in criminal activities because once someone decides to do something illegal, he will use all possible means just to complete the transaction. Some of the Arab Countries even consider regulating the cryptocurrency like Iran. Check the link for the news about it.

https://news.bitcoin.com/iranian-government-bitcoin-use/


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December 09, 2017, 03:29:05 AM
 #17

I can't find the religion aspect whenever it can be called as halal or not but AFAIK bitcoin is not make people's suffer or loss.
Bitcoin is new currency but in different shape so it's difficult for me to relate bitcoin with religion.

My intention is not to offend anyone but how does cryptocurrency gonna do anything about religion. I’m a catholic at birth but I do respect Islamic brothers. This has nothing to do with it and criminal activity is been in decades that is presence in our world ever since before bitcoin exist.


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December 09, 2017, 03:45:51 AM
 #18

Assalamualaikum my brother. Bitcon haram in islam? Nop. Bitcoin is halal depends by people who use it for. bitcoin is like a gold. the true haram is conventional bank they use interest and you know that. it prohibited in islam.

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December 09, 2017, 04:25:57 AM
 #19

Can the Muslims please just figure this out on their own, without bringing the problem to this forum (at least not in this section)?  Religion and finance just don't mix well, and if you bring up religion in a thread, it's going to get knocked off track faster than you can strap a bomb around your waist and blow up the local pet shop. 

There's no logic in this because of the fundamental and enormous leap-of-faith that religion requires in the first place.  You start with something that doesn't make sense, and then you start arguing about whether bitcoin fits into its moral structure.  So yeah.  Take this subject to the politics & other stuff section of the forum and see what it gets you.

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December 09, 2017, 04:55:48 AM
 #20

very interesting topic of bitcoin, honestly i want to hear about the answer of this question, meanwhile i have my own opinion for this question, bitcoin is not haram if we used it as an asset or a goods ( a digital asset ) its mean bitcoin is same as gold and it is not haram if muslim trading bitcoin for any fiat money.
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