Is Bitcoin Forbidden In Islam? Why?

[sachithra]

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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[ember.suc]

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.

[Aamir1]

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.

[veleten]

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

[Lanatsa]

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. 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.

[synapsisxxx]

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

[audaciousbeing]

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

[sindikat]

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.

[baradfo]

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

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!

[yojodojo21]

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.

[tweetbit]

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.

[ahmadhidayat27]

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.

[Rajamuda]

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.

[Taki]

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

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?

[zarados]

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.

[entrepmind23]

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/

[sukamasoto]

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.

[sopanbmp]

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.

[The Sceptical Chymist]

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.

[bit-emperor]

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.

[bit-emperor]

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.

but i found this video on youtube explain about haram or halal is bitcoin here is the link https://www.youtube.com/watch?v=cHSomztOLbQ

[jungwong]

One could even go as far as saying how Bitcoin is more halal under the laws of Islam than paper currency will ever be.

[Hexah]

I never heard of this one that bitcoins are forbidden to transact in Islam. I don't see any wrong about using it but maybe Muslims might know how it's being a forbidden one or if it's just only a bluff but if ever it is really forbidden then why I see some Muslim Bitcoin enthusiast in the forum and in bitcoin community. But I don't think this statement is likely to be true.

[Lancusters]

I never heard of this one that bitcoins are forbidden to transact in Islam. I don't see any wrong about using it but maybe Muslims might know how it's being a forbidden one or if it's just only a bluff but if ever it is really forbidden then why I see some Muslim Bitcoin enthusiast in the forum and in bitcoin community. But I don't think this statement is likely to be true.

It seems to me that bitcoin is now more common in countries with high growth, but low income among the population. Islamic countries are very specific. Those who live in poor areas do not have access to the Internet and they have no access to banking services. Those who live in affluent areas are of little interest to low income from bitcoin. To each his own.

[Rludd]

Excuse my ignorance on the topic but you say short selling is harm, however, I don't think you mentioned what short selling is. I am not familiar with the term. Could you please explain.

[Bamel]

Excuse my ignorance on the topic but you say short selling is harm, however, I don't think you mentioned what short selling is. I am not familiar with the term. Could you please explain.

Assalamualaikum.
I want to know about my investment with bitcoin.i don't know how to describe my investment etheir it binary or what.
I give example.
I invest 0.005bitcoin.the company have 2package with is
1) 147% profit for 6week, daily profit 4.5%
2) 180% profit for 9week, daily profit 8%.

My question is...It's Halal or Haram?

[Amial]

Excuse my ignorance on the topic but you say short selling is harm, however, I don't think you mentioned what short selling is. I am not familiar with the term. Could you please explain.

Assalamualaikum.
I want to know about my investment with bitcoin.i don't know how to describe my investment etheir it binary or what.
I give example.
I invest 0.005bitcoin.the company have 2package with is
1) 147% profit for 6week, daily profit 4.5%
2) 180% profit for 9week, daily profit 8%.

My question is...It's Halal or Haram?

Waleikum Assalaam wa Rahmatulahi wa Barikahtu Sabrina.

Thank you for your post. In regards to saying whether this scheme is halal or haram, the truth is, I do not know. You say that this website says that in 6 weeks you will have a 147% profit. The question you have to ask is, "HOW are you making the profit?" "WHERE is this profit coming from?" "WHAT METHOD is being used to make the profit?" Once you have an answer to these questions then you can figure out if it is halal or haram.

Insha'Allah within the next 2 weeks I will release the final part of the 4-part "Is Bitcoin Halal Series" and we will talk about investing insha'Allah.

Take care and Salaam

[Kesecer]

Excuse my ignorance on the topic but you say short selling is harm, however, I don't think you mentioned what short selling is. I am not familiar with the term. Could you please explain.

Assalamualaikum.
I want to know about my investment with bitcoin.i don't know how to describe my investment etheir it binary or what.
I give example.
I invest 0.005bitcoin.the company have 2package with is
1) 147% profit for 6week, daily profit 4.5%
2) 180% profit for 9week, daily profit 8%.

My question is...It's Halal or Haram?

Waleikum Assalaam wa Rahmatulahi wa Barikahtu Sabrina.

Thank you for your post. In regards to saying whether this scheme is halal or haram, the truth is, I do not know. You say that this website says that in 6 weeks you will have a 147% profit. The question you have to ask is, "HOW are you making the profit?" "WHERE is this profit coming from?" "WHAT METHOD is being used to make the profit?" Once you have an answer to these questions then you can figure out if it is halal or haram.

Insha'Allah within the next 2 weeks I will release the final part of the 4-part "Is Bitcoin Halal Series" and we will talk about investing insha'Allah.

Take care and Salaam

salam alaykum how are you brother? i wanted to find out if bitcoin is halal, 1 of my relatives traded with it,.. im not sure if its the same but its you put a certain amount of money and after a month that money doubles.. is it halal? buying money with money..please explain to me.. JazakaAllah

Allah bless you

[Usine]

Excuse my ignorance on the topic but you say short selling is harm, however, I don't think you mentioned what short selling is. I am not familiar with the term. Could you please explain.

Assalamualaikum.
I want to know about my investment with bitcoin.i don't know how to describe my investment etheir it binary or what.
I give example.
I invest 0.005bitcoin.the company have 2package with is
1) 147% profit for 6week, daily profit 4.5%
2) 180% profit for 9week, daily profit 8%.

My question is...It's Halal or Haram?

Waleikum Assalaam wa Rahmatulahi wa Barikahtu Sabrina.

Thank you for your post. In regards to saying whether this scheme is halal or haram, the truth is, I do not know. You say that this website says that in 6 weeks you will have a 147% profit. The question you have to ask is, "HOW are you making the profit?" "WHERE is this profit coming from?" "WHAT METHOD is being used to make the profit?" Once you have an answer to these questions then you can figure out if it is halal or haram.

Insha'Allah within the next 2 weeks I will release the final part of the 4-part "Is Bitcoin Halal Series" and we will talk about investing insha'Allah.

Take care and Salaam

salam alaykum how are you brother? i wanted to find out if bitcoin is halal, 1 of my relatives traded with it,.. im not sure if its the same but its you put a certain amount of money and after a month that money doubles.. is it halal? buying money with money..please explain to me.. JazakaAllah

Allah bless you

Waleikum Assalaam wa Rahmatulahi wa Barikahtu,

I truly cannot say if what your relative did is permissible or not according to the sharia because there is not enough information provided. I do not know what he was trading or how it was traded so I cannot say. In regards to if Bitcoin is halal, Please see the following blog post - http://www.islamandbitcoin....

May Allah guide us all akhi, Ameen.
JazakAllah kheir for the support.
Salaam

[Renr]

Excuse my ignorance on the topic but you say short selling is harm, however, I don't think you mentioned what short selling is. I am not familiar with the term. Could you please explain.

Assalamualaikum.
I want to know about my investment with bitcoin.i don't know how to describe my investment etheir it binary or what.
I give example.
I invest 0.005bitcoin.the company have 2package with is
1) 147% profit for 6week, daily profit 4.5%
2) 180% profit for 9week, daily profit 8%.

My question is...It's Halal or Haram?

Waleikum Assalaam wa Rahmatulahi wa Barikahtu Sabrina.

Thank you for your post. In regards to saying whether this scheme is halal or haram, the truth is, I do not know. You say that this website says that in 6 weeks you will have a 147% profit. The question you have to ask is, "HOW are you making the profit?" "WHERE is this profit coming from?" "WHAT METHOD is being used to make the profit?" Once you have an answer to these questions then you can figure out if it is halal or haram.

Insha'Allah within the next 2 weeks I will release the final part of the 4-part "Is Bitcoin Halal Series" and we will talk about investing insha'Allah.

Take care and Salaam

salam alaykum how are you brother? i wanted to find out if bitcoin is halal, 1 of my relatives traded with it,.. im not sure if its the same but its you put a certain amount of money and after a month that money doubles.. is it halal? buying money with money..please explain to me.. JazakaAllah

Allah bless you

Waleikum Assalaam wa Rahmatulahi wa Barikahtu,

I truly cannot say if what your relative did is permissible or not according to the sharia because there is not enough information provided. I do not know what he was trading or how it was traded so I cannot say. In regards to if Bitcoin is halal, Please see the following blog post - http://www.islamandbitcoin....

May Allah guide us all akhi, Ameen.
JazakAllah kheir for the support.
Salaam

Assalaam Alaik,

Jazak Allah Khair.. I'm enriched. I had been following this series right from the first post.
Even though you didn't explicitly stated that bitcoin is Halal, I think since at least it is not Haram,
can we regard it then as permissible. Like Al-Mubah?

Thanks a lot.

[Stianyd]

Excuse my ignorance on the topic but you say short selling is harm, however, I don't think you mentioned what short selling is. I am not familiar with the term. Could you please explain.

Assalamualaikum.
I want to know about my investment with bitcoin.i don't know how to describe my investment etheir it binary or what.
I give example.
I invest 0.005bitcoin.the company have 2package with is
1) 147% profit for 6week, daily profit 4.5%
2) 180% profit for 9week, daily profit 8%.

My question is...It's Halal or Haram?

Waleikum Assalaam wa Rahmatulahi wa Barikahtu Sabrina.

Thank you for your post. In regards to saying whether this scheme is halal or haram, the truth is, I do not know. You say that this website says that in 6 weeks you will have a 147% profit. The question you have to ask is, "HOW are you making the profit?" "WHERE is this profit coming from?" "WHAT METHOD is being used to make the profit?" Once you have an answer to these questions then you can figure out if it is halal or haram.

Insha'Allah within the next 2 weeks I will release the final part of the 4-part "Is Bitcoin Halal Series" and we will talk about investing insha'Allah.

Take care and Salaam

salam alaykum how are you brother? i wanted to find out if bitcoin is halal, 1 of my relatives traded with it,.. im not sure if its the same but its you put a certain amount of money and after a month that money doubles.. is it halal? buying money with money..please explain to me.. JazakaAllah

Allah bless you

Waleikum Assalaam wa Rahmatulahi wa Barikahtu,

I truly cannot say if what your relative did is permissible or not according to the sharia because there is not enough information provided. I do not know what he was trading or how it was traded so I cannot say. In regards to if Bitcoin is halal, Please see the following blog post - http://www.islamandbitcoin....

May Allah guide us all akhi, Ameen.
JazakAllah kheir for the support.
Salaam

Assalaam Alaik,

Jazak Allah Khair.. I'm enriched. I had been following this series right from the first post.
Even though you didn't explicitly stated that bitcoin is Halal, I think since at least it is not Haram,
can we regard it then as permissible. Like Al-Mubah?

Thanks a lot.

Waleikum Assalaam wa Rahmatulahi wa Barikahtu,

JazakAllah kheir for the support. I would say that at this time it does seem that Bitcoin falls into the category of mubah, which is commonly referred to as neutral. However, even with that being said, when using Bitcoin you do have to pay attention to the laws of the land where you live. If it is illegal in one's country, then the scholars will tell them it is not permissible to use but if it is legal where they live then they would say to proceed with caution.

Salaam

[Giric]

Excuse my ignorance on the topic but you say short selling is harm, however, I don't think you mentioned what short selling is. I am not familiar with the term. Could you please explain.

Assalamualaikum.
I want to know about my investment with bitcoin.i don't know how to describe my investment etheir it binary or what.
I give example.
I invest 0.005bitcoin.the company have 2package with is
1) 147% profit for 6week, daily profit 4.5%
2) 180% profit for 9week, daily profit 8%.

My question is...It's Halal or Haram?

Waleikum Assalaam wa Rahmatulahi wa Barikahtu Sabrina.

Thank you for your post. In regards to saying whether this scheme is halal or haram, the truth is, I do not know. You say that this website says that in 6 weeks you will have a 147% profit. The question you have to ask is, "HOW are you making the profit?" "WHERE is this profit coming from?" "WHAT METHOD is being used to make the profit?" Once you have an answer to these questions then you can figure out if it is halal or haram.

Insha'Allah within the next 2 weeks I will release the final part of the 4-part "Is Bitcoin Halal Series" and we will talk about investing insha'Allah.

Take care and Salaam

salam alaykum how are you brother? i wanted to find out if bitcoin is halal, 1 of my relatives traded with it,.. im not sure if its the same but its you put a certain amount of money and after a month that money doubles.. is it halal? buying money with money..please explain to me.. JazakaAllah

Allah bless you

Waleikum Assalaam wa Rahmatulahi wa Barikahtu,

I truly cannot say if what your relative did is permissible or not according to the sharia because there is not enough information provided. I do not know what he was trading or how it was traded so I cannot say. In regards to if Bitcoin is halal, Please see the following blog post - http://www.islamandbitcoin....

May Allah guide us all akhi, Ameen.
JazakAllah kheir for the support.
Salaam

Assalaam Alaik,

Jazak Allah Khair.. I'm enriched. I had been following this series right from the first post.
Even though you didn't explicitly stated that bitcoin is Halal, I think since at least it is not Haram,
can we regard it then as permissible. Like Al-Mubah?

Thanks a lot.

Waleikum Assalaam wa Rahmatulahi wa Barikahtu,

JazakAllah kheir for the support. I would say that at this time it does seem that Bitcoin falls into the category of mubah, which is commonly referred to as neutral. However, even with that being said, when using Bitcoin you do have to pay attention to the laws of the land where you live. If it is illegal in one's country, then the scholars will tell them it is not permissible to use but if it is legal where they live then they would say to proceed with caution.

Salaam

Thanks for the reply.. I'm eagerly waiting for the remaining series.

[Aneelal]

Excuse my ignorance on the topic but you say short selling is harm, however, I don't think you mentioned what short selling is. I am not familiar with the term. Could you please explain.

Assalamualaikum.
I want to know about my investment with bitcoin.i don't know how to describe my investment etheir it binary or what.
I give example.
I invest 0.005bitcoin.the company have 2package with is
1) 147% profit for 6week, daily profit 4.5%
2) 180% profit for 9week, daily profit 8%.

My question is...It's Halal or Haram?

Waleikum Assalaam wa Rahmatulahi wa Barikahtu Sabrina.

Thank you for your post. In regards to saying whether this scheme is halal or haram, the truth is, I do not know. You say that this website says that in 6 weeks you will have a 147% profit. The question you have to ask is, "HOW are you making the profit?" "WHERE is this profit coming from?" "WHAT METHOD is being used to make the profit?" Once you have an answer to these questions then you can figure out if it is halal or haram.

Insha'Allah within the next 2 weeks I will release the final part of the 4-part "Is Bitcoin Halal Series" and we will talk about investing insha'Allah.

Take care and Salaam

salam alaykum how are you brother? i wanted to find out if bitcoin is halal, 1 of my relatives traded with it,.. im not sure if its the same but its you put a certain amount of money and after a month that money doubles.. is it halal? buying money with money..please explain to me.. JazakaAllah

Allah bless you

Waleikum Assalaam wa Rahmatulahi wa Barikahtu,

I truly cannot say if what your relative did is permissible or not according to the sharia because there is not enough information provided. I do not know what he was trading or how it was traded so I cannot say. In regards to if Bitcoin is halal, Please see the following blog post - http://www.islamandbitcoin....

May Allah guide us all akhi, Ameen.
JazakAllah kheir for the support.
Salaam

Assalaam Alaik,

Jazak Allah Khair.. I'm enriched. I had been following this series right from the first post.
Even though you didn't explicitly stated that bitcoin is Halal, I think since at least it is not Haram,
can we regard it then as permissible. Like Al-Mubah?

Thanks a lot.

Waleikum Assalaam wa Rahmatulahi wa Barikahtu,

JazakAllah kheir for the support. I would say that at this time it does seem that Bitcoin falls into the category of mubah, which is commonly referred to as neutral. However, even with that being said, when using Bitcoin you do have to pay attention to the laws of the land where you live. If it is illegal in one's country, then the scholars will tell them it is not permissible to use but if it is legal where they live then they would say to proceed with caution.

Salaam

Thanks for the reply.. I'm eagerly waiting for the remaining series.

Alhumdulilah... I should be releasing the 3rd blog post on Bitcoin mining soon isna'Allah.

Be well akhi.
Salaam

[kobe24]

For me bitcoin is halal but the question is what are your ways to earn bitcoin? As long as it's not from lending or gambling bitcoin is not prohibited on islam.

[omorfi]

Last week, the head of the Religious Affairs Department of Turkey made a statement that bitcoin is not permissible. But he did not say its halal or haram. He said that bitcoin is speculative and it was used for dark money laundering.

[MIZANUR5033]

As far as I know, only lending or borrowing money for interest is strictly forbidden in Islam. But bitcoin is not used for this purpose till now. We know that bitcoin changes it's valued very quickly but this is can't bring interest for anybody. So we can say that bitcoin is safe or halal at this stage.
Again, many people use bitcoin or any online currency for buying weapons or bring drugs from one place to another. Undoubtedly it is called haram at Islamic law but we can't call Criminals currency what is used by criminals.

[M_Haris]

Fiat currencies are also used in money laundering, that doesn't means they are haram in Islam. Islam is really misunderstood, a business is haram if there is no loss in it i.e (Interest on something).
According to those claims, everything will be haram (The gold, the land you buy).

I personally don't think its haram or forbidden.

[jacob7]

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 do not think so that this crypto currency has something to do with Islam, usually our religious clerks are in great haste to declare new things as HARAM, when train first time started they stated as against Islam, similarly use of loudspeaker was also controversial to them (although they use it now bluntly)

[Mantisa83]

Crypto currency gives a person freedom. Any religion will reject it.

[Jumli]

that's an unreasonable statement. if you think like that means all currencies are the same for illicit activities. if I think halal and whether bitcoin is seen from using it, for example me, I use bitcoin to add my family generation and I get bitcoin by working with bounty dialtcoin so i feel my bitcoin activity is halal because i do positiv

[olubams]

There are several things that would have been illegal in several countries whether ruled by Islamic laws or western laws but today are legal and even in the future, I see severals becoming legal. We have Muslims who are gay today and even Christians that have their own version of the Bible that gave to accommodate their way of life. The point is today it might seems illegal but won't be for long as clerics will find a way to accommodate it within the Islamic laws.

[GregH37]

Crypto currency gives a person freedom. Any religion will reject it.

Crypto currencies has nothing to do with religion. All the religions are very broad at their concept and allows the believer to grow and express himself in a limit. If a person is working hard in crypto in order to earn for his family and meet his financial needs rather than going for begging or robbery then it is allowed. Islam is a peaceful and broad religion and allow Muslims to earn by their hard work

[NikolayRaev]

Bitcoin and Blockchin is considered as all other currencies USD $ , GBP etc .. so what are halal for all other currencies is halal for bitcoin and what are not halal for them is not halal for bitcoin.

[xiboothrezi]

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.

Waalaikumussalam
It is true. bitcoin halal if used and obtained in a kosher way, not by gambling / stealing (hack).

[biskitop]

I have never heard that bitcoin is forbidden in Islam. Bitcoin is a digital asset of coins, not legitimate money in the country. When saving coins and in the end going up, I do not think it's a problem. Trading bitcoin is also not wrong, because what is bought and sold is a coin, not money. If you save money, and in the end get a profit of how much % of the money saved (usury), that is forbidden in Islam. and buying and selling money to money, such as trading forex is forbidden in Islam

[railsinvoices]

The system or the values of Islam is too vague to make Cryptocurrency Halal. However, it depends on the beliefs. Beliefs are dynamic after all.

[JRDuran]

I don't think they mean it. Most of them are terrorists and they can invest in bitcoin so I doubt for that. Maybe this is just a cover up.

[Rony24h7]

Only lending or borrowing money for interest is strictly forbidden in Islam as far as I know. Till now bitcoin is not using for that purpose that we all know. Bitcoin can not bring interest to anybody though it changes its price very quickly. If we see these causes then we can say bitcoin is safe or halal in Islam at this stage.
Again, to bringing drugs one place to another place and for buying weapons many people uses bitcoin or any other cryptocurrencies. It is seriously strict at Islamic law and called haram at there but we can not give blame to these coins for using there at bad ways.
We have to change our mind and it is very necessary. People should use the all things at right way.

[Kleinz]

As long as i know , trading BTC in forex is forbidden, but if buy BTC just for investment, maybe...i said MAYBE..it is not forbidden

[Yabuy92]

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.

there is no real Shari'a objection to using Bitcoins as a means of payment and acceptance, but it is not advisable for economically weak people given the risks involved. "The principle of risk sharing is fundamental to Islamic finance, but investors need to understand what risks they will have responsibility ".

[Kola]

last events in the Iran shows us their way of life is not good, even they are religious, so imo it is all about money, if they cant control, they wont approve it

[Aleksey4453]

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.

perations with crypto-currencies from the point of view of Islam are inappropriate. This statement was made by the Department of Religious Affairs of Turkey, writes the local edition of Hurriyet.

[veleten]

Crypto currency gives a person freedom. Any religion will reject it.

it is a gross misconception that all religions restrict person's freedom
do not generalise here,not all cryptocurrencies give you "freedom" (besides freedom is a very broad notion)
for example,there are blockchain based,state/banks sponsored cryptocurrency
do you think they will be designed to give you freedom?
same with religions,many would see it as restricting ones freedoms
while many will tell you that religion and religion only gave them the freedom to love and believe and changed their lives

[Daytus]

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.

Yes based on this news, Iran government look like more friendly with cryptocurrency.

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

Iran Preparing Infrastructure for Bitcoin Use

"The ministry of communications and information technology has already conducted a number of research studies as part of [its] efforts to prepare the infrastructure to use bitcoin inside the country."

That's a good news in my opinion..

[Quidat]

Crypto currency gives a person freedom. Any religion will reject it.

it is a gross misconception that all religions restrict person's freedom
do not generalise here,not all cryptocurrencies give you "freedom" (besides freedom is a very broad notion)
for example,there are blockchain based,state/banks sponsored cryptocurrency
do you think they will be designed to give you freedom?
same with religions,many would see it as restricting ones freedoms
while many will tell you that religion and religion only gave them the freedom to love and believe and changed their lives

When we do talk on the word "freedom" then it would really be broad since there are lots of factors or areas which this word can be applied. If we do talk on people beliefs-religion then there would really have different restrictions which can be considered to stop freedom and besides religion might concern about money matters but forbidding on engaging to it is non sense.

[GreenBits]

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.

Forgive me, Im Xtian so working from an outside knowledge of Islam. But would not the speculative nature of bitcoin make it haram, as for many it is essentially gambling? And that is aside from the dark market associations, as expressed by the OP.

I think it comes down to intent. Under Sharia, a lot of the same legal/fiscal structures you see present in other systems are still there, but adjusted to avoid usury and speculation. Finance needs certain features to function efficiently; these are present in Sharia finance in alternative forms.

If a bitcoin user is purchasing bitcoin to utilize the network as a payment system, he should be fine. But if a body purchases bitcoin purely with the expectation that the price will go up, that does indeed seem like a violation of the spirit of Sharia.

When its all said and done, the only argument that will truly matter is the one you have with the Creator about bitcoin!

[kingzues09]

I dont think Islam will do this thing. Bitcoin is Halal they can help the central banks and economy to resolve the monetary system. if i'm going to choose central banks and bitcoin i will choose bitcoin because it has technology and we call it blockchain.

[3angel84]

bitcoin is anonymouswhen you deal with it maybe thats the reason why islamis country forbidden bitcoin because they have a big concern regarding money laundering

[Ompyon]

Until when such a polemic will continue, just like this, for those who feel if bitcoin is haram then do not use it,
and if you feel if bitcoin is halal, then do not have to bother with something like this.

[btc-facebook]

Until when such a polemic will continue, just like this, for those who feel if bitcoin is haram then do not use it,
and if you feel if bitcoin is halal, then do not have to bother with something like this.

I've my own muslim institution that control halal certificate and they still not make any move for bitcoin.
I can consider that bitcoin still halal and it's not harm anyone in impact so I do not agree that islam forbid bitcoin at my place

[dokie987]

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.

Before I will give an opinion about this topic, I would like to excuse myself to all my islam brothers and sisiter. In my own understanding, Bitcoin IS forbidden in Islam because more islam are terrorist and there is a possibility that they will use the bitcoin for illegal transactions.

[pandukelana2712]

For me, in this case HALAL or HARAM is deppends on what you will do with that.
If we know that we do is harms to others, it's must be HARAM...
Just it...


In Al-Qur'an and hadist never have rule about bitcoin and how to make bitcoin, but Al-Qur'an and hadist give us how to make rule in trading...

[kimochidesh]

I don't think so, BITCOIN is not forbidden in ISLAM. As far as I know, Income from INTEREST(LENDING and BORROWING) is totally forbidden but BITCOIN has nothing to do with it.
I think just like Govt., Islam should also review Rules on digital currency and the modern digital world, and come up with a clear statement.

[rhamzter]

I don't think so, BITCOIN is not forbidden in ISLAM. As far as I know, Income from INTEREST(LENDING and BORROWING) is totally forbidden but BITCOIN has nothing to do with it.
I think just like Govt., Islam should also review Rules on digital currency and the modern digital world, and come up with a clear statement.

I think bitcoin is not forbidden to Islam, because even our country lend and starting to help our brothers and sisters to have good life. In terms of bitcoin or crypto currency all of us are equally, there's no Christian and there's no Muslim. Digital world are open to all people in the world.

[Zackgeno96]

No way, world is heading towards innovative technological reforms and digital currencies are the part of this digital revolution. I don't see any reason for the bitcoins to be forbidden in islam as people can use any currency to perform bad activities, it doesn't mean that all currencies should be forbidden in islam.

[benalexis12]

It's just a religious belief, the world is changing we must develop from industrial to technology. We're in 4th industrial period try to create new atmosphere. Baby boomers are going to be rich. make more Bitcoin by buying altcoins.

[Aikidoka]

With all my respect to Muslims and Islam, preachers are people who use manipulative words in order to persuade weak people to do their bidding. I am a former Muslim and I have never heard or read in the Quran that bitcoin is forbidden. They are just inventing the story because people are depending more on bitcoin.

And that is why, it has become risky to the banks. People should not take it as it is as they should make their own studies and come up with a reasonable conclusion.

[Oceat]

With all my respect to Muslims and Islam, preachers are people who use manipulative words in order to persuade weak people to do their bidding. I am a former Muslim and I have never heard or read in the Quran that bitcoin is forbidden. They are just inventing the story because people are depending more on bitcoin.

And that is why, it has become risky to the banks. People should not take it as it is as they should make their own studies and come up with a reasonable conclusion.

Yes, people should have a verifiable sources to show their story if Bitcoin is actually forbidden. Some people here told that lending/loaning of money is forbidden, if that's the case then don't use Bitcoin as a lending to your business but instead convert it to their local money and use it whatever you want it. Bitcoin has nothing to do with this beliefs, Satoshi created Bitcoin just for everyone with his fair idea of decentralized currency.

[bajigur894784]

well, lately I have often heard that some religious leaders and most Islamic countries declare a ban on bitcoin for various reasons.
whereas, I think bitcoin can be likened to gold. Perhaps, One of the main problems of the concept of digital currency is the absence of physical representation of Bitcoin, but bitcoin can be proven. Not in tangible form, but one can complete a transaction with another person using Bitcoin and prove it has a value.

why bitcoin is banned, meanwhile the money in the bank account in the form of deposits can be interest and still allowed despite lead to the practice of usury. whereas the practice of usury is clearly prohibited in Islamic law.

[bajigur894784]

With all my respect to Muslims and Islam, preachers are people who use manipulative words in order to persuade weak people to do their bidding. I am a former Muslim and I have never heard or read in the Quran that bitcoin is forbidden. They are just inventing the story because people are depending more on bitcoin.

And that is why, it has become risky to the banks. People should not take it as it is as they should make their own studies and come up with a reasonable conclusion.

I agree with you.
and I think the statement about the bitcoin ban is not purely Islamic. but the impetus of the government in the interest of the government-managed bank. it's no secret that, the government and the bank feel threatened by the presence of bitcoin.

[The BlockRx Project]

Sharia law says that a currency must have an intrinsic value. This means that money must have some use before it can be considered permissible. Any currency cannot be halal just because it is considered valuable by people. There are certain instances when financial institutions create currencies which are without intrinsic value. A currency must be backed by a commodity of actual value. Bitcoin isn’t. However, this doesn’t prevent it being counted as a currency or halal. Below are the reasons why it’s counted as a currency.

Factors that make Bitcoin have intrinsic value
Its value is dictated by demand and supply
It can be used as a currency on its own
It is mined
It is scarce

[dokie987]

This is possibly true because based in my research, trading in bitcoin has been endorsed for ban by the Egypt’s top imam for this bitcoin carries a risks of fraudulence and cheating.

[bitcoinisbest]

This is possibly true because based in my research, trading in bitcoin has been endorsed for ban by the Egypt’s top imam for this bitcoin carries a risks of fraudulence and cheating.

I do not think that trading is ban in the religion because I have few friends who belongs to this community but they do stock trading and never heard actually about it from them or from anywhere else that trading is ban. It could be possibly some segmented trading would be banned i.e particularly for something they should trade and not whole as a trading.

[bering]

i have been heard it too Islamic scholars decided bitcoin was forbidden but in my view as long as we would not use bitcoin to support criminal acts i think that would be fine and i think too bitcoin was made not for bad things purposse but very unfortunate some of people has been utilize bitcoin to use for illegal acts because bitcoin have anonymous feature and that's why some of countries recognized bitcoin is bad because they were consider bitcoin is illegal tools

[Sir Cross]

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.

I get your point but the Islamic are very traditional and strict when it comes to their law. I'm not that familiar with the Islam - I myself, am not Islam, but I've heard that they strictly follow their law and their law is somewhat like the olden times. I've read about how they cut up the hands of thieves - and I thought that this kind of practice was only done during the medieval times. It turns out that there have been current practices like these. My point is, the Islam sees things, such as bitcoin, differently even when the other parts of the world have different approaches toward crypto or bitcoin.

[Thanasis]

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.

Before I will give an opinion about this topic, I would like to excuse myself to all my islam brothers and sisiter. In my own understanding, Bitcoin IS forbidden in Islam because more islam are terrorist and there is a possibility that they will use the bitcoin for illegal transactions.

Wow,poor understanding about Islam.Not all terrorists are muslims and the terrorists are from any religion irrespective of what religion.So you have to know about the religion properly before accusing them

Bitcoin is not forbidden or haran in islam unless you earn them from illegal activities.If you are buying from you hard earned money then it is okay to use even if you are muslim.

[stupid_seb]

why ?

Probably for the same reason alcohol is forbidden, loans with interest are forbidden, and the same reason why women have no rights there...
It's an old religion that was never reformed, by the book since centuries.

More seriously:Maybe a link with Islamic Finance ?
How do you guys manage NEO producing GAS for instance ? Haram ?

[Lampaster]

Islam is very authoritarian religion. This is my opinion. I am not a Muslim so I could be wrong. I think that the reason for the intolerance of Islam for bitcoin is that the cryptocurrency makes people independent. They have more opportunities to travel and see that many prohibitions in Islam are absurd. Such people will be difficult to manipulate. For this reason, many governments of non-Muslim countries against cryptocurrency.

[Thyristor]

Bitcoin is haraam, just like this entire interest driven monetary system is haraam.Perhaps there's no real avoiding it,but that doesn't mean we should delude ourselves and whole heartedly embrace it.Bitcoin is what it is today because of criminal activity of the worst kind and if you really want a part of it so badly.

[stupid_seb]

Bitcoin is haraam, just like this entire interest driven monetary system is haraam.Perhaps there's no real avoiding it,but that doesn't mean we should delude ourselves and whole heartedly embrace it.Bitcoin is what it is today because of criminal activity of the worst kind and if you really want a part of it so badly.

Bitcoin is where it is today because normal people decide to use it. Everyday people, who lost faith in the standard currency system or simply are looking for something to invest in.
It was $5M marketcap when it was used for criminal activities.
And... best of all, it's the dumbest tool for illegal stuff: EVERYTHING it trackable on the BTC blockchain... like EVERYTHING.

It's great "money" in a way:
1- every transaction can be traced
2- the coins cannot be counterfeited


Anyway... religion and modernism... eternal fight.

[FirEaSeA]

That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.

[qwerty12]

I think, should be, bitcoin is not forbidden, because, the bitcoin is a medium of exchange because it meets the characteristics of the medium of exchange that is accepted by the general public as a means of exchange as the definition of money itself.

[Crish Leone]

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.

I agree with you ..
Because in Islam mentioned the terms of buying and selling one of which there are goods sold, in the modern era there is a digital commerce, means transactions in the online network, as a tool transactions using Virtual currency ,, what is sold. . ?
Can software, or game operating system,

[Budugbass]

That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.

indeed it's bad, but i think i's not forbidden. The most people are Islam that said it's not forbidden and i'm more believe on it. Some people indeed.. it certainly have differences of opinions and vary from one to another, some pointing it forbidden and vice versa.
Besides that, i haven't thought at all that it leads to the main currency, i think bitcoin will only be an alternative currency forever.

[KuyaBreezy]

This comes down to policies implemented by countries,Bitcoins and other cryptocurrencies aren't yet fully legalized in many countries, Saudi might be one of those countries but not the entire Islamic countries. Regal RA, a Dubai based Gold trading company became the first Company to be issued by the Cryptocurrency trading license in the middle east. Dubai is Islamic.

so its all about different policies in different countries, BTC is not illegal everywhere.

[reddolphin]

I do not think Bitcoin is illegal in Islam.Bitcoin is the same as gold.that is a investment tool..

[KorakPawon]

If we examine the gharar that occurs in this bitcoin exchange tool is the obscurity that occurs in price and goods. Because it should not happen gharar, then either the price or good goods bitcoin which became the purchase price or bitcoin sold it has a clear value and represent the assets as a medium of exchange. But bitcoins that are not recognized as a medium of exchange do not represent so that they are unclear and not recognized by the public.

[Pattart]

I think, should be, bitcoin is not forbidden, because, the bitcoin is a medium of exchange because it meets the characteristics of the medium of exchange that is accepted by the general public as a means of exchange as the definition of money itself.

Yeah according to my professor if you use bitcoin for payment method only that's not a problem. bitcoin becomes illegitimate/forbidden if you use it for trading because there is a possibility that could harm you (there are pit luck on there) and for investment. just like gold bitcoin is not forbidden for investment #IMO

[mombay]

To my knowledge there isn't any laws in Islam that clearly forbid the existence of bitcoin whether as an investment asset or as a medium of exchange. Bitcoin can be viewed like a like as any of fiat currency in the world.
Though some muslim's scholars are still debating because the lack of government behind the currency as bitcoin is a self governed currency. In Islam everything must be transparent and in order to avoid any fraud or any other crimes it must ensure that it can be trusted by the community. And also some scholars are debating about the lack of intrinsic value of bitcoin. But in this regard, fiat currency does not have any intrinsic value being only a printed paper. So, I think as time goes by more people will believe in this project and bitcoin can be an alternative medium of exchange in life or an interesting option for investing.

[iMark]

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.

I agree with you ..
Because in Islam mentioned the terms of buying and selling one of which there are goods sold, in the modern era there is a digital commerce, means transactions in the online network, as a tool transactions using Virtual currency ,, what is sold. . ?
Can software, or game operating system,

do not need "ijtihad" to determine the forbidden or halalof bitcoin? I think we use logic here, bitcoin is the same currency as fiat right? if local currency in your country is used for illegal activities. does fiat become haram? of course not, so same with bitcoin, if bitcoin is used for illegal activities, it does not mean bitcoin is forbidden in islam,

[buwaytress]

do not need "ijtihad" to determine the forbidden or halalof bitcoin? I think we use logic here, bitcoin is the same currency as fiat right? if local currency in your country is used for illegal activities. does fiat become haram? of course not, so same with bitcoin, if bitcoin is used for illegal activities, it does not mean bitcoin is forbidden in islam,

Been a lot of discussion lately in my part of the world (Southeast Asia) regarding this. The convening groups here are quite liberal (if that's one way the outside world describes them) and the same logic is used, for the sake of practical purposes... which is what they always try to do when it comes to Islamic transposing on the financial structure here.

They're leaning heavily towards Bitcoin as simply a means of exchange, much like the rest of progressive Europe. It neither classified Bitcoin as permitted nor forbidden.

BTW, there is an Islamic bank that will use not only Bitcoin but its own digital token and other cryptos on its blockchain project. Malaysian based Hada DBank. They're raising quite a few eyebrows over here...

[crzy]

I do not think Bitcoin is illegal in Islam.Bitcoin is the same as gold.that is a investment tool..

Bitcoin itself is really not illegal but since people think in different ways then its the time when bitcoin become illegal. I think Islam is not against bitcoin cause this can also be treated as commodity but I think should be use in a proper way. This is a great opportunity for them to make good profit, and I hope bitcoin will be use by many people soon.

[supermine]

No,bitcoin is not forbidden in islam unless islam says using currency is illegal in muslim.

Why people comparing a currency with the religion,it may be forbidden if you earn that bitcoin from doing forbidden activities in your religion otherwise it is no problem using it you are buying a currency with your hard earned money so never think is is forbidden in religion.

[ferad]

I think every believer understands that trading an asset is permitted in Islam, just as a loan, lottery, gambling is forbidden.
These statements are a bit incomprehensible, because if there is a ban on Islam in this segment (in the coming years), it will in fact cause a backlog of the economy, people making such statements should study this market in more detail

[biboy]

I think every believer understands that trading an asset is permitted in Islam, just as a loan, lottery, gambling is forbidden.
These statements are a bit incomprehensible, because if there is a ban on Islam in this segment (in the coming years), it will in fact cause a backlog of the economy, people making such statements should study this market in more detail

I don't think that it is prohibited in Islam since, I haven't heard them with what is their stance about cryptocurrency, I don't think that it is against their belief or what we are just over thinking of what it is, even in Christian country their religion is not hitch to do crypto it is not prohibited to them.

[peterthegreat]

It's not forbidden. There are PoS cryptocurrencies that have some kind of ''interest'' but even that is debatable. Riba is more about interest earned in immoral ways as far as I know.

I think islamic banking is bad for the economies of islamic countries, if it would also deny bitcoin then they're fucked.

[alia]

Holy shit, I did not know this. This makes me hate religion even more.

[ar-Ray]

Those mullahs speaking in the name of Islam are total ignorants and obscurantists. Real (so-called Quranic) Islam has nothing in common with current medieval Islam of some nations.
So it is total BS.

[micheal wang]

Holy shit, I did not know this. This makes me hate religion even more.

You must learn about religion if you hate religion, because it lives away from the teachings of religion so you have this kind of thinking. And the view of Islam on bitcoin is still unclear, some are forbidden and some are not. I believe that bitcoin is halal, because to make bitcoin as a means of transaction it depends on the bitcoin value itself. If we do transactions with people who know biitcoin and believe bitcoin is valuable then Islam is legally valid. Take a look at the days of the prophet's tool of transactions that depend on objects of value.

[Temujhin]

Bitcoin's position as a means of exchange according to Islamic law is permissible, but provided that there must be a handover (taqabudh) and the same quantity if the same type.

[whitecaramel1]

Bitcoin and other cryptos are considered as all other currencies dolar, euro.. so what are halal for all other currencies is halal for bitcoin and what are not halal for them is not halal for bitcoin.

[Bagaji]

Although not among the moslem brother here in the forum  but the who claim that Bitcoin is haram should have provide us all the reference in the kuran in other to backup or support his claim that Bitcoin is a haram.

[senin]

It has no logic and no sense to ban crypto currency only on the grounds that its theory of vagueness and crypto currency can be used by criminals because it is largely anonymous. Most likely, the rulers of Islamic states are afraid of losing control over cash flows, since the crypto currency allows free movement of money without effective control around the world.

[Mobshady24]

I don't understand as to why some people here claiming that bitcoin or cryptocurrencies are forbidden in Islam because i know some countries that even allows the trading of it. Providing a good and exact reference should be done before saying that it is not allowed.

[valintino7]

I don't understand as to why some people here claiming that bitcoin or cryptocurrencies are forbidden in Islam because I know some countries that even allows the trading of it. Providing a good and exact reference should be done before saying that it is not allowed.

Yes, I agree. Sometimes I am also surprised at all of this. What causes them to say that Bitcoin is banned in Islam. And I wondered to myself. What am I doing wrong? Is joining Bitcoin a sin?

[izanagi narukami]

I think it's can't be compare with religion because they are different , they just an asset that have risk , that's all !
Bitcoin's value depend on supply and demand so that's why their value too volatile meanwhile Islam can't judge because for investment aspect except your government using islam perspective for judging bitcoin !

[galaxing]

BITCOIN is a tool, or BITCOIN is a digital currency,, halal, or haram, in my opinion, depends on its use.
If for drug transactions or arms transactions, it should not, and the government will ban it,
based on my country's law, '' BITCOIN according to MUI '' (HALAL)
(IT IS OKAY)

[sri11]

Bitcoin is not banned in Islam, just like any other virtual money. all affected how you get bitcoin. Bitcoin is prohibited if bitcoin from corruption or stealing, so it is not appropriate for bitcoin to be banned in Islam.

[marielbeckham]

To be honest, this is a bit ridiculous as it can be applied to any other currency.

[vanslyien]

The Muslim follow Islamic Canonical Law also known as Sharia when in comes to banking. In this law, one of the prohibitions is called Riba. The Blockchain Management Systems (BMS) like Bitcoin can conform with the prohibition of Riba as cited by Charles W. Evans in his paper "Bitcoin in Islamic Banking and Finance". As to the question if Bitcoin is Halal? Mathew J. Martin explains and I qoute "“As a payment network, 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.”

[Tigorss]

trading in bitcoin is not valid or prohibited under Islamic sharia law. Bitcoin is the virtual currency used for payments. Bitcoin is also called crypto currency which is a digital payment tool. in a "virtual currency" trading is not allowed because it is not considered or recognized by a legitimate institution as an 'acceptable interface exchange'.

[Proton2233]

I don't agree with such a categorical conclusion. Bitcoin has no full legalization anywhere. Islamic countries have always been distinguished by their autocracy. The governments of the Islamic countries want the total control over citizens. In democracies, it is difficult to do so. In Islamic countries, a single decree is sufficient.

[Palmholder]

   While Saudi minister Assim al-Hakeem declared bitcoin is haram, president of Chechen Republic Ramzan Kadirov says: "Prohibition of bitcoin in Egypt and Saudi Arabia does not spread to russian muslims. Cryptocurrency related questions may be solved by group of islamic scientists (!) under control of chechen mufti sheikh Salakh Khadji Mejiev"
   Thanks creator I am not religious, such situation may confuse anyone

[jjacob]

   While Saudi minister Assim al-Hakeem declared bitcoin is haram, president of Chechen Republic Ramzan Kadirov says: "Prohibition of bitcoin in Egypt and Saudi Arabia does not spread to russian muslims. Cryptocurrency related questions may be solved by group of islamic scientists (!) under control of chechen mufti sheikh Salakh Khadji Mejiev"
   Thanks creator I am not religious, such situation may confuse anyone

You have people trying to interpret Bitcoin according to a book which was written thousands of years ago. When regulators who are abreast of recent developments in technology find it difficult to decide whether Bitcoin is a currency or commodity, how would these so called 'Islamic scientists' decide? Islamic scientist is an oxymoron, if you ask me. No wonder different groups of people are coming to different conclusions.

[vallentvi4]

Bitcoin is something new, where Islam always tolerates every situation.
The law of bitcoin of each country is different because there are organizations of Islamic scholars who must make an agreement on this, should be supervised by the government apparatus and the final agreement will be submitted to the local government for official decisions.
My country has also issued a law to the Muslim population, that bitcoin does not matter as long as it does not take the rights of others, no one is harmed.

[bryan21]

As I know Bitcoin in Islam still tolerates. Every country regulation about Bitcoin is different. Bitcoin actually digital money for people and can't replace or change cash money. I believe we still need cash money sometimes. I think nothing wrong with bitcoin.

[GideonGono]

I'm not aware on this though , but islam tolerate bitcoin we can't actually say it is forbidden on my opinion cause bitcoin is not wrong and not forbidden on islam. So I think why they will forbidden bitcoin if the btc doesn't affecting them on somehow. And on the other hand bitcoin is a currency a crypto not a sin.

[biboy]

I'm not aware on this though , but islam tolerate bitcoin we can't actually say it is forbidden on my opinion cause bitcoin is not wrong and not forbidden on islam. So I think why they will forbidden bitcoin if the btc doesn't affecting them on somehow. And on the other hand bitcoin is a currency a crypto not a sin.

As far as I know it is forbidden in Islam in some area just like in Egypt, where they banned bitcoin, but no idea at all if all the countries related to Islam does have the same, they don't want bitcoin because they thinks that it would have a negative effect to those investors and traders.

[Dirk2017]

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.

If Bitcoin is really a contradict to the teachings of this religion then so be it the people of Islam should avoid this investments as they may punish and be branded as an infidel of this religion. Good thing that i was a Christian ang can freely join Bitcoin activities in my country.

[amzad]

Republican mufti Councellor Magdy Ashour issued a Fatwa (Islamic ruling) that deems the Bitcoin virtual currency as forbidden by Islam, accusing Bitcoin of being used to fund terrorism.
The mufti based his fatwa on the fact that there is no guarantee on where the money is going because it is not covered by the Central Bank of Egypt (CBE).
Moreover, he pointed to the lack of set rules for Bitcoin; the problem with which, in Islam he claims, a transaction of funds is like a contract with set rules. Due to this not being the case with Bitcoin, Islam will consider the currency forbidden, he says.
Ashour is not the only one to issue such a perspective, Assim al-Hakim, a Saudi minister, also announced in a video on Carbonated website, that the Bitcoin is forbidden because it is a cryptographic form of money that is “vague and gives namelessness to crooks.”

[Proton2233]

Why is bitcoin banned only in Islam? That's not so. There is no country in the world that recognizes the use of bitcoins as a currency. Governments in Islamic countries are more autocratic. For this reason, they can afford to make strong-willed decisions and to act with their citizens by force. Other non-Muslim countries do the same, but more covertly.

[golek upo]

At this moment if we think more deeply, we will be confused about the reason for banning bitcoin (like the quotes that you convey). Don't judge a thing from one point of view only. Currently bitcoin has proven to be able to improve the local economy.

[BeGoods]

At this moment if we think more deeply, we will be confused about the reason for banning bitcoin (like the quotes that you convey). Don't judge a thing from one point of view only. Currently bitcoin has proven to be able to improve the local economy.

Islamic teachings are in accordance with the times just because bitcoin is a new technology does not mean bitcoin is forbidden, unlawful, and incompatible in Islam. that is the wrong question. the most important bitcoin gives more benefit to many people and it makes bitcoin required so I think there is no ban in Islam for bitcoin

[hacekd]

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.

the majority of scholars agree that gold and silver imposed usury law because it has status as a medium of exchange and measuring the value of other objects. So in that condition is not focused on the intrinsic value of the object but its usefulness.

[Glenn Techincs]

Never thought about that. Saw the topic and became very interested in it =) as far as I know, BTC shouldn't be restricted

[hahay]

I personally disagree with what the theologian say about bitcoin, the theologian forbid bitcoin and according to what the theologian say about bitcoin by its prohibition is something that does not make sense and I think the ban comes at a time when bitcoin prices are on the moon. So the theologian do not know anything about bitcoin and they forbid it without knowing the truth.

[BUK2016]

Well, am yet to see which part of the Holy quran that condemn crypto currency because I cannot find any link from your submission that bitcoin and crypto currency in general is forbidding in Islam.

[KorakPawon]

Islam believes that buying and selling digital currency is incompatible with religion for this period because its value is exposed to speculation and not under the supervision of the empire and audit, as well as easy to use for illicit activity.

[NadiaHel]

After a bit of research about the topic (which I found really interesting), I think this is just another case related to legitimacy. I mean: in those countries where religion is really important, it can be the tale of the political speech and be used to legitimize any action the government choose.
Of course, any religion, any sacred book, has many possible lectures, so the meaning of its words is based on interpretation. Even when usury is totally forbidden on the Coran, the use of BTC is not strictly related to the act of usury, but the interpretation they give of bitcoin takes the possibility, for only by this way you can convince the people to stop using it (for they will go to hell!!).
Religion is meant to legitimize every imaginable thing. This is been used this way for centuries!!

[stomachgrowls]

I personally disagree with what the theologian say about bitcoin, the theologian forbid bitcoin and according to what the theologian say about bitcoin by its prohibition is something that does not make sense and I think the ban comes at a time when bitcoin prices are on the moon. So the theologian do not know anything about bitcoin and they forbid it without knowing the truth.

Part of reality which they do always take actions directly without even re-considering or even bother out themselves on checking out first before making any decision.Those kind people/organization etc. do have a very close minded perception into any kind of thing as long it is new into their ears and awareness they do make such conclusion without any strong basis. In towards religion its most likely money matters would really have an issue but i cant see that bitcoin would really be considered or to be included.It might have disadvantages but cant really be considered generally as a bad thing.

[[As]]

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.

As far as I know Egypt’s top imam has endorsed a ban on trading in BTC, declaring the cryptocurrency “forbidden” under Islam.
The imam argued that BTC carries risks of “fraudulence, lack of knowledge, and cheating,” Egyptian daily Ahram reported. Allam likened the trading of the cryptocurrency to gambling, which he said is also forbidden under Islam “due to its direct responsibility in financial ruin for individuals.”

BTC is the first decentralized digital currency, operating without a central bank or single known administrator.

[swogerino]

I have lived in Saudi Arabia for 2 years because of my work. I know that they abide by the Sharia Law which is their constitution. Many knowledgeable people in religion which there are called "ulemma" have spoken against bitcoin.

This is not their fault though, the fault is to those who have explained wrong bitcoin to them. They have told that bitcoin has no real value and only gold or silver have value to keep your investments in. I think that the reason to ban bitcoin is because it can facilitate illegal trades or illegal things, this is most common with fiat currency, so only ignorance can forbid Bitcoin in Islam.

In Islam itself bitcoin which is a form of money is allowed otherwise they the Saudis should stop operating all banks there as they are operating with foreign currency which can also be used to facilitate illegal trades or things.

[johanesrobin]

Bitcoin trade and other crypto assets are dangerous and at risk of personal or group harm. it is in line with the economic principle in Islam that in trade no one should be harmed.
I agree with this case. But bitcoin is the most acceptable currency that is how to get it.

[HitbtcSCAM]

This is proof that Islam is from the devil. GOD does not care about if you use Bitcoin!  He cares that you are not gay, not praying to man made images or rejecting his love the Bible.Now as we are close to the end of the world and there are so many millions of people under demonic oppression many lies and false idea are floating around on this earth. Any human can use a digital money and GOD does not care about BITCOIN he does not want you involved in false religion that open your soul to demons and darkness.If you do not believe in demons that is your problem I have done 2 exorcisms I live in reality and the majority of this world are under the spell of the 'god" of this world the devil. Why do you think so many countrys including the USA have pentagrams on their flags? The world is under the control of Satan and his illuminatti until the rapture where they will deceive the world with ther ufos and tell the world that there is no GOD and all life evolved from another planet... and then 7 years later the second coming of Christ and the end of this modern conspiracy, this world.
GOD DOES NOT CARE ABOUT BITCOIN USE, following a demonic religion even if you were born into it it is not worth loosing your soul and living a lie

[Tigorss]

If we examine the gharar that occurs in this bitcoin exchange tool is the obscurity that occurs in price and goods. Because it should not happen gharar, then either the price or good goods bitcoin which became the purchase price or bitcoin sold it has a clear value and represent the assets as a medium of exchange. But the bitcoin that is not recognized as a medium of exchange does not represent it so it is unclear and not recognized by the public.

[Kevinbind]

I saw news from Turkey where two imams were fired because of investing in bitcoin and using it. For me it's a big mistery why islamic countries don't see cryptocurrencies as a normal and innovative phenomenon

[cryptothief]

It looks like the resistance to Bitcoin within the Islamic community is softening. The paper published a few days ago ago by an Indonesian Islamic scholar stated the following:

* 'Bitcoin is permissible in principal'

* 'not advisable to buy cryptocurrency for investment purposes'

* 'is advisable to to utilize cryptocurrency networks as a payment system'

The announcement has been credited (at least partly) for the sudden jump in Bitcoin's price. Not surprising given that it opens the market up to over a billion potential new investors; even though many had already decided independently, this clarification should blow the doors open. Here's a link to the full paper, which goes into more detail on the subject.  

Shariah Analysis

NB. I think they have the wrong date at the start of the paper, as it states April 5th 2017, I am presuming it should read 2018.

[KrishaBitcoin]

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.

To make this topic clear then Bitcoin is not forbidden in Islam in which it will be a relief to all Muslims that they can join the Bitcoin investments due to this link https://www.ccn.com/bitcoin-declared-compliant-with-sharia-law-price-surges/. With this progress some experts believed that the involvement of our Muslims brother to Bitcoin development is a relief too because the more we are in this community the more Bitcoin real demand can be achieve.

[Anthoneyzenithcard]

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[Sithara007]

I saw news from Turkey where two imams were fired because of investing in bitcoin and using it. For me it's a big mistery why islamic countries don't see cryptocurrencies as a normal and innovative phenomenon

I wasn't surprised. Recently, the Turkish Directorate of Religious Affairs (Diyanet) clarified that Bitcoins are not compatible with Islam. The reason being given was that Bitcoins are very prone to speculation.

“Buying and selling virtual currencies is not compatible with religion at this time because of the fact that their valuation is open to speculation, they can be easily used in illegal activities like money laundering and they are not under the state’s audit and surveillance,” Diyanet said, referring to a decision taken at a meeting last Friday.

[seven7seven]

As far as I know a new seurvey was conducted, and that survey claims that bitcoin is "halal", not "haram" anymore

[siti25]

Bitcoin transactions enter in terms of buying and selling gharar. And the essence of gharar is the existence of the jahalah (unclear) that causes the mukhatharah (speculation, the chances), both on goods and prices of goods.

[Basmic]

I saw news from Turkey where two imams were fired because of investing in bitcoin and using it. For me it's a big mistery why islamic countries don't see cryptocurrencies as a normal and innovative phenomenon

I wasn't surprised. Recently, the Turkish Directorate of Religious Affairs (Diyanet) clarified that Bitcoins are not compatible with Islam. The reason being given was that Bitcoins are very prone to speculation.

“Buying and selling virtual currencies is not compatible with religion at this time because of the fact that their valuation is open to speculation, they can be easily used in illegal activities like money laundering and they are not under the state’s audit and surveillance,” Diyanet said, referring to a decision taken at a meeting last Friday.

I heard quite another. I'm not a Muslim so I can't tell exactly whose decision it is. But I have heard that recently it was decided that bitcoin does not contradict Sharia law and it can be used as a currency by Muslims. I do not believe that anyone will abandon bitcoin because of the fact that the clergy forbids it. It's prejudice.

[klarnetcijamie]

I think bitcoin and blockchin is considered as all other currencies USD $ , GBP etc .. so what are halal for all other currencies is halal for bitcoin and what are not halal for them is not halal for bitcoin.

[Vektrum]

This information is already outdated. A religious study is published, which gives the conclusion that the crypto currency is in compliance with the norms of the Sharia. This conclusion is coordinated with the Mufti. Therefore, we can assume that the crypto currency is no longer banned in Islam. The market of crypto-currency, in this connection, may at least partially be replenished with 1.6 billion people professing Islam.

[reddolphin]

I think the system or the values of Islam is too vague to make Cryptocurrency Halal. However, it depends on the beliefs. Beliefs are dynamic after all.

[imsotiredofmoviereboots]

It's a financial tool and it's basically the same as fiat but only virtual so I don't get why Islam will forbid it. I know that they will use it eventually because majority of people around the world will use it for buying anything.

[VeronAncient]

In my opinion. Islam does not prohibit the use of bitcoin and trade bitcoin. as well as other goods and services. as long as there is no element of coercion and no party is harmed then it is considered valid.

[CryptoMoar]

In my opinion. using bitcoin / altcoin is allowed by the religion of Islam because it does not contain elements of fraud and does not harm others. until now there are no rules or statements from religious leaders about the prohibition of using digital currency so that digital currency is legal to be traded and used.

[Binugon]

The juristic view of muamalah against money does give space to any form of money .. But what is one big question is whether the stability of Bitcoin values can be maintained? This is one of the biggest problems in Bitcoin, because in this system the government can no longer control the amount of money in circulation. While controlling the money supply is very important for the management of the economy as a whole.

[yurekaa]

Until now, no Islamic religious leaders or any religions have declared a ban on bitcoin or altcoin. because this digital currency is the same as conventional money in terms of benefits and usage, which distinguishes only in its form. I think any transaction will be valid when using bitcoin / altcoin.

[Aikidoka]

It is not forbidden, and if they are going to forbid it, then they need to forbid loans because if you get a loan of $2m, after 10 years, for example, you will need to give them $10m as a payback, just as same as bitcoin. If you buy now, you will get profit later. On the other hand, the Shariaa Law considered bitcoin to be Halal. Added to that, I believe they did so because it is beneficial for them because they know that they will get big profits.

[goldenplak]

I think as long as i know , trading BTC in forex is forbidden, but if buy bitcoin just for investment, maybe...i said maybe..it is not forbidden

[Asklepion]

The prohibitions in Islam are clearly stated. Someone who reads the Quran can easily understand it. If you want to sin, you can also do it with the fiat. The Minister's statement is completely ridiculous.

[gabmen]

The prohibitions in Islam are clearly stated. Someone who reads the Quran can easily understand it. If you want to sin, you can also do it with the fiat. The Minister's statement is completely ridiculous.

Well bitcoin's been declared halal recently so i don't think muslim users would be prevented from dealing with crypto. Bitcoin is breaking boundaries set by culture and religion.

[bbjay]

I think the issue relating to illicit activities using bitcoin is a personal decision and it can also happen with people using Fiat. This mean that, the ban of bitcoin by some Islamic scholars as result of illicit activities does not have a reasonable proof. We have many Muslim that are into this business because they did not believed in such a thing like this.

[btc-facebook]

I think the issue relating to illicit activities using bitcoin is a personal decision and it can also happen with people using Fiat. This mean that, the ban of bitcoin by some Islamic scholars as result of illicit activities does not have a reasonable proof. We have many Muslim that are into this business because they did not believed in such a thing like this.

Not just personal decision, government policy also affect on bitcoin influence.

When your government make the restriction policy against bitcoin, you can't use it no matter what happen or you will got into jail because you are against the law !

[HitbtcSCAM]

This is proof that Islam is from the devil. GOD does not care about if you use Bitcoin!  He cares that you are not gay, not praying to man made images or rejecting his love the Bible.Now as we are close to the end of the world and there are so many millions of people under demonic oppression many lies and false idea are floating around on this earth. Any human can use a digital money and GOD does not care about BITCOIN he does not want you involved in false religion that open your soul to demons and darkness.If you do not believe in demons that is your problem I have done 2 exorcisms I live in reality and the majority of this world are under the spell of the 'god" of this world the devil. Why do you think so many countrys including the USA have pentagrams on their flags? The world is under the control of Satan and his illuminatti until the rapture where they will deceive the world with ther ufos and tell the world that there is no GOD and all life evolved from another planet... and then 7 years later the second coming of Christ and the end of this modern conspiracy, this world.
GOD DOES NOT CARE ABOUT BITCOIN USE, following a demonic religion even if you were born into it it is not worth loosing your soul and living a lie

[cryptorocket84]

I am not a muslim but i read this from Muhammad Rohail who is a muslim:
I am not an Islamic scholar. Yet I am a muslim and earning *HILAL* income is as important to me as anyone else in Islam. I started doing some research on this several months ago, and came to following conclusion.

First point, what is BTC, a currency or commodity? In Islam there should be some solid thing as currency, as gold, silver etc used to be. Even our Pakistan Ruppee has gold behind it (that’s what written on our note, HAMIL E HAZA KO MUTALBA PER ADA KYA JAEGA). BTC does not have any such thing, so It cannot be counted as currency however it can be used as commodity like a product or company share.

According to my study, there are two concepts in Islam:

1- The investment should be made completely in business shares or currency

2- There should be some solid business or work happening behind that share or currency.

To further describe the first point: There are two concepts.

1- Buy with full cash: I want to buy 2 BTC at $2500. So I will pay hard cash, i.e $5000 and buy BTC against it. When the rate increases, I will sell it out. That according to my homework is 100% permissible and Halal.

2- Margin Trading: Buy 1 BTC , pay $100 and remaining is to be paid after 1 month. During one month you find a customer, sale it to him. Then return 2400$ to original owner and keep the profit. That is HARAM and NOT PERMITTED is Islam. It is making profit over something you are not owner of.

Now speaking about point 2:

1- All currencies are being developed and some contracts are being done behind the scene. Based on that, value increases or decreases.

DISCLAIMER: Please do your personal research as well. The above mentioned is my opinion and thinking and it is not a *FATWA*. If you find out that this is not permitted, do let me know as well because I am not interested in earning HARAM.

[arcanayou]

if the motive of the bitcoin owner is for obvious speculation it is prohibited in Islam, for example is altcoin trading in the exchanger, not just speculative motives in bitcoin trading, in other speculations also should not, for example is stock trading whose time is not too far between buying and sell, if the main motive is for investment, then my knowledge is allowed. for example, people store bitcoin or other coins in a long time to invest for funds that he used better then it is okay, so also with stocks, if the person is speculating then the law should not

[Tigorss]

That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.

Islam assumes that it is forbidden if in it there is a term whose name "Riba" is an advantage which, like the growing interest, but the fact that we get in a signature campaign does not exist.

[djgtr]

That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.

Islam assumes that it is forbidden if in it there is a term whose name "Riba" is an advantage which, like the growing interest, but the fact that we get in a signature campaign does not exist.

I don't understand why those were people were very arrogant saying bad thinhs about bitcoin, then why is it bad since it provides sustainable profit to people or even those muslim people. Maybe they're just a hypocrite human beings, and I don't believe that the people whose islam in religion isn't having hindrance to use bitcoin because the identity was anonymous.

[El Il-mythos]

It's normal that we hear such stories as, because religious people are very devoted to each tradition of their religion.
Often when there are new inventions they are the first offenders to think that it does not help the world in the spiritual aspect. Too much devoted does not help them because they miss out the chance to enjoy life with new inventions.

[zahed]

Oalikumusalam, Islam means not Saudi Arabia islam is a whole world.What says Saudi minister dosen't matter, Bitcoin is haram on islamic law anything is not depend on only Saudi Arabia.How only one country decide haram or halal? Anyone can't showing single reference with against Bitcoin.

[1Referee]

How only one country decide haram or halal? Anyone can't showing single reference with against Bitcoin.

We're living in a system (globally) where everything is severely centralized and based on controlling the mass. We don't need governments or higher authorities to tell us what's good or bad, we can figure that out ourselves. The point however is that those who think like this are part of a minority, where the mass (sheeples) are going to follow that what's being forced on them, and that either friendly or not so friendly.

Bitcoin = freedom = getting rid of a harming system = helping in making banks lose their dominant position = making governments appreciate you again. Don't ever let anyone tell you Bitcoin is haram or whatever. It's not. Those who do say that are just chasing their own agendas to further suppress you.

[NavishaKhairin]

according to the Egyptian cleric, pointed out because in an official fatwa on that trade with Bitcoin "unlawful" based on Islamic shari'a. that using virtual currency is not allowed because it is not authorized by the Egyptian government.
"Bitcoin can be harmful to the social and economic security of a country, because as a cryptographic form of money that is not clear and provides an opportunity for criminals.

[Pattart]

That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.

Islam assumes that it is forbidden if in it there is a term whose name "Riba" is an advantage which, like the growing interest, but the fact that we get in a signature campaign does not exist.

I don't understand why those were people were very arrogant saying bad thinhs about bitcoin, then why is it bad since it provides sustainable profit to people or even those muslim people. Maybe they're just a hypocrite human beings, and I don't believe that the people whose islam in religion isn't having hindrance to use bitcoin because the identity was anonymous.

Yeah Islam does not like people who are hypocrites lol. I think as long as bitcoin is profitable and not harmful, why not? Islam says that "who can change your destiny is yourself" and working in crypto is the effort that I do to change my destiny and it's profitable for me. besides there is no gambling element in it. so bitcoin is not forbidden in my opinion

[hamim18]

 The digital currency like "bitcoin" citing its risky and unregulated nature which could lead to fraudulent transactions. Thats why it is forbidden in islam.

[sheenshane]

That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.

Islam assumes that it is forbidden if in it there is a term whose name "Riba" is an advantage which, like the growing interest, but the fact that we get in a signature campaign does not exist.

I don't understand why those were people were very arrogant saying bad thinhs about bitcoin, then why is it bad since it provides sustainable profit to people or even those muslim people. Maybe they're just a hypocrite human beings, and I don't believe that the people whose islam in religion isn't having hindrance to use bitcoin because the identity was anonymous.

Yeah Islam does not like people who are hypocrites lol. I think as long as bitcoin is profitable and not harmful, why not? Islam says that "who can change your destiny is yourself" and working in crypto is the effort that I do to change my destiny and it's profitable for me. besides there is no gambling element in it. so bitcoin is not forbidden in my opinion

You have a point, bitcoin is formed of a decentralized platform of digital currency so it means anyone can use it and it has a freedom to do without knowing even your government on which country you are. Being of a profitable of this coin we can't blame people are still engaging on this cryptocurrency and no doubt that this not forbidden in Islam country.

[Flyne d Coin Digger]

Islamic law? Don't make me laugh, Islam is a religion and I believe that teaching under slam is strict and everyone need to follow but someone declaring crypto as forbidden is something he cant do himself, if he says use in illegal matter or gambling then everyone can understand....

[YED]

I think that Cryptocurrencies are not a Haram investment, even though certain countries have passed fatwas saying that it is.

[Slipknot79]

According to my studies, there are two concepts in Islam:

1- The investment should be made completely in business shares or currency

2- There should be some solid business or work happening behind that share or currency.

To further describe the first point: There are two concepts.

1- Buy with full cash: I want to buy 2 BTC at $2500. So I will pay hard cash, i.e $5000 and buy BTC against it. When the rate increases, I will sell it out. That according to my homework is 100% permissible and Halal.

2- Margin Trading: Buy 1 BTC , pay $100 and remaining is to be paid after 1 month. During one month you find a customer, sell it to him. Then return 2400$ to original owner and keep the profit. That is HARAM and NOT PERMITTED is Islam. It is making profit over something you are not owner of.