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Author Topic: Is Bitcoin Forbidden In Islam? Why?  (Read 1326 times)
whitecaramel1
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February 27, 2018, 10:36:50 AM
 #101

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.

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March 05, 2018, 11:01:28 PM
 #102

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.

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senin
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March 07, 2018, 05:29:00 AM
 #103

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.

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March 07, 2018, 07:22:04 AM
 #104

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.

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March 07, 2018, 07:26:58 AM
 #105

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?

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March 07, 2018, 07:42:52 AM
 #106

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 !

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galaxing
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March 07, 2018, 08:34:18 AM
 #107

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)

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March 10, 2018, 08:06:29 AM
 #108

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.

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March 11, 2018, 08:26:57 AM
 #109

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

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March 12, 2018, 02:04:08 AM
 #110

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.”
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March 12, 2018, 02:17:21 AM
 #111

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'.

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March 12, 2018, 01:52:07 PM
 #112

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.
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March 13, 2018, 06:52:35 AM
 #113

   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

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March 13, 2018, 07:04:05 AM
 #114

   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.


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March 13, 2018, 08:54:51 AM
 #115

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.
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March 13, 2018, 11:22:08 AM
 #116

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.

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March 14, 2018, 01:46:13 PM
 #117

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.


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biboy
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March 15, 2018, 01:44:26 AM
 #118

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.

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March 15, 2018, 02:32:33 AM
 #119

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.

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March 15, 2018, 10:31:52 AM
 #120

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.”
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