Staking is not for Muslims

[coin-investor]

Yes, you are you just posted

Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind of usury

 I am not a Muslim but it will take one knowledgeable in Quran like an Imam for an interpretation of why staking is not good for our Muslim brothers, this is a sensitive issue if you are an Imam and you have an article written by one knowledgeable in Muslim law that clearly states that then I will rest my case.

[Why you bully me]

Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.

Some say crypto is also not halal? what do you think ?

[Fundamentals Of]

KryptoKings, do you have an Islamic financial education?

By holding in wallet, you don't get any surplus tokesn. So it is allowed

I think that Muslims will not keep coins like porno coin in their wallet. It turns out that not all coins and tokens are allowed by Sharia law?

Explain the difference between POS mining and staking?
Several investors decided to organize a node.
They bought or rented a server, set up a node on it, and receive a reward as node owners. The node does some work on the network, so the profit is reasonable.
If the node does not work, then you will not receive profit.
It is allowed?

What do you think about the work of pools such as Uniswap?
You provide liquidity and receive a reward for it

Islamic Financial education?? What's that?
Yes of course any gambling and porn coins are haram but every muslim know it is haram.
It is staking that is confusing as they do not consider it as interst.

You know what is confusing to me? It is that you guys are trying to look at all things using the lens of religion. What if Islam doesn't really have anything to say about PoS? What if Islam is completely blind about staking? What if Islam really doesn't have instructions and rules on all things in life, especially ones which involve the latest financial technologies?

I think you are all subjectively interpreting things and forcing them to fit to your religious beliefs.

[kaya11]

I don't know much of Muslim laws in the field of finance. We have a small business, buying and selling of cosmetic products, my sister-in-law invested money on us and they are gaining profits, dividends every month. The thing is they can get their money back full, and I think it's nearly same as staking. By the way her (in-laws) husband had degrees of Muslim studies and he knows about this. So I guess their are certain rules, and we must not judge on one-sided basis, showing proofs are also welcome as their are many Muslim brothers and sisters fond of crypto currencies, and I know some of them personally.

[zasad@]

You know what is confusing to me? It is that you guys are trying to look at all things using the lens of religion. What if Islam doesn't really have anything to say about PoS? What if Islam is completely blind about staking? What if Islam really doesn't have instructions and rules on all things in life, especially ones which involve the latest financial technologies?

I think you are all subjectively interpreting things and forcing them to fit to your religious beliefs.

No wonder. You are reading the dialogue of users, most of whom have no knowledge of Islamic finance.
There is no subjective interpretation in Islam. I wrote above what are the minimum requirements you need to have in order to answer questions and draw conclusions.
If you read the opinions of Islamic scholars, then for each conclusion you will find a list of proofs that this scholar was guided by.
To become a scientist, you have to study all your life.
The Islamic financial system is the most progressive in the world, if you compare it with other religious systems, you will not find detailed interpretations in them.

[Hasan986]

Stacking is haram for Muslims. Stacking follows a kind of bank interest rules. Interest is forbidden for Muslims. However, if a project pays dividends, it is halal. But if there is a loss, he has to take his share.

[bitkanu]

Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.

The advantage of staking is not interest like in the bank. The profit from staking is the revenue from the profits of a company which is distributed to token holders. It's the same as buying company stock in the real world.

I don't think there is any difference between staking and interest because in both the cases you will get fixed amount of money back and this is interest.
Buying a company share is somewhat different because there is no grantee of the returns and you can lose the money in case the shares of the company goes down.

If there's no guarantee for the return of your money and that means you are also speculating it. If you guys keep the debate about this and it might need 100 years or even more to draw the conclusion.
Anyone has their own opinion about that.

[bitterguy28]

Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.

Is that really the rules In muslim culture ? you are not allowed to Lend with interest ? anyway lets look at the brighter side.

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This is not the same in Interest in Fiat because here you are not lending someone instead you are just letting them use your funds as what like Business is running.

So in time that the Business get profit you as capitalist will gain your percentage so how come that this is an interest in Fiat?

you should look in the real side of this and not just in what you are thinking.

[Botnake]

Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.

Is that really the rules In muslim culture ? you are not allowed to Lend with interest ? anyway lets look at the brighter side.

I read some article saying that borrowing or lending with interest is a sin.

here it is https://www.nytimes.com/2005/08/07/realestate/for-muslims-loans-for-the-conscience.html

To buy his first home, Mr. Khan had quietly but deliberately violated Islamic laws that bar Muslims from paying or receiving interest on loans.

Guess it's really a sin or a tradition, but I believe it's not a mortal sin though.

[thenextking]

Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.

What is Muslims?

[jrrsparkles]

Please first learn the difference between dividend and interest before calling someone stupid.

Yeah I am the stupid, and some muslim say that crypto itself is haram then why talking about the staking anyway.

[shoreno]

Stacking is haram for Muslims. Stacking follows a kind of bank interest rules. Interest is forbidden for Muslims. However, if a project pays dividends, it is halal. But if there is a loss, he has to take his share.

staking you mean ? because stacking has also its different meaning and why is interest forbidden and dividends arent when i think both are the same because you are being paid by a money but few members already explain the staking properly and its not like a lending that you are earning an interest but its a clean profit you get so staking shouldnt be illegal for muslims but most muslims are already rich so its not really a big deal for them if some earning oppurtunities are excluded .

[Davian144]

Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.

What is Muslims?

Muslims are a group of people who adhere to a certain religion and in this case it is aimed at Islam, so these Muslims are not suitable to join the staking program because it is considered usury, and usury in Islamic law is haram, so the OP prohibits Muslims from joining the staking program does not approach staking because it is usury in Islamic law.

[Fesatmas]

why take issue with religion in crypto? I think anyone can do. So my advice is never to mix religion with crypto, you do your own work. crypto was created not for certain circles, but for all humans on earth. don't do these talks to Muslims. this includes racism

That's right, we just need tolerance and mutual respect. there is no need to go too deeply into the realm of religious law if you do not fully acknowledge it. how much better about usury or not, one must ask an expert in that field. here we do not want to debate syara law. then it would be beautiful when all respected every difference of viewpoint and carried out the law based on belief.
I am a Muslim, but for the category in law related to principles and fundamentals, I don't think it needs to be brought into the realm of crypto. Even with the same title, namely transactions, but all have laws that always provide relief. the law does not all look haram and prohibited. sometimes we forget trivial things even though they are clearly haram, but we are always busy with things that look big without even glancing at the activities around us.

[Distinctin]

Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.

What is Muslims?

Muslims are a group of people who adhere to a certain religion and in this case it is aimed at Islam, so these Muslims are not suitable to join the staking program because it is considered usury, and usury in Islamic law is haram, so the OP prohibits Muslims from joining the staking program does not approach staking because it is usury in Islamic law.

Nice explanation, and I truly agree with that, if you are a real muslim, you should abide the law and live with peace. However, I do believe that there are muslims who are violating this, so hopefully they'll realize that the law is very important and it should be followed.

I'm not a muslim and this is not against in our teaching, but I will respect my muslim brothers here.

[mamesso]

Nice explanation, and I truly agree with that, if you are a real muslim, you should abide the law and live with peace. However, I do believe that there are muslims who are violating this, so hopefully they'll realize that the law is very important and it should be followed.

As Muslims who adhere to the teachings of their religion, they will always comply with legal provisions that are clearly prohibited, in this case usury. Even though there are still violators, it's his business with his god.

I'm not a muslim and this is not against in our teaching, but I will respect my muslim brothers here.

Thank you for the tolerance, even though we here have differences in belief, but mutual respect will always lead to lasting peace.

[Fundamentals Of]

You know what is confusing to me? It is that you guys are trying to look at all things using the lens of religion. What if Islam doesn't really have anything to say about PoS? What if Islam is completely blind about staking? What if Islam really doesn't have instructions and rules on all things in life, especially ones which involve the latest financial technologies?

I think you are all subjectively interpreting things and forcing them to fit to your religious beliefs.

No wonder. You are reading the dialogue of users, most of whom have no knowledge of Islamic finance.
There is no subjective interpretation in Islam. I wrote above what are the minimum requirements you need to have in order to answer questions and draw conclusions.
If you read the opinions of Islamic scholars, then for each conclusion you will find a list of proofs that this scholar was guided by.
To become a scientist, you have to study all your life.
The Islamic financial system is the most progressive in the world, if you compare it with other religious systems, you will not find detailed interpretations in them.

But are not all these interpretations also? Whether they are scholars or not, they are interpreting. This means that whatever interpretations they come up with, these are all subject to human error, bias, and prejudice. I am sure the old writings of the religion of Islam does not provide outright instructions particularly on cryptocurrency, Bitcoin, blockchain, staking, etc. I am also quite sure that within these topics, disagreements among experts and scholars exist.

[bitbollo]

staking is also a way that is used for have "security" in a blockchain and processing block/transactions.
What about from this point of view? I am not muslim so It can be wrong....
Moreover there are some coins that provide a very little income (more or less a 1% yearly). This is an amount like yearly inflation...

[worldofcoins]

Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.

But why are telling muslim brothers of yours this?
I don’t think it’s bad if they’re making good money out of it which is in a legal way.

Can you state that exact reasons to why you’re proposing this request?

[paxmao]

I think this is open for interpretation. Firstly, it depends on what you consider core to your beliefs and the bit about lending may not be strictly taken by many of your bros. On top of that, while you do get a yield from staking, is not a payment for a lending and that is something that is not well understood:

Staking means that you are providing a counterpart to a possible malicious attack on a network by making economic stake on the truthfulness of the node's computation and transactions veracity. This is NOT lending, this is providing a service consisting of ensuring the safety of a network and you get paid for it.

A different thing is to consider it a bad or a good business.