Staking is not for Muslims

[Botnake]

Well does it means that Muslims don't do business and make profits on they goods, because I don't see why it is forbidden that getting interest on you asset is a sin before God. Let be careful as not to misinforme our self's.

Profit and interest are two different things. Since you are unable to distinguish between two, you don't have any right to comment.
I created this thread to inform Muslims about staking. If it is not related to you, better avoid posting.

Obviously he doesn't understand what you are trying to emphasize in this thread.

Everyone who are in business are always aiming for profit, that is the main goal but everyone does not make the same business, it's just that lending business is not good for Muslims as it's against the law to lend money to earn interest.

If I'm not mistaken, even in for Christian, lending money with interest is a sin but only few are really abiding that law.

[worle1bm]

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.

I am quite astonished with what OP has mentioned in this thread.So you are saying if you earn profit on your investments it is sin in Muslim culture?As many have mentioned how do do banks operate in Muslim regions as they are engaging in earning direct interest from customers which is not the case with staking as it is different concept.So you need to inquire first about what you are writing and then gave such comments as everyone wants to earn and if they are earning in any legit manner it is good until they are not hurting someone's sentiments.

[Golftech]

muslim trader might still wants to work on customs as following returns with personal decision on expending efforts on preparation terms and applying strategics as expecting to gains from the market. there are many option of earning with the crypto finance that the use of offers might gives with no matter.

They can continue dealing with this environment without having any issues with their customs,

as there are many venues how to earn the way they'll choose it, if they'll see staking is not good

or if for some it's against their culture, then so be it and move to the other ways to invest and earn

witht his market.

[KryptoKings]

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.

I am quite astonished with what OP has mentioned in this thread.So you are saying if you earn profit on your investments it is sin in Muslim culture?As many have mentioned how do do banks operate in Muslim regions as they are engaging in earning direct interest from customers which is not the case with staking as it is different concept.So you need to inquire first about what you are writing and then gave such comments as everyone wants to earn and if they are earning in any legit manner it is good until they are not hurting someone's sentiments.

Profit on investment is allowed but lending money and earning interest on it is not.
If you invest in some ico/ieo and the projects share it's profit with its token holders, it is absolutely fine.
Staking is different. It's not investment, it is lending.

[Agozyen]

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.

I am quite astonished with what OP has mentioned in this thread.So you are saying if you earn profit on your investments it is sin in Muslim culture?As many have mentioned how do do banks operate in Muslim regions as they are engaging in earning direct interest from customers which is not the case with staking as it is different concept.So you need to inquire first about what you are writing and then gave such comments as everyone wants to earn and if they are earning in any legit manner it is good until they are not hurting someone's sentiments.

Profit on investment is allowed but lending money and earning interest on it is not.
If you invest in some ico/ieo and the projects share it's profit with its token holders, it is absolutely fine.
Staking is different. It's not investment, it is lending.

What about staking coins where the coins don't leave your wallet where all you have to do is activate staking while retaining your full balance without locking it up?

[Distinctin]

Well does it means that Muslims don't do business and make profits on they goods, because I don't see why it is forbidden that getting interest on you asset is a sin before God. Let be careful as not to misinforme our self's.

I think apy in staking just like interest in banking industry but I also believe it a halal in way. We all deposit our property in Banks hence banking industry gives us profits. Just same Projects are giving us apy as we hold our assets in different exchanges or websites.

I'm interested on how Muslims treat it also.

Personally I have deposits in different banks and in our country banks credit us a quarter interest on deposit, so if that is not allowed in Muslims teaching then probably Muslims does not have a bank account in our country.

I like to hear what OP has to say about this...

[HanaTenun]

I do not understand why you say that, while your own rank is a hero, I am sure you have been in the crypto world for a long time, I am also a Muslim.
Saving crypto currency is not the same as saving money in a bank, I have read several articles about crypto law in Islam according to scholars from the Hanafi school of thought terming this investment activity as istitsmary, namely all forms of practice of asset development activities.
then basically the activity of trading in the futures market against crypto assets, the law is permissible.

[gabbie2010]

Well does it means that Muslims don't do business and make profits on they goods, because I don't see why it is forbidden that getting interest on you asset is a sin before God. Let be careful as not to misinforme our self's.

I think apy in staking just like interest in banking industry but I also believe it a halal in way. We all deposit our property in Banks hence banking industry gives us profits. Just same Projects are giving us apy as we hold our assets in different exchanges or websites.

I'm interested on how Muslims treat it also.

Personally I have deposits in different banks and in our country banks credit us a quarter interest on deposit, so if that is not allowed in Muslims teaching then probably Muslims does not have a bank account in our country.

I like to hear what OP has to say about this...

I believed that is why most Muslim countries have their own interest-free banks to cater for their religious beliefs I don't know how those banks make their own money or probably get grants from government.
Well if staking is more or less likened to a bank deposit to earn interest which is term 'haram' in Muslim belief according to the  OP it's up to every Muslims to personally take a decision whether to invest in it or not.

[acener]

I am confuse about it but I think it is for everyone no matter what religion they are.
Crypto is for everyone it doesn't care about your religion or gender sexuality you just need to understand how it works and decide if you really want to invest or use it.

[plr]

Staking coins has been with us for many years, why now OP is a hero member he knows this for several years what is the motive behind this, he should have posted this three or four days ago when staking is very popular, and his explanation sounds vague, we need a good scholar who will tell us if what OP is saying is really true and really according to Muslim teaching.

[KryptoKings]

Staking coins has been with us for many years, why now OP is a hero member he knows this for several years what is the motive behind this, he should have posted this three or four days ago when staking is very popular, and his explanation sounds vague, we need a good scholar who will tell us if what OP is saying is really true and really according to Muslim teaching.

Lol just because I didn't post something earlier means my intentions are bad?
There is no ruling by any scholar on staking yet, if tomorrow someone gives some ruling, will you counter him by saying same thing that staking has been with us for many years why you giving ruling now?
Actually many if you fear losing your income that's why you don't want to accept it as interest and give all baseless reasons to differentiate between two.

[electronicash]

Staking coins has been with us for many years, why now OP is a hero member he knows this for several years what is the motive behind this, he should have posted this three or four days ago when staking is very popular, and his explanation sounds vague, we need a good scholar who will tell us if what OP is saying is really true and really according to Muslim teaching.

Lol just because I didn't post something earlier means my intentions are bad?
There is no ruling by any scholar on staking yet, if tomorrow someone gives some ruling, will you counter him by saying same thing that staking has been with us for many years why you giving ruling now?
Actually many if you fear losing your income that's why you don't want to accept it as interest and give all baseless reasons to differentiate between two.

you can always say everything you want. the Muslims can also believe what they want to believe. we can't find out anyway if they really will stop staking. when they write the laws, cryptocurrency isn't created yet. i think there is nothing to worry about this being not allowed in their belief in terms of cryptocurrency. it's more important to give your family a good life thru the earnings by staking.

[bobyhodob]

I as a Muslim do not really understand the law of staking but staking is like regular savings in a bank and you get annual interest, so in my opinion it's safe

[KryptoKings]

I as a Muslim do not really understand the law of staking but staking is like regular savings in a bank and you get annual interest, so in my opinion it's safe

You say staking is like regular annual interest in bank yet you think it is safe.
Don't you know interest is haraam in Islam and Muslims should not involve themselves into anything related to it?