Aug 05, · Bitcoin is (mostly) halal, say scholars According to Islamic Law, there are a number of criteria that individuals must adhere to, in order to ensure their investment or other income is considered halal. For one, income obtained through unethical or exploitative means such as bribery, extortion, and profiteering is considered haram. Bitcoin can be in ownership of a person and that person can decide what to do with that. Trading in some cases is not halal. When trade something that is not halal like buying goods that you know they are stolen. When the result of trading damages the Islamic society and you may know about it (Ayatollah Shirazi and his verdict against tobacco). Gold is halal as well, as there is a limit supply available and the prices are anything but stable. One could even go as far as saying how Bitcoin is more halal under the laws of Islam .
Is bitcoin trading halal in islamIs Bitcoin Halal or Haram? Bitcoin Fatwa in Islam | AIMS UK
Based on the answer provided by Islam Today , it looks like the exchange of currency is a permissible form of business. However, both parties have to receive the money for this transaction by hand, and delays are not permitted.
While these rules were created for precious metals, the same principles apply to other forms of currency. When reading that question out loud for the first time, some people might shake their heads and laugh out loud.
But this topic is no matter of jokes and humour, as it is a very serious question posted on Stackexchange not that long ago. The concept of digital currency might contradict certain religions or beliefs. One follower of the Islamic faith posted the question on Stackexchange, as there was some confusion whether or not involvement in Bitcoin could be halal. Keeping in mind how digital currency is vastly different from money owned and controlled by banks and governments, the question only seems logical, and there was no definitive answer at that time.
The best answer given on Stackexchange mentioned how Bitcoin can be seen as a medium similar to precious metals. One of the main issues people have with the concept of digital currency is how there is no physical representation of Bitcoin, albeit it can be proven to exist when needed. Not in a tangible form, but one can complete a transaction in Bitcoin and prove it has a value to other people. The laws of Islam require halal currency to have intrinsic value, and digital currency seems to fit that bill perfectly.
Unlike fiat currency, which is represented by a paper medium susceptible to damage, loss, and theft, Bitcoin has intrinsic value as its worth can not be tampered with through duplication and other illegal means. Expressing that intrinsic value is vastly different from how most people would look to describe Bitcoin. This is exactly what gives Bitcoin its intrinsic value under the laws of Islam, as the value is proportional to the difficulty required for mining.
Additionally, halal currency should be deflationary in nature, which leads to fluctuation in value. The Bitcoin value has gone up over the course of the past seven years, albeit there have been several stumbles along the way.
Gold is halal as well, as there is a limit supply available and the prices are anything but stable. One could even go as far as saying how Bitcoin is more halal under the laws of Islam than paper currency will ever be. Source: Stackexchange. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies. We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.
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Bitcoin Halal or bitcoin haram is a concept that is not going to be resolved easily. There are some rules that consider bitcoin halal while others consider it haram. However, majority of scholars so far sure that Trading in Bitcoin is not Halal because it has no value in and of itself. Neither any economic strength gives it value, nor it returns an origin of some sort.
It has not been adopted by any legitimate government entity and its value is only based on the fluctuation of the market. Most aspects and features of bitcoin or other cryptocurrencies are haram, and they are used for gambling and other such tasks that are considered haram. Achieving the professional qualifications from AIMS would also be a great accomplishments for those who has the experience in their field but lacks formal qualifications.
Is Bitcoin Halal or Haram? Bitcoin Fatwa and Rulings: Opinions of Shariah Scholars The Islamic Canonical Law, prominently known as Sharia depends on the lessons of the Quran and denies certain exercises, for example, acknowledgment of particular premium which is viewed as usury Riba or interests in organizations which are in opposition to Islamic acknowledgment for instance liquor.
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