Islamic scholar says Bitcoin is compliant under the Sharia legislation

一位伊斯蘭學者最近宣布, 比特幣符合伊斯蘭教法, 可能係今日 $1000 價格飆升, opening the market to Muslim investors who were previously unsure if the cryptocurrency qualified as money under the Sharia law.

Bitcoin falls under certain definitions of money in Sharia law – anything that becomes widely accepted as currency by society or government mandate.

Mufti Muhammad Abu Bakar, a Sharia adviser and compliance officer at Blossom Finance in Jakarta, published a paper ruling that in certain cases, Bitcoin can indeed be Halal (permitted).

An excerpt read:

“In Germany, Bitcoin is recognized as a legal currency and therefore qualifies as Islamic money in Germany. In countries such as the US, Bitcoin lacks official legal monetary status but is accepted for payment at a variety of merchants, and therefore qualifies as Islamic customary money.”

Furthermore, Bitcoin and blockchain technology align well with Sharia ideology. Fractional reserve banking where the ownership of the money involved is the result of anunethical loan” (usury) is forbidden. Because blockchain undeniably proves ownership, it is actually more compliant with Sharia than banking, and this was all included in the paper published by Mufti Muhammad Abu Bakar.

 

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