Islam and cryptocurrency, halal or not halal?

Source: Al Jazeera

In Dubai’s decades-old Gold Souq, customers from around the world haggle over bangles and necklaces. Elsewhere in the emirate, the region’s top centre for gold trade, bullion is playing a new role in financial engineering.

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A local start-up company founded last year, OneGram, is issuing a gold-backed cryptocurrency – part of efforts to convince Muslims that investing in cryptocurrencies complies with their faith.

The global surge of interest in bitcoin, ethereum and other cryptocurrencies extends into the Gulf and Southeast Asia, the main centres of Islamic finance.

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2 replies

  1. Halal or not halal? I would say that all pieces of paper that are not backed by real value are not halal. In other words: all currencies are not halal. Crypto? Honestly I do not understand that stuff, but it seems to me to be more of the same: Paper – or crypto – without any value. Haram.

    I would also call haram all currency tradings that are made just for speculation and not a real need for that other currency. Which seems to be about 80 % of all currency trading. It is speculation or in other words Gambling.

    But … yes … how can we avoid all currencies? Gold Dinar? Ghaddafi tried – and paid for it with his life. Or was he killed because he financed Sarkhozy’s election? Allah knows best …

    • I should ask Rafiq that what he say is that ahmadiyyah belief?

      Rafiq say:
      Gambling is haram
      Alcohol is haram
      Meat pork is haram.
      According to interpretation of Arab clerics.
      Arab clerics spread Islam not wisely but with fear.

      Whereas Allah clearly say in Holy Al Quran:
      If there is benefits for you abd othet us halal.
      If there is harm you and others is haram.

      As lonh as you play gambling for enjoy, is Halal
      As long as drink alcohol fot your health is halal
      As long ad you eat meat pork a little bit is halal.

      Islam is not logical religion, but unfortunately Arab clerics always teach people like teach children— do not do this and that —

      This is the way I interpretstion of Islam.
      Am I wrong
      ❤️

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