Does Sharia Law Permit Bitcoin?
Muslim scholar claims that bitcoin is permitted by Sharia law.
Hello, guys, my name is @tojukaka and you're welcome to my daily crypto show where I talk about cryptocurrencies and blockchains.
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Extract from the video
Today I want to talk about bitcoin and religion. On the 30th of April, I found this article that says that two Imams in Turkey got fired because of investments in bitcoin. The article didn't give details of the sort of investment but the religious authority in Turkey fired them because bitcoin is seen as something that is not sorted with the principles of Islam.
One of the Imams claimed that he didn't Invest in Bitcoin while the Other claimed that he doesn't even know what bitcoin means.
The Directorate of religious affairs said that bitcoin is not acceptable because it can be used for illegal activities. I don't think this is a valid argument. They also said that bitcoin is not regulated by the state, therefore, it is unacceptable Islam.
Two weeks after this incident, a Scholar named Mufti Muhammad Abu Bakar(a Sharia adviser and compliance officer at Blossom Finance in Jakarta) released a paper that claims that bitcoin is, in fact, compliant with Sharia law.
Because blockchain undeniably proves ownership, it is actually more compliant with Sharia than banking.
Mufti Muhammad Abu Bakar.
See the video above for more insights.
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waooooo thanks for sharing this, I was also asked by muslim brother if bitcoin was acceptable in sharia or not though I haven't made research but I told him yes beacuse it's transparent platform.
If the reason of dishing bitcoin out in islam is because it can be used to perform illegal activities I will say I can't accept this because fiat money is also used to perform fraud activities too.
I cannot say categorically but I feel that the assertion that bitcoin can be used for fraudulent activities in not factual enough, though I will make personal research to be sure if the two imams were really fired because they made investment or they invested in bitcoin.
This post has just provoked me to for more research.
Thank you @tojukaka
I'm actually a Christian but I've spoken with a lot of Islamic scholars on this issue of cryptocurrency. Though some said its not permitted, majority are still of the opinion that it is permitted
https://www.youtube.com/paulbegley34
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Great topic @tojukaka! I followed you, looking forward to your next updates!
Thank you @Cryptomian
Wow.... I never knew bitcoin was under dispute for the Muslims... Great Info Broda Toju!
Think the bitcoin being used for fraudulent activity - physical cash is the worst and they shouldn't even use cash. Trade by barter should still imply #no-offence pls