Bitcoins are un-Islamic : Muslim Personal Law Board
The All India Muslim Personal Law Board (AIMPLB) has asked for the Muslim community to shut bitcoins as they are un-Islamic.
As per The All India Muslim Personal Law Board the financial currencies must have its roots in Islamic finance model, like the paper currency which can be exchanged equally for other products like gold and silver but Bitcoin has no set rules, which is considered as a contract annulment in Islam. That is why it is forbidden.
The Muslim nations have divided opinions about the digital currency where UAE permitting its transaction, while Saudi cleric pronouncing it to be haram (forbidden) money.
In Egypt and Turkey, Muslim scholars have collectively emphasised on bitcoin transaction to be against Islam as its value is “open to speculation” and it could be used in “illegal activities”.
As we all knows RBI has also stopped banks to conduct business with firms involved in cryptocurrency businesses.
Whats your openion on it?
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