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Hello, Steemians! For Muslims everything that prevails in life can not be separated from a law and provisions that apply in Islam. Because in Islam, all things are already there. In Islamic law discusses all aspects of the necessities of human life, ranging from domestic law, economics, banking, politics and state administration, all set in Islamic law.

Perhaps so many of us (Muslims) are wondering how the law actually uses bitcoin because of its digital or invisible nature. Is this bitcoin halal, makruh or haram? According to Islamic law. Here's the review:

Before discussing the law of bitcoin according to Islam, we will understand the essence of bitcoin. Because by understanding the nature of the cases that become the object of study, we can do takyif fiqh (fiqh approach) in understanding the case.

There is a fiqh rule which states:

الحكم على الشيء فرع عن تصوره

The law of a case, is a derivative of how one sees it. (Majmu 'Fatawa, 6/295)

Understanding Bitcoin

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Bitcoin is an electronic money using a peer-to-peer network (a resource sharing and service technology between one computer and another.). This network has a large accounting book called Blockchain that can be accessed by the public, in which recorded all transactions ever made by all users Bitcoin, including balances owned by each user.

To what extent is bitcoin coverage?

There are many businesses and individuals who use Bitcoin. Includes physical businesses in the real world like restaurants, apartments, law firms, as well as popular online services such as Namecheap, WordPress, Reddit, and Flattr. Although Bitcoin is a new phenomenon, it is growing very rapidly. Currently, the total value of bitcoin market capitalization is $ 282.748.750,- US Dollar. With multimillion dollar bitcoin exchange transactions done on a daily basis.

By paying attention to its reach, bitcoin has been agreed by businesspeople in cyberspace as a medium of exchange. In other words, bitcoin has become a currency in cyberspace.

Currency Constraints in Fiqh (Islamic Law)

Next we will see, whether bitcoin can be called currency fiqh or not? To be able to see it first we must refer to a hadith closest to its relationship with the law of finance in Islam.

In the hadith of Ubadah bin Shamit radhiyallahu 'anhu, the Prophet sallallaahu' alaihi wa sallam said:

الذهب بالذهب والفضة بالفضة والبر بالبر والشعير بالشعير والتمر بالتمر والملح بالملح مثلا بمثل سواء بسواء يدا بيد فإذا اختلفت هذه الأصناف فبيعوا كيف شئتم إذا كان يدا بيد

"If gold is bartered with gold, silver is exchanged for silver, the wheat bur (wheat) is exchanged for the wheat bur, the wheat is roughly exchanged for the wheat of the verse, the korma is exchanged with the korma, the salt is bartered with salt, the dosage must be the same and the cash. If the goods are different dibarterkan then the dosage may be as you please as long as cash "(HR Muslim 4147).

Of the six objects above ribawi, scholars agree, the goods are divided into two groups:

1. Group 1: Gold and Silver

2. Group 2: al-qut al-muddakhar (food that can be stored), Bur, Sha'ir, Dates, & Salt.

We focus more on seeing gold and silver, because this is something to do with the currency.

According to the majority of scholars, Maliki, Shafi'i and Hambali, asserted that the reason for the application of usury to gold and silver because both status as a medium of exchange (tsamaniyah), and as a measure of the value of other properties (qawam al-Amwal). Thus, the use of gold and silver (dinars and dirhams) lies in this function, not only in the intrinsic value of the object. (al-Mughi, Ibn Qudamah, 4/135, as-Syarhul Kabir, Ibn Qudamah, 4/126).

Therefore, affixed with gold and silver, all agreed objects act as currency and currency. Although the material is not gold and silver. In Tarikh al-Baladziri mentioned:

النقود من جلد البعير وما منعه من ذلك إلا خشية على البعير من الانقرا

That Umar bin Khattab wanted to make money from camel's skin. But this plan is undone for fear, the camel will become extinct. (Futuh al-Buldan, al-Baladziri)

From this case, we can conclude that the Companions acknowledge that they may produce currency with materials other than gold and silver. If it were not a policy of a camel issue, it would be issued a currency of camel leather.

This is the basis of the scholars, that the currency does not have to be made of gold and silver. Imam Malik once said:

لو أن الناس أجازوا بينهم الجلود حتى تكون لهم سكة وعين لكرهتها أن تباع بالذهب والورق نظرة

"Suppose people make money from their skins and are used as a medium of exchange for them, so I forbid the money to be exchanged for gold and silver in a non-cash manner". (Al-Mudawwanah Al-Kubra, 3/90).

Therefore, Shaykh Islam says:

Some scholars say, "Money is an object agreed upon by its users as a means of exchange, even if it is made of a piece of stone or wood". (Majmu 'Fatawa, 19/251).

In Fatawa Islam stated:

النقود الإلكترونية هي نقود عادية متطورة, وهي وإن كانت لا تتشابه معها في الشكل, فإنها تتفق معها في المضمون. وهذه النقود الإلكترونية تأخذ حكم العملة التي تم تخزينها بها

The electronic currency is the currency in the digital world. This currency although its form is not the same as other currencies, but viewed from the side of the insured value of the same status. So this electronic money is being punished as a 'number' (currency) that can be saved. (Fatawa Islam, no 219328)

Fatwa may use bitcoin also delivered Fatwa Syabakah Islamiyah - Qatar:

فالعملة الرقمية, أو النقود الإكترونية عملات في شكل إلكتروني غير الشكل الورقي, أو المعدني المعتاد. الجنس أو متفقة يعد صرفا

Electronic currency is the currency in digital form, unlike paper currency or mine metal currencies, as is commonly circulated. Therefore, buy digital currencies with other different currencies, including sharf transactions (currency transactions). (Fatawa Syabakah Islamiyah no 191641)

In another fatwa affirmed:

فمن ملك شيئًا من تلك النقود الإلكترونية بوسيلة مشروعة، فلا حرج عليه في الانتفاع بها فيما هو مباح

Who owns the digital currency in a prescribed way (mubah), then it does not matter to be used, for the necessities of the mubah. (Fatawa Syabakah Islamiyah no 251170)

Bitcoin Purchase Rules

Bitcoin status is currency. Therefore, buying bitcoin, essentially exchanging money with money. People who buy bitcoin with rupiah, essentially he exchange rupiah with bitcoin. According to information, at this time, the price of 1 bitcoin (BTC) = Rp. 226.937.207,- or about $ 16.757,- US dollars.

The Prophet sallallaahu 'alaihi wa sallam gave the rule for money transactions with money:

الذَّهَبُ بِالذَّهَبِ وَالْفِضَّةُ بِالْفِضَّةِ … مِثْلاً بِمِثْلٍ سَوَاءً بِسَوَاءٍ يَدًا بِيَدٍ…فَإِذَا اخْتَلَفَتْ هَذِهِ الأَصْنَافُ فَبِيعُوا كَيْفَ شِئْتُمْ إِذَا كَانَ يَدًا بِيَدٍ

If gold is bartered with gold, silver is exchanged for silver, the quantity must be the same and cash ... If the items in the barter are different then the dosage may be as you please as long as cash. (Muslim 4147)

In this hadith there are 2 rules on how to exchange currency:

1. If the exchange is done for similar goods, must be the same quantity and cash. For example: gold with gold, rupiah with rupiah, qiyas its BTC with BTC.

2. If barter is done between different items, but still one group, the condition must be cash. Example: Gold with silver, dollars with dollars. Includes rupiah with BTC.

Therefore, when someone buys bitcoin, or sells bitcoin, in place of both transactions must exist. Money is there, bitcoin is there. No one should be delayed. If delayed, violate the prohibition of usury of Nasiah. Once the consumer is transferring money (the currency that applies in your country), at the same time bitcoin provider must send BTC to it.

In Fatwa Syabakah Islamiyah, this rule is mentioned:

ولا بد في الصرف من التقابض، والتماثل عند اتحاد الجنس، والتقابض دون التماثل عند اختلاف الجنس، والقبض قد يكون حقيقيًا، وقد يكون حكميًا

In currency transactions, there must be a handover (taqabudh) and the same quantity if the same type. And required to be taqabudh, although may not equal quantity, if different kind. And taqabudh can be done haqiqi (there is money, there is bitcoin that can be held), can also status (hukmi). (Fatawa Syabakah Islamiyah no 251170)

In conclusion

Bitcoin transactions, if done once in a place, including taqabudh in hukmi. up to this point, the use of bitcoin by Sharia law is permissible, there is no infringement side, as long as it is legally owned and not through piracy or fraud.

Thus, the use of digital currency (bitcoin) in trading or other transactions in Islamic law is permissible or lawful.

References:
id.wikipedia.org
konsultasisyariah.com

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