Salaam Ibrahim,
Is blockchain technology / cryptocurrency something you think will become more mainstream and accepted in the next 5-10 years?
Also, where or on what platform can we buy bitcoin?
I think it’ll be definitely much more mainstream - and for sure it won’t look like it does today either.
As I don’t personally trade cryptocurrency I couldn’t recommend anyone in particular.
Salaam,
Are there any resources/checklists/screening info for discerning if a crypto asset is halal or haram? If not, do you know any consulting services which can do a portfolio review from a shariah perspective?
Jzk
Wa alaykum salaam,
You may read my research paper on this at the following link:
In terms of Shariah compliant exchanges, I am currently in the process of reviewing a crypto-exchange which will be fully shariah compliant. Once it has been approved and announced, I will share the link here with you.
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Jzk Mufti Faraz, I have read your papers and have found them all very helpful in understanding from a shariah perspective.
When you say shariah compliant crypto exchange, do you mean all the assets on the exchange will be halal? Or that the exchange itself is halal in terms of their practises? I am asking this because I currently use the likes of Binance and Kucoin etc to buy and hold assets. Provided the assets themselves are halal, would this be permissible? Or are there certain aspects of exchanges which are haram?
Also, do you know of any shariah consultancy services which can help review my trading history and portfolio from a shariah perspective? I do not feel comfortable in reviewing assets myself in case I make a mistake.
For the time being, I am keeping crypto accounts separate until I know which assets are permissible or not. Do you feel that this is an adequate strategy?
Yes, all the assets and the facilties on the exchange will be Shariah compliant.
We can offer a review of your portfolio, kindly email us for further information.
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Jzk, please private message me the email address Mufti saab
Assalam Mufti Faraz Adam,
Below is list of my portfolio of cryptos, for your kind review:
- Status Network Token (SNT)
- Chainlink (LINK)
- Ox (ZRX)
- Tezos (XTZ)
- Crypterium (CRPT)
- Healthcare Administration Token Solve.Care (SOLVE)
Jzkk
Wa alaykum salaam,
Unfortunately, we do not do crypto-screening here. I would encourage you to read my research papers on Crypto-assets and their treatment on www.shariyah.com
Jzkk for your response and sharing of information.
Is investing tokens where a rebase occur ok?
So you buy for example 100 RMPL tokens. Then a rebase occur and the total supply is increased. Then everyone gets some supply like 10% and the price is lowered.
So for example I bought 100 rmpl for $2… Supply was 100.000, now supply increased to 200.000 and i get 10%, so now i have 110 rmpl but the price decreased accordingly…
Examples RMPL.io
https://www.ampleforth.org/
Assalaamu alaykum,
Rebasing has the potential to be Shariah compliant. It depends on the Shariah compliance of the token itself as well as the overall terms.
Allah knows best
Aslam O Alaikum Warahmatullah,
Mufti Bilal Jazakummal Khairan for your clearance on the matter of Halal & Haram for Crypto Currency. During your speech, I’ve noticed that you said, whatever ibadah we do, it will have great Results hereafter in Akhirah and it won’t help us in Dundya. Can you elaborate this point for me. May ALLAH Bless you Ameen.
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Salam
Bitcoin created by satoshi nakamoto ,until present time this person remain unclear ,is this a real person or just anonymous,are we as moslem can invest in bitcoin even the status remain unclear ?
Zulqaranain
AoA @Mufti_Faraz_Adam. Very informative video. Please can you share the link for your research report? I couldn’t find it on the link you mention in the video (amanah advisors).
I have been in cryptos for the long term only - I used to be in several coins, but just recently cleaned up my portfolio and am now only in BTC, ETH and XMR. The main reason for cleaning it up was that other than these 3 coins, all the rest were pure speculation for me (and I’ve had a wake up call). I have learned to understand the technology for these 3 coins and think that while in the short term they may be speculative to some, but their case is robust.
JZK
Assalaamu alaykum, Mufti Faraz
I wanted to ask if i buy a cryptocurrency and i hold it for a period of time and the price goes up and i want to sell it in the future is this permissible?
Salam brothers check of Shaykh, Dr Muhammad Al Massari’s fatwa on its permissibility, he is one of the few scholars with an Islamic studies and hard sciences background, and has a deep understanding of it, alhamdulilah
The beauty of Islam is that it’s tenets are applicable for all phases of life and during all eras. The permissibility of cryptocurrency does not have a definite ruling simply because the entire crypto thing is unclear at present. This brings it under the category of ‘doubtful’ matters and there is a clear Hadith on such doubtful matters.
From an-Nu’maan ibn Basheer (radiyAllâhu ‘anhu) who said that I heard Allâh’s Messenger (salAllâhu ‘alaihi wa’sallam) say: “That which is lawful is clear, and that which is forbidden is clear, and between them are doubtful matters about which many of the people have no knowledge. So whoever avoids doubtful matters saves his Religion and his honour, and whoever falls into doubtful matters falls into what is forbidden. Just like a shepherd who grazes (his sheep) near to a private pasture (of another), he will soon stray on to it. Indeed for every king there is a private preserve. Indeed the preserve of Allâh are those things which He has forbidden. Indeed there is a piece of flesh in the body which if it is good, then the whole body is good, but if it is corrupt then the whole body is corrupt. Indeed it is the heart.”
[Bukhari and Muslim]
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I hope you are doing well sir. Just a question please:
In your video above, you told that it is a condition of a currency to be widely spread (you can find this in the video in around 14:53 timing), but you told that bitcoin (or crypto) does not have to be wide spread (you can find this in the video in around 16:03 timing). So, can you please explain how cryptos (whether Ether or bitcoin or any other halal crypto) is considered as a currency, when you stipulated that among the conditions (of it being a currency) is to be widely accepted?
Lastly, this link (as in your comment, which I am now replying to) is not working.
Jazak Allahu khairn sir, and sorry to disturb you. @Mufti_Faraz_Adam
السلام عليكم
kind reminder.
Thanks.