I invested in an ICO with 80$, ICO is for a crypto bank project, the project obviously deals with interest and loans. However I bought the coins and decided to look for the islam call about it after so that I do not miss the chance.
I talked to one of the founders of the project through email and asked about what does the company do with my money when I buy coins, the answer was on 1. Product and app development (42%) 2.marketing and branding (42%) 3. Liquidity reserve (5%) 4. Legal and licensing (11%).
I also asked him from where do you pay for the interest and so on, the answer was 1. Trading fees 2.loans fees 3.invoices fees 4.withdrawal fees.
Is taking the profits of this ICO halal? If not I have another question, which is that I get cashback for every user I referred to depositing money in the project, so am I allowed to take 80$ and the cashback from the people I referred or no?
Thank you in advance.
@ibrahimkhan can you please answer this question jazakallahkhairan
May Allah bless you.
If a project is based on interest, then it is not permissible to profit from it, and neither you should be referring people to this project.
And Allah knows best!