Can crypto be halal? Learn about the challenges and opportunities of creating Sharia-compliant cryptocurrencies and the potential impact on Islamic banking.
While designed to comply with the principles of Islamic finance, they are not without controversy, and there is an ongoing debate among Islamic scholars about whether the cryptocurrencies are truly compatible with Shariah. Andrey Kuznetsov, a co-founder of the Haqq Network, told Cointelegraph:
One concern from the perspective of Islamic financial scholars is the issue of crypto as a speculative investment — which is not permitted as it contains “gharar” — meaning “uncertainty, hazard or risk,” or “the sale of what is not present.” However, he added, “This principle does not prohibit commercial speculation in a business or trading transactions, as Sharia laws are smart and flexible enough to adopt tech changes in every era.”
As such, whether a coin can be considered halal or permissible comes down to a matter of design, according to Kuznetsov. “The use and architecture of a cryptocurrency are the determining factors in whether or not it complies with Sharia law,” he said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Your guide to Passover, Easter and other major Jewish, Islamic and Christian holidaysSpring is a time of renewal and major religious holidays. Curious about how people of faith celebrate Ramadan, Easter and Passover? Here's a guide.
Read more »
Canadian Police Say Bus Knife Assault Was Islamic State Terrorist AttackThe Royal Canadian Mounted Police (RCMP) on Monday took over the investigation of a weekend knife attack on a bus in British Columbia because it was deemed an act of terrorism, perpetrated by a supporter of the Islamic State.
Read more »
Factbox: Where is Al Aqsa mosque and why is it so important in Islam?A Israeli police raid on Jerusalem's Al-Aqsa mosque on Wednesday has triggered a furious reaction from Palestinians across the occupied West Bank and the wider Arab and Muslim world.
Read more »
For ‘Blacklist’ actor Hisham Tawfiq, representing Islam authentically is part of the missionThe Harlem-born actor and son of an imam his role as a series regular on NBC's 'The Blacklist' as a way to address how Muslims are depicted in popular culture.
Read more »
Al Aqsa Mosque: Why is it so special in Islam?Al Aqsa, the third holiest site for Muslims, gets attacked every year, especially in the holy month of Ramadan, by Israeli troops. Here is what Al Aqsa means to Muslims in line with Islamic belief
Read more »
CAIR sues US prison for blocking Ramadan accommodations to Muslim inmateAlexander Crichlow, a recent convert, has been denied accommodations including breakfast before dawn, double serving of dinner at sunset and permission to pray with other Muslims, alleges Council on American-Islamic Relations.
Read more »