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Because of this, Muslim markets have been slower to trade in digital currencies.

Could there be a halal cryptocurrency?

To serve these wealthy Islamic populations, a new type of Sharia-approved crypto is cropping up. This therefore limits volatility and speculation, and has been deemed acceptable under Islamic principles by Dubai-based al-Maali Consulting. In traditional markets, the price of gold is often used as the measuring bar for how the global economy is doing.

If things are looking unstable, the price of gold goes up.

Bitcoin Qualifies As Money

HelloGold , a similar concept with gold being stored in a vault in Singapore, was founded last year in Malaysia. It was recently Sharia-certified and wants to break into the Thai market this year. Southeast Asia is another hotspot of Islamic finance, with Indonesia and Malaysia being Muslim-majority countries. By providing your email, you agree to the Quartz Privacy Policy.

  1. But what is actually Bitcoin, Cryptocurrencies or Block chain??
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Skip to navigation Skip to content. At the moment, it has no physical form and no central authority or middlemen that control it. Thus far, bitcoin is the best known example of cryptocurrency, comprising the bulk of the market share, at Bitcoin is a digital currency that enables payment in a decentralised peer-to-peer P2P network that is powered and approved by the consensus of its users. However at a recent survey conducted by the Wall Street Journal, out of the 53 economists interviewed, 51 considered the price of bitcoin to be unsustainable.

Bitcoin declared halal by Indonesian Islamic scholar

In addition, some sources also see bitcoin as a threat to the overall financial stability of traditional currencies markets. More shockingly, some experts have claimed that cryptocurrency could lead to the end of the world. What happens when someone discovers something which is better example, more secure?

Ngeri! Hukum Bitcoin dalam Islam menurut Adi Hidayat Abdul Somad (UAS) Erwandi Tarmizi Buya Yahya

Or that bitcoin actually has a major vulnerability that is inherent example, open to cyber theft? Bitcoin violates these functions of money since it is not legally accepted as the intermediary function. Smart contracts can be coded on the blockchain and executed automatically based on pre-set logics and conditions. Islamic finance can use smart contracts for many of its products and finances, thus removing uncertainty and ensuring the basic requirements of Islamic law of contracts. Bitcoin is the most popular cryptocurrency.

Thus, the real implication of it being a currency is still not apparent.

Could there be a halal cryptocurrency?

Out of this explosion, the blockchain has emerged as a very powerful and innovative technological platform, having various novel applications. Islamic finance cannot ignore those game-changing applications anymore , if it wants to survive. The current frenzy on bitcoin underpins the demand of an alternative channel for money flow and investment which is less regulated but secure.

Shariah scholars need to not only issue a comprehensive fatwa but to look at an Islamic dinar system that provides for this alternative need. Disclaimer: The views and opinions expressed in this article are the personal view of the author and do not necessarily reflect those of Ethis Ventures Sdn Bhd. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment.

We operate ethical investment platforms approved by regulators in Indonesia, Malaysia, and Dubai, and also run a charity platform Global Sadaqah serving ordinary people, high-net-worth individuals, corporates and government entities. Best known for crowdfunding impact investments for Indonesian social housing development projects we adhere to the United Nations Global Compact ethical standards and are based on Islamic finance.

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