Topic: [2018-05-23] London Mosque Accepts Bitcoin in World First For Islam (Read 150 times)

Islam religion has 5 fundamentals or you can say five pillars of Islam.

Five Pillars of Islam are:
1. Faith
2. Prayer
3. Zakat
4. Fasting
5. Hajj
You can learn somewhat more from here (I'm not sure if it is written in a proper way or not. I just read some lines only) > https://en.wikipedia.org/wiki/Five_Pillars_of_Islam

So Zakat is not a tax or not something invented by a Mosque.
Mosques can collect donations any time of the year, and they can also receive Zakat if the Zakat provider wants to give a Mosque.

Ramadan month is running now, before Eid-ul-Fitr every Muslim (capable) will give out Zakat to poor/needy people of their area, society according to their wealth.

Zakat is a must, if any Muslim doesn't give Zakat every year if he/she is capable then they will definitely go to hell.

Bitcoin has a contradictory statement because it is a new technology, being used for gambling which isn't allowed for muslims and because its volatile price...
Personally, forbidding Bitcoin is a little bit ridiculous. Lets compare Bitcoin to a land, an appartement or even USD, its prices increase every year, USD vs Zimbabwean dollar for example is the extreme comparison of volatility itself of a currency.
For the gambling, dark market and illegal things such weeds and weapons...i think that USD is owning by far all these things.
Back to the charity collect, i hope to see people implied on it but I am not that optimistic.

It's also very popular in Dubai. It shows that religion doesn't always fight against technological progress. Sometimes business and profit means more than following a ridiculous interpretation of the law by a crazy leader. I hope that in time people will understand that religion should not govern money. Religion is there to ease your mind, give you confidence, not dictate which form of money is acceptable.

Is there any muslim here that knows whether or not that 2.5% wealth 'tax' is actually part of the islam, or is it just something the mosque came up with? Other than that, it's good to see that at least in the very short term the received donations won't be converted to fiat, which can't really be said about some other charities looking for donations. It's not necessarily a good news article by definition, but it at least points out real life adoption taking place, even when the main intention is just to raise funds. On top of that, they won't have any problems with traditional payment services in case they turn against these mosques.

Some Islamic countries are ready to work actively with cryptocurrencies (the Persian Gulf monarchies), other Islamic countries prohibit them.
Recently, there was news about the prohibition of cryptocurrencies in Iran.

It's all about the agendas and motives of the higher hand. We're living in a world where everything depends on what law the elite think we should be following, and Bitcoin being haram or not fits in that category as well. Everything in the end is a personal choice of the elite, and I am happy that muslims have their own opinion depending on what country they are from.

Westernized muslims are more aware of the differences between them and everything that plays out in the middle east, and thus are more likely going to follow their own route.

In the end the main definition is important, and there is some abuse of power where words and important laws are being bend to make it appear different than it in reality is, all to convince people to follow that specific route. People in the middle east are more likely to follow this because they tend to take everything for granted (they don't know better), while the more educated westernized muslims know how to properly nuance things.

Bitcoin is meant to provide freedom and an escape from that what is suppressing you. How can that possibly be haram?

so now muslims that are asking if bitcoin is haram or not,will have a precedent
in general,I don't see why bitcoins cannot be used by muslims ,they fit the definition of money more than money itself,since you don't create bitcoin banks
and hence cannot lend bitcoins to banks and get %,which is strictly forbidden in islam

A mosque in London has become the first in the world to accept cryptocurrencies as donations following the declaration that it is permissible under Sharia law



Cryptocurrencies are so new and misunderstood that they needed to be scrutinized by Islam scholars to determine if they could be accepted under Sharia law. It was declared that they could, and so, a mosque in London is open to accepting Bitcoin as donations.

The mosque is on a charge to raise upwards of £10,000 in cryptocurrency donations over Ramadan, through both negative to cryptocurrencies.

A wider audience

However, this move by The Shacklewell Lane Mosque in Hackney is intended to try and reach a wider audience within the Muslim community. Muslims are asked to give away 2.5 percent of their wealth during the 30-day festival as part of zakat and this mosque is hoping they can reach their target by also taking Bitcoin.

“We are trying to appeal to a wider audience with the new money,” Erkin Guney, the chairman of the board of trustees, told The Hackney Gazette. “It’s big in the Islamic world, and we have set up a platform for wealthier Muslims outside our community to support and donate to our mosque.”

Fitting into Islam

Money is closely regulated and managed under Sharia law, and it had to be officially declared that cryptocurrencies can fall under its gambit.

Last month, Muhammad Abu-Bakar of Blossom Finance in Indonesia explored the functionality of Bitcoin and other cryptocurrencies to determine whether they fit with Islam’s strict definitions of money.

“Several recent fatwa issued by prominent Muslim scholars offered incomplete or contradictory opinions on the topic,” said Matthew Martin, CEO of Blossom Finance.

“With all the confusion out there, we wanted to offer clear guidance supported by solid research that benefits both laypeople and practitioners of Islamic finance.”

It was thus concluded that Bitcoin is permissible as it is already accepted by merchants around the globe.

https://cryptocomes.com/london-mosque-accepts-bitcoin-in-world-first-for-islam