According to my studies, there are two concepts in Islam:
1- The investment should be made completely in business shares or currency
2- There should be some solid business or work happening behind that share or currency.
To further describe the first point: There are two concepts.
1- Buy with full cash: I want to buy 2 BTC at $2500. So I will pay hard cash, i.e $5000 and buy BTC against it. When the rate increases, I will sell it out. That according to my homework is 100% permissible and Halal.
2- Margin Trading: Buy 1 BTC , pay $100 and remaining is to be paid after 1 month. During one month you find a customer, sell it to him. Then return 2400$ to original owner and keep the profit. That is HARAM and NOT PERMITTED is Islam. It is making profit over something you are not owner of.
Topic: Is Bitcoin Forbidden In Islam? Why? (Read 1534 times)
I think that Cryptocurrencies are not a Haram investment, even though certain countries have passed fatwas saying that it is.
Islamic law? Don't make me laugh, Islam is a religion and I believe that teaching under slam is strict and everyone need to follow but someone declaring crypto as forbidden is something he cant do himself, if he says use in illegal matter or gambling then everyone can understand....
That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.
Islam assumes that it is forbidden if in it there is a term whose name "Riba" is an advantage which, like the growing interest, but the fact that we get in a signature campaign does not exist.
The digital currency like "bitcoin" citing its risky and unregulated nature which could lead to fraudulent transactions. Thats why it is forbidden in islam.
That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.
Islam assumes that it is forbidden if in it there is a term whose name "Riba" is an advantage which, like the growing interest, but the fact that we get in a signature campaign does not exist.
according to the Egyptian cleric, pointed out because in an official fatwa on that trade with Bitcoin "unlawful" based on Islamic shari'a. that using virtual currency is not allowed because it is not authorized by the Egyptian government.
"Bitcoin can be harmful to the social and economic security of a country, because as a cryptographic form of money that is not clear and provides an opportunity for criminals.
"Bitcoin can be harmful to the social and economic security of a country, because as a cryptographic form of money that is not clear and provides an opportunity for criminals.
How only one country decide haram or halal? Anyone can't showing single reference with against Bitcoin.
We're living in a system (globally) where everything is severely centralized and based on controlling the mass. We don't need governments or higher authorities to tell us what's good or bad, we can figure that out ourselves. The point however is that those who think like this are part of a minority, where the mass (sheeples) are going to follow that what's being forced on them, and that either friendly or not so friendly.
Bitcoin = freedom = getting rid of a harming system = helping in making banks lose their dominant position = making governments appreciate you again. Don't ever let anyone tell you Bitcoin is haram or whatever. It's not. Those who do say that are just chasing their own agendas to further suppress you.
Oalikumusalam, Islam means not Saudi Arabia islam is a whole world.What says Saudi minister dosen't matter, Bitcoin is haram on islamic law anything is not depend on only Saudi Arabia.How only one country decide haram or halal? Anyone can't showing single reference with against Bitcoin.
It's normal that we hear such stories as, because religious people are very devoted to each tradition of their religion.
Often when there are new inventions they are the first offenders to think that it does not help the world in the spiritual aspect. Too much devoted does not help them because they miss out the chance to enjoy life with new inventions.
Often when there are new inventions they are the first offenders to think that it does not help the world in the spiritual aspect. Too much devoted does not help them because they miss out the chance to enjoy life with new inventions.
That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.
Islam assumes that it is forbidden if in it there is a term whose name "Riba" is an advantage which, like the growing interest, but the fact that we get in a signature campaign does not exist.That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.
Islam assumes that it is forbidden if in it there is a term whose name "Riba" is an advantage which, like the growing interest, but the fact that we get in a signature campaign does not exist.
if the motive of the bitcoin owner is for obvious speculation it is prohibited in Islam, for example is altcoin trading in the exchanger, not just speculative motives in bitcoin trading, in other speculations also should not, for example is stock trading whose time is not too far between buying and sell, if the main motive is for investment, then my knowledge is allowed. for example, people store bitcoin or other coins in a long time to invest for funds that he used better then it is okay, so also with stocks, if the person is speculating then the law should not
I am not a muslim but i read this from Muhammad Rohail who is a muslim:
I am not an Islamic scholar. Yet I am a muslim and earning *HILAL* income is as important to me as anyone else in Islam. I started doing some research on this several months ago, and came to following conclusion.
First point, what is BTC, a currency or commodity? In Islam there should be some solid thing as currency, as gold, silver etc used to be. Even our Pakistan Ruppee has gold behind it (that’s what written on our note, HAMIL E HAZA KO MUTALBA PER ADA KYA JAEGA). BTC does not have any such thing, so It cannot be counted as currency however it can be used as commodity like a product or company share.
According to my study, there are two concepts in Islam:
1- The investment should be made completely in business shares or currency
2- There should be some solid business or work happening behind that share or currency.
To further describe the first point: There are two concepts.
1- Buy with full cash: I want to buy 2 BTC at $2500. So I will pay hard cash, i.e $5000 and buy BTC against it. When the rate increases, I will sell it out. That according to my homework is 100% permissible and Halal.
2- Margin Trading: Buy 1 BTC , pay $100 and remaining is to be paid after 1 month. During one month you find a customer, sale it to him. Then return 2400$ to original owner and keep the profit. That is HARAM and NOT PERMITTED is Islam. It is making profit over something you are not owner of.
Now speaking about point 2:
1- All currencies are being developed and some contracts are being done behind the scene. Based on that, value increases or decreases.
DISCLAIMER: Please do your personal research as well. The above mentioned is my opinion and thinking and it is not a *FATWA*. If you find out that this is not permitted, do let me know as well because I am not interested in earning HARAM.
I am not an Islamic scholar. Yet I am a muslim and earning *HILAL* income is as important to me as anyone else in Islam. I started doing some research on this several months ago, and came to following conclusion.
First point, what is BTC, a currency or commodity? In Islam there should be some solid thing as currency, as gold, silver etc used to be. Even our Pakistan Ruppee has gold behind it (that’s what written on our note, HAMIL E HAZA KO MUTALBA PER ADA KYA JAEGA). BTC does not have any such thing, so It cannot be counted as currency however it can be used as commodity like a product or company share.
According to my study, there are two concepts in Islam:
1- The investment should be made completely in business shares or currency
2- There should be some solid business or work happening behind that share or currency.
To further describe the first point: There are two concepts.
1- Buy with full cash: I want to buy 2 BTC at $2500. So I will pay hard cash, i.e $5000 and buy BTC against it. When the rate increases, I will sell it out. That according to my homework is 100% permissible and Halal.
2- Margin Trading: Buy 1 BTC , pay $100 and remaining is to be paid after 1 month. During one month you find a customer, sale it to him. Then return 2400$ to original owner and keep the profit. That is HARAM and NOT PERMITTED is Islam. It is making profit over something you are not owner of.
Now speaking about point 2:
1- All currencies are being developed and some contracts are being done behind the scene. Based on that, value increases or decreases.
DISCLAIMER: Please do your personal research as well. The above mentioned is my opinion and thinking and it is not a *FATWA*. If you find out that this is not permitted, do let me know as well because I am not interested in earning HARAM.
This is proof that Islam is from the devil. GOD does not care about if you use Bitcoin! He cares that you are not gay, not praying to man made images or rejecting his love the Bible.Now as we are close to the end of the world and there are so many millions of people under demonic oppression many lies and false idea are floating around on this earth. Any human can use a digital money and GOD does not care about BITCOIN he does not want you involved in false religion that open your soul to demons and darkness.If you do not believe in demons that is your problem I have done 2 exorcisms I live in reality and the majority of this world are under the spell of the 'god" of this world the devil. Why do you think so many countrys including the USA have pentagrams on their flags? The world is under the control of Satan and his illuminatti until the rapture where they will deceive the world with ther ufos and tell the world that there is no GOD and all life evolved from another planet... and then 7 years later the second coming of Christ and the end of this modern conspiracy, this world.
GOD DOES NOT CARE ABOUT BITCOIN USE, following a demonic religion even if you were born into it it is not worth loosing your soul and living a lie
GOD DOES NOT CARE ABOUT BITCOIN USE, following a demonic religion even if you were born into it it is not worth loosing your soul and living a lie
I think the issue relating to illicit activities using bitcoin is a personal decision and it can also happen with people using Fiat. This mean that, the ban of bitcoin by some Islamic scholars as result of illicit activities does not have a reasonable proof. We have many Muslim that are into this business because they did not believed in such a thing like this.
Not just personal decision, government policy also affect on bitcoin influence.
When your government make the restriction policy against bitcoin, you can't use it no matter what happen or you will got into jail because you are against the law !
I think the issue relating to illicit activities using bitcoin is a personal decision and it can also happen with people using Fiat. This mean that, the ban of bitcoin by some Islamic scholars as result of illicit activities does not have a reasonable proof. We have many Muslim that are into this business because they did not believed in such a thing like this.
The prohibitions in Islam are clearly stated. Someone who reads the Quran can easily understand it. If you want to sin, you can also do it with the fiat. The Minister's statement is completely ridiculous.
Well bitcoin's been declared halal recently so i don't think muslim users would be prevented from dealing with crypto. Bitcoin is breaking boundaries set by culture and religion.
The prohibitions in Islam are clearly stated. Someone who reads the Quran can easily understand it. If you want to sin, you can also do it with the fiat. The Minister's statement is completely ridiculous.
I think as long as i know , trading BTC in forex is forbidden, but if buy bitcoin just for investment, maybe...i said maybe..it is not forbidden
Jump to: