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Topic: Staking is not for Muslims - page 5. (Read 1206 times)

hero member
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Leading Crypto Sports Betting & Casino Platform
March 19, 2021, 10:07:50 AM
#56
Nice explanation, and I truly agree with that, if you are a real muslim, you should abide the law and live with peace. However, I do believe that there are muslims who are violating this, so hopefully they'll realize that the law is very important and it should be followed.
As Muslims who adhere to the teachings of their religion, they will always comply with legal provisions that are clearly prohibited, in this case usury. Even though there are still violators, it's his business with his god.

I'm not a muslim and this is not against in our teaching, but I will respect my muslim brothers here.
Thank you for the tolerance, even though we here have differences in belief, but mutual respect will always lead to lasting peace.
hero member
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March 19, 2021, 09:44:49 AM
#55
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.
What is Muslims?
Muslims are a group of people who adhere to a certain religion and in this case it is aimed at Islam, so these Muslims are not suitable to join the staking program because it is considered usury, and usury in Islamic law is haram, so the OP prohibits Muslims from joining the staking program does not approach staking because it is usury in Islamic law.

Nice explanation, and I truly agree with that, if you are a real muslim, you should abide the law and live with peace. However, I do believe that there are muslims who are violating this, so hopefully they'll realize that the law is very important and it should be followed.

I'm not a muslim and this is not against in our teaching, but I will respect my muslim brothers here.
sr. member
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March 19, 2021, 09:42:57 AM
#54
why take issue with religion in crypto? I think anyone can do. So my advice is never to mix religion with crypto, you do your own work. crypto was created not for certain circles, but for all humans on earth. don't do these talks to Muslims. this includes racism

That's right, we just need tolerance and mutual respect. there is no need to go too deeply into the realm of religious law if you do not fully acknowledge it. how much better about usury or not, one must ask an expert in that field. here we do not want to debate syara law. then it would be beautiful when all respected every difference of viewpoint and carried out the law based on belief.
I am a Muslim, but for the category in law related to principles and fundamentals, I don't think it needs to be brought into the realm of crypto. Even with the same title, namely transactions, but all have laws that always provide relief. the law does not all look haram and prohibited. sometimes we forget trivial things even though they are clearly haram, but we are always busy with things that look big without even glancing at the activities around us.
hero member
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March 19, 2021, 09:06:56 AM
#53
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.
What is Muslims?
Muslims are a group of people who adhere to a certain religion and in this case it is aimed at Islam, so these Muslims are not suitable to join the staking program because it is considered usury, and usury in Islamic law is haram, so the OP prohibits Muslims from joining the staking program does not approach staking because it is usury in Islamic law.
full member
Activity: 1750
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March 19, 2021, 08:59:22 AM
#52
Stacking is haram for Muslims. Stacking follows a kind of bank interest rules. Interest is forbidden for Muslims. However, if a project pays dividends, it is halal. But if there is a loss, he has to take his share.
staking you mean ? because stacking has also its different meaning and why is interest forbidden and dividends arent when i think both are the same because you are being paid by a money but few members already explain the staking properly and its not like a lending that you are earning an interest but its a clean profit you get so staking shouldnt be illegal for muslims but most muslims are already rich so its not really a big deal for them if some earning oppurtunities are excluded .
sr. member
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March 19, 2021, 08:09:03 AM
#51

Please first learn the difference between dividend and interest before calling someone stupid.

Yeah I am the stupid, and some muslim say that crypto itself is haram then why talking about the staking anyway. Tongue
member
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March 19, 2021, 07:52:32 AM
#50
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.

What is Muslims?
hero member
Activity: 2856
Merit: 667
March 19, 2021, 06:47:29 AM
#49
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.
Is that really the rules In muslim culture ? you are not allowed to Lend with interest ? anyway lets look at the brighter side.



I read some article saying that borrowing or lending with interest is a sin.

here it is https://www.nytimes.com/2005/08/07/realestate/for-muslims-loans-for-the-conscience.html

Quote
To buy his first home, Mr. Khan had quietly but deliberately violated Islamic laws that bar Muslims from paying or receiving interest on loans.

Guess it's really a sin or a tradition, but I believe it's not a mortal sin though.
full member
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March 19, 2021, 06:42:26 AM
#48
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.
Is that really the rules In muslim culture ? you are not allowed to Lend with interest ? anyway lets look at the brighter side.

______________________________
____________________________________________

This is not the same in Interest in Fiat because here you are not lending someone instead you are just letting them use your funds as what like Business is running.

So in time that the Business get profit you as capitalist will gain your percentage so how come that this is an interest in Fiat?

you should look in the real side of this and not just in what you are thinking.
hero member
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Moonbet.io | Web3 Casino
March 19, 2021, 06:38:29 AM
#47
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.
The advantage of staking is not interest like in the bank. The profit from staking is the revenue from the profits of a company which is distributed to token holders. It's the same as buying company stock in the real world.

I don't think there is any difference between staking and interest because in both the cases you will get fixed amount of money back and this is interest.
Buying a company share is somewhat different because there is no grantee of the returns and you can lose the money in case the shares of the company goes down.
If there's no guarantee for the return of your money and that means you are also speculating it. If you guys keep the debate about this and it might need 100 years or even more to draw the conclusion.
Anyone has their own opinion about that.
full member
Activity: 416
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March 19, 2021, 04:00:18 AM
#46
Stacking is haram for Muslims. Stacking follows a kind of bank interest rules. Interest is forbidden for Muslims. However, if a project pays dividends, it is halal. But if there is a loss, he has to take his share.
legendary
Activity: 1736
Merit: 4270
March 19, 2021, 03:08:56 AM
#45
You know what is confusing to me? It is that you guys are trying to look at all things using the lens of religion. What if Islam doesn't really have anything to say about PoS? What if Islam is completely blind about staking? What if Islam really doesn't have instructions and rules on all things in life, especially ones which involve the latest financial technologies?

I think you are all subjectively interpreting things and forcing them to fit to your religious beliefs.
No wonder. You are reading the dialogue of users, most of whom have no knowledge of Islamic finance.
There is no subjective interpretation in Islam. I wrote above what are the minimum requirements you need to have in order to answer questions and draw conclusions.
If you read the opinions of Islamic scholars, then for each conclusion you will find a list of proofs that this scholar was guided by.
To become a scientist, you have to study all your life.
The Islamic financial system is the most progressive in the world, if you compare it with other religious systems, you will not find detailed interpretations in them.
full member
Activity: 1302
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SOL.BIOKRIPT.COM
March 18, 2021, 11:25:27 PM
#44
I don't know much of Muslim laws in the field of finance. We have a small business, buying and selling of cosmetic products, my sister-in-law invested money on us and they are gaining profits, dividends every month. The thing is they can get their money back full, and I think it's nearly same as staking. By the way her (in-laws) husband had degrees of Muslim studies and he knows about this. So I guess their are certain rules, and we must not judge on one-sided basis, showing proofs are also welcome as their are many Muslim brothers and sisters fond of crypto currencies, and I know some of them personally.
sr. member
Activity: 2310
Merit: 366
March 18, 2021, 10:53:20 PM
#43
KryptoKings, do you have an Islamic financial education?
Quote
By holding in wallet, you don't get any surplus tokesn. So it is allowed

I think that Muslims will not keep coins like porno coin in their wallet. It turns out that not all coins and tokens are allowed by Sharia law?

Explain the difference between POS mining and staking?
Several investors decided to organize a node.
They bought or rented a server, set up a node on it, and receive a reward as node owners. The node does some work on the network, so the profit is reasonable.
If the node does not work, then you will not receive profit.
It is allowed?

What do you think about the work of pools such as Uniswap?
You provide liquidity and receive a reward for it
Islamic Financial education?? What's that?
Yes of course any gambling and porn coins are haram but every muslim know it is haram.
It is staking that is confusing as they do not consider it as interst.

You know what is confusing to me? It is that you guys are trying to look at all things using the lens of religion. What if Islam doesn't really have anything to say about PoS? What if Islam is completely blind about staking? What if Islam really doesn't have instructions and rules on all things in life, especially ones which involve the latest financial technologies?

I think you are all subjectively interpreting things and forcing them to fit to your religious beliefs.
member
Activity: 148
Merit: 13
March 18, 2021, 06:11:29 PM
#42
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.

Some say crypto is also not halal? what do you think ?
hero member
Activity: 2856
Merit: 578
Leading Crypto Sports Betting & Casino Platform
March 18, 2021, 05:37:53 PM
#41
Yes, you are you just posted
Quote
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind of usury

 I am not a Muslim but it will take one knowledgeable in Quran like an Imam for an interpretation of why staking is not good for our Muslim brothers, this is a sensitive issue if you are an Imam and you have an article written by one knowledgeable in Muslim law that clearly states that then I will rest my case.
legendary
Activity: 1736
Merit: 4270
March 18, 2021, 05:36:07 PM
#40
KryptoKings, do you have an Islamic financial education?
Quote
By holding in wallet, you don't get any surplus tokesn. So it is allowed

I think that Muslims will not keep coins like porno coin in their wallet. It turns out that not all coins and tokens are allowed by Sharia law?

Explain the difference between POS mining and staking?
Several investors decided to organize a node.
They bought or rented a server, set up a node on it, and receive a reward as node owners. The node does some work on the network, so the profit is reasonable.
If the node does not work, then you will not receive profit.
It is allowed?

What do you think about the work of pools such as Uniswap?
You provide liquidity and receive a reward for it
Islamic Financial education?? What's that?
Yes of course any gambling and porn coins are haram but every muslim know it is haram.
It is staking that is confusing as they do not consider it as interst.


Quote
In the absense of ijma can we do Ijtihaad?.
That is my Ijtihaad.
To publish Ijtihaad you need to be a famous Islamic scholar and have a Sharia education. So I asked about your education.

"1.Therefore, knowledge of the Arabic language with all its grammatical and lexical "subtleties" was the first condition for ijtihad

2.The second condition is knowledge of the Koran by heart, the ability to interpret it grammatically and in meaning, knowledge of all the circumstances of the appearance of both whole suras and individual verses.

3.The third condition is knowledge of the sunnah and commentaries to it with knowledge of hadiths (up to 3 thousand) by heart.

4.The fourth condition is knowledge of the circumstances of the addition of a concordant opinion and discrepancy (ichtilaf) on the main issues of fiqh.

5.Fifth - possession of the method of interpreting legal materials"

sourse

If you do not meet these criteria, then you cannot publish Ijtihaad.

I agree that staking on the crypto exchange is haram, because your income is not justified and you do not do any work.
And about POS mining( where it is necessary to stake coins), I have no final opinion. One of the arguments is that the miner's income is justified because it does the job.
I have no Islamic education, so these are my thoughts, which may be wrong.

If you are a Sharia scholar, then expand the topic completely.



hero member
Activity: 2590
Merit: 644
March 18, 2021, 05:24:10 PM
#39
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.
^ Definitely right buddy, our brothers, and sisters think this is a part of gambling which is really prohibited in the Islam culture.
There is a long debuted or argument with cryptocurrencies on Islam, they did not accept this as an investment because, for them, this is most likely a part of gambling because you are risking your money. I am half Muslim but I am still engaged in crypto, probably if there is someone who will ask me, I will not reveal that I investing and staking or even using BTC.
hero member
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Vave.com - Crypto Casino
March 18, 2021, 04:52:59 PM
#38
You're understanding staking in the wrong way. Staking isn't about lending your crypto and earning interest from it. You only have to put your crypto that supports staking into your wallet without doing anything. It's like mining where you only need to hold your coins and that will be the one to validate transactions and confirm them for other people.
(https://academy.binance.com/en/articles/what-is-staking)
You give your coins to validators who pay you for that. Similar to you give your money to Banks and they pay you interest.
You're looking at it as similar to the banks but coming from you, it's about being paid by being a validator. You get money from being a validator, not being a lender.
Similar isn't entirely the same as what you say but just look like but the process is different from what you're speculating.
sr. member
Activity: 1694
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March 18, 2021, 04:36:40 PM
#37
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.
Yes, thank you for this very valuable warning because I am also a Muslim here and as long as I am in crypto, I always avoid programs that smell of usury and that smell of gambling, so that I don't like games, betting, and also stake.
Gambling, porn and usury are the most hated things in Islam and of course those of us who are unfamiliar with Islamic law are certainly not allowed to say something that is not really an expert in that matter, so it is better for us to do what we think is right and leaving what has been forbidden, indeed in Islam it is forbidden to give loans by asking for rewards (interest), but we should indeed wait for the fatwas issued by scholars who are experts in Islamic law, including about crypto staking today.
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