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Author: Admin | 2025-04-28
Sharia-compliant cryptocurrencies (digital asset), which are designed to comply with Islamic finance principles. One example is OneGram, which is backed by gold and is designed to be a stable and secure investment option for Muslim investors.According to a report by Thomson Reuters, there are over 100 Islamic finance experts and scholars who have endorsed the OneGram cryptocurrency as a Shariah-compliant investment option.Shariah-Compliant Blockchain TechnologyIn addition to Shariah-compliant cryptocurrencies, some companies are exploring the use of blockchain technology that aligns with Islamic finance principles. For example, Stellar is a blockchain platform that is designed to enable fast and affordable cross-border transactions, while also adhering to Islamic finance principles.Stellar has been endorsed by several Islamic finance institutions, including the Islamic Research and Training Institute and the Accounting and Auditing Organization for Islamic Financial Institutions.Islamic Finance Institutions and Their Stance on CryptocurrenciesIslamic finance institutions have been cautious in their approach to cryptocurrencies, citing concerns around their compliance with Islamic finance principles and their potential for misuse. However, some institutions have started to explore the potential of cryptocurrencies and their underlying technology.For example, the Dubai-based firm ADAB Solutions has launched the First Islamic Crypto Exchange (FICE), which is designed to offer a halal and secure platform for trading cryptocurrencies. FICE operates in compliance with Islamic finance principles, including the prohibition of riba and gharar.Additionally, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has issued a draft standard for Shariah-compliant crypto assets, which provides guidance on the use and trading of cryptocurrencies in compliance with Islamic finance principles.Precautions and Best Practices for Muslim Crypto MinersAs Muslim communities explore the potential of cryptocurrency mining, it is important to take precautions and adopt best practices to ensure that mining practices align with Islamic ethics and values.Ensuring Mining Practices Align with Islamic EthicsOne of the most important considerations for Muslim crypto miners is ensuring that their mining practices align with Islamic ethics. This includes avoiding any practices that involve riba, gharar, or maysir.Also, Muslim crypto miners should strive to ensure that their mining practices are environmentally sustainable and do not harm the local community. This may involve using renewable energy sources or implementing measures to reduce energy consumption.Transparency and Accountability in Mining OperationsTransparency and accountability are important values in Islamic finance and should be a key consideration for Muslim crypto miners. This includes ensuring that mining operations are conducted in a transparent manner and that all stakeholders, including investors and the local community, are informed about the mining process.In addition, Muslim crypto miners should adopt measures to ensure that their mining operations are secure and protect against potential cyberattacks or hacking attempts.Supporting Social and Environmental Initiatives to Offset Mining ImpactsGiven the environmental impacts of cryptocurrency mining,
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