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Author: Admin | 2025-04-28
Will turn out to be harmful to society.On the other hand, Mufti Faraz Adam argues that despite all the concerns, it is still halal. Those are assets and have a value attached to it, fulfilling the definition of ‘Maal’ (something that can be hoarded or secured for use at the time of need) as long as it has legal validity. Although crypto investments are undesirable, it is not haram.Is bitcoin haram? What scholars opposing it say?The Grand Mufti of Egypt — Shaykh Shawki Allam The Mufti believes that bitcoin is far from being a currency due to its complexity, volatility, and risk. Moreover, it has no links to established marketplaces or economies, according to him. In cases of theft, little can be done, which remains a limitation of decentralized currencies. Due to the untraceable nature of cryptocurrencies, it can be used to fund criminal activities too.The Turkish government’s religious wingThey deemed bitcoin haram because of its uncertainty and anonymity.Shaykh Haitham al-HaddadShaykh Haitham’s argument is that since bitcoin doesn’t have any intrinsic value, it cannot be considered a currency. He also believes that fiat currencies are not real, as the 1971 Bretton Woods agreement led to a delinking from gold. He sums up that bitcoin mining is also haram as it generates money from nothing. Is bitcoin halal or haram? — the final verdictIslamic scholars are divided on the credibility of bitcoin and other cryptocurrencies. While most deem it permissible and halal, others argue that it is speculative and uncertain. Despite this, Muslims have been buying and using crypto as a form of currency and investment tool.Some of the arguments that consider bitcoin haram is that it is risky, uncertain, and untraceable. However, bitcoin transactions are traceable. That is one of the key factors that attract people to cryptocurrencies in general. The transactions are immutable and transparent. However, since the data only reveal the wallet address rather than the identity of the person who makes the transaction, we can say transactions are pseudonymous. While many consider this as a positive, many believe it enables fraudulent activities. There is plenty of room to mitigate the risks and frauds through carefully laid out regulations.Frequently asked questions Is bitcoin halal or haram in Islam? According to most scholars, bitcoin is halal as it has social acceptance. A few argue that it is haram since it is volatile, risky, and doesn’t have any intrinsic value. Is cryptocurrency allowed in Islam? There is no clear Islamic law defining the validity of cryptocurrencies. Is bitcoin halal as an investment? As long as the investment is used to fund halal activities, bitcoin investment is halal, scholars believe. Is bitcoin Sharia-compliant? Yes. Bitcoin is Sharia-compliant, according to many scholars. Is bitcoin legal in Saudi Arabia? DisclaimerIn line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers. While partners may reward
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