Bitcoin Fatwa – Is Bitcoin Halal or Haram in Islam | AIMS UK

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MUFTI TAQI USMANI:
“Currencies are originally a medium of exchange, and making them a tradable commodity for profit earning is against the philosophy of Islamic economics. In Shariah, there is no valid reason to accept Bitcoin or other Cryptocurrencies as a currency. It is just an imaginary number, which is generated through a complex mathematical process. It is purchased for Gambling or Speculations, and used in illegal or unlawful transactions”.

MUFTI SHAWKI ALLAM:
“Trading in Virtual Currency is haram. This is because it is not approved by legitimate bodies, such as Treasury Departments of States, as an acceptable interact of exchange. Such currencies leads to esae in contrabands trade & money laundering, and they are amounted to Gambling”.

DIRECTORATE OF REGIONAL AFFAIRS, TURKEY:
“Since crypto currencies are open to speculations, mostly used for illegal deads, and far from state auditing and supervision; their trading is not appropriate at this point, in the light of Shariah”.

SHAYKH ASSIM AL-HAKEEM:
“Bitcoins remain anonymous when you deal with it. Cryptocurrencies facilitate money laundering, drug money and haram (forbidden) money. Hand to hand exchange of currencies are permissible in Islam, however, in virtual currencies you don’t have this”.

FOR COMPLETE LECTURE on Bitcoin Fatwa, and More Lectures on Islamic Finance:

After the introduction of bitcoin, the biggest debate that has been going on in the Islamic banks and financial institutes is that whether bitcoin Halal or Haram. There are many Muslims around the world who are interested in knowing the true status of bitcoin so they can consider using it. Here we have a complete concept to help you out in the process.

AIMS’ Institute of Islamic Banking and Finance:

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