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Islamic Ruling On Cryptocurrency - Islam for Muslims - Nairaland

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Islamic Ruling On Cryptocurrency by onmylane: 9:38pm On Apr 18
Assalamualaikum to all brothers and sisters in Islam. I would like to know more about what Islam says about crypto investment and trading. I'm a beginner in crypto trading and would like to know if it's permissible.
To my understanding, cryptocurrencies are like other fiat currencies, which increase and decrease in value. For example, naira has depreciated against the USD, and that's how all currencies work. Hence, I feel crypto trading should be permissible because it's just like having a currency data increase in value over the other.
However, I'm open to learn from the learned ones in the house.

1 Like

Re: Islamic Ruling On Cryptocurrency by AlBaqir(m): 8:28am On May 05
onmylane:
Assalamualaikum to all brothers and sisters in Islam. I would like to know more about what Islam says about crypto investment and trading. I'm a beginner in crypto trading and would like to know if it's permissible.
To my understanding, cryptocurrencies are like other fiat currencies, which increase and decrease in value. For example, naira has depreciated against the USD, and that's how all currencies work. Hence, I feel crypto trading should be permissible because it's just like having a currency data increase in value over the other.
However, I'm open to learn from the learned ones in the house.

Opinion of Shi'i Scholars on Cryptocurrency

Many of the Shiite marāji such as Ayatollah Wahid Khorasani, Ayatollah Safi Golpaygani, Ayatollah Makarem Shirazi, Ayatollah Hashemi Shahroudi, and Ayatollah Nouri Hamedani have, taking what follows into consideration, issued a fatwa against such a trade and declared it as Haram or religiously forbidden. In other words, these Ayatollahs have declared Bitcoin trade as Haram considering the uncertainties and the following problems regarding such digital currencies:

First problem: the mining process and its consistency with the Islamic jurisprudence is not clear. Moreover, as Bitcoin networks are decentralized, there is no supportive and responsible structure backing such a currency up while in common monetary systems, central banks and financial institutions carry the responsibility for all transactions. In Bitcoin there is no responsible official to account for the transactions which are irrevocable and thus there is no way to redeem one’s assets if they are mistakably lost.

Second problem: the fact that using Bitcoin is totally forbidden in Russia and that there are many legal constraints for using it in such economic world powers as the United States and China are regarded as some other proofs for the suspicious nature of such a digital currency. Moreover, no central bank in EU has verified the validity of Bitcoin so far.

Third problem: there are many reports delivered to the offices of the marāji indicating huge misuses of the profiteers and the losses sustained by a wide range of people in trading Bitcoin.

Taking the three aforementioned problems into accounts, the following Ayatollahs have issued fatwas against Bitcoin:

“Considering many uncertainties and ambiguities regarding Bitcoin including the fact that mining source of this currency is not clear and that it has not been recognized by many states, and taking into account that the currency has provided the ground for many misuses and swindles, its trading is therefore not permitted” (full text of Ayatollah Makarem Shirazi’s fatwa).

“Trading Bitcoin is religiously invalid” (Ayatollah Wahid Khorasani).

“It is a clear example of illegal earnings and it is religiously forbidden (Haram) accordingly. Allah is the One and Only Knower” (Ayatollah Safi Golpaygani).

“Regarding many uncertainties over such a trade, using Bitcoin is not permitted” (Ayatollah Hashemi Shahroudi)

“Engaging in such dealings is not permitted” (Ayatollah Nouri Hamedani).

4 Likes 1 Share

Re: Islamic Ruling On Cryptocurrency by spiritualmubi: 12:30pm On Jul 28
AlBaqir:


Opinion of Shi'i Scholars on Cryptocurrency

Many of the Shiite marāji such as Ayatollah Wahid Khorasani, Ayatollah Safi Golpaygani, Ayatollah Makarem Shirazi, Ayatollah Hashemi Shahroudi, and Ayatollah Nouri Hamedani have, taking what follows into consideration, issued a fatwa against such a trade and declared it as Haram or religiously forbidden. In other words, these Ayatollahs have declared Bitcoin trade as Haram considering the uncertainties and the following problems regarding such digital currencies:

First problem: the mining process and its consistency with the Islamic jurisprudence is not clear. Moreover, as Bitcoin networks are decentralized, there is no supportive and responsible structure backing such a currency up while in common monetary systems, central banks and financial institutions carry the responsibility for all transactions. In Bitcoin there is no responsible official to account for the transactions which are irrevocable and thus there is no way to redeem one’s assets if they are mistakably lost.

Second problem: the fact that using Bitcoin is totally forbidden in Russia and that there are many legal constraints for using it in such economic world powers as the United States and China are regarded as some other proofs for the suspicious nature of such a digital currency. Moreover, no central bank in EU has verified the validity of Bitcoin so far.

Third problem: there are many reports delivered to the offices of the marāji indicating huge misuses of the profiteers and the losses sustained by a wide range of people in trading Bitcoin.

Taking the three aforementioned problems into accounts, the following Ayatollahs have issued fatwas against Bitcoin:

“Considering many uncertainties and ambiguities regarding Bitcoin including the fact that mining source of this currency is not clear and that it has not been recognized by many states, and taking into account that the currency has provided the ground for many misuses and swindles, its trading is therefore not permitted” (full text of Ayatollah Makarem Shirazi’s fatwa).

“Trading Bitcoin is religiously invalid” (Ayatollah Wahid Khorasani).

“It is a clear example of illegal earnings and it is religiously forbidden (Haram) accordingly. Allah is the One and Only Knower” (Ayatollah Safi Golpaygani).

“Regarding many uncertainties over such a trade, using Bitcoin is not permitted” (Ayatollah Hashemi Shahroudi)

“Engaging in such dealings is not permitted” (Ayatollah Nouri Hamedani).
Salaamun aleikum, Good afternoon bro, please does this ruling also applies to Forex?
Re: Islamic Ruling On Cryptocurrency by AlBaqir(m): 1:19pm On Jul 28
spiritualmubi:
Salaamun aleikum, Good afternoon bro, please does this ruling also applies to Forex?

Wa alaykum salaam wa rahmatullah wa barakatuh dear brother,

Its not inclusive. Forex trading is duly regulated.
Re: Islamic Ruling On Cryptocurrency by spiritualmubi: 6:42pm On Jul 28
AlBaqir:


Wa alaykum salaam wa rahmatullah wa barakatuh dear brother,

Its not inclusive. Forex trading is duly regulated.
Alright brother, JazaakaLlahu khayran

4 Likes 1 Share

Re: Islamic Ruling On Cryptocurrency by Hammyaladin(m): 10:49am On Jul 30
Omo. grin

Jumma@ Muslim brothers.

I trade volatility.. Risky but ok.


With regards to Haram or halal, I can't say much.

But I just have it in mind that someone has to loose money for others to gain. Both in crypto and business.


Just think crypto like internet money and you'll be fine.

19 Likes 2 Shares

Re: Islamic Ruling On Cryptocurrency by helinuesIsaMumu: 10:49am On Jul 30
Nonsense!!

Malami the bitcoin trader is a THIEF!




































































By the way, JESUS is my Lord and personal saviour

68 Likes 3 Shares

Re: Islamic Ruling On Cryptocurrency by Uniswap: 10:49am On Jul 30
Who cares about your opinion
Cashout thingz
Wetin concern ala with binance and yield farm

32 Likes 1 Share

Re: Islamic Ruling On Cryptocurrency by Hassanmaye(m): 10:51am On Jul 30
onmylane:
Assalamualaikum to all brothers and sisters in Islam. I would like to know more about what Islam says about crypto investment and trading. I'm a beginner in crypto trading and would like to know if it's permissible.
To my understanding, cryptocurrencies are like other fiat currencies, which increase and decrease in value. For example, naira has depreciated against the USD, and that's how all currencies work. Hence, I feel crypto trading should be permissible because it's just like having a currency data increase in value over the other.
However, I'm open to learn from the learned ones in the house.
Thank you so much sir
Re: Islamic Ruling On Cryptocurrency by Chisaedhor: 10:52am On Jul 30
I have A Question

Does the holy prophet Trade Cryptocurrency??

If yes then trade too

If no, then stop

3 Likes

Re: Islamic Ruling On Cryptocurrency by savagefinder1: 10:52am On Jul 30
Uniswap:
Who cares about your opinion
Cashout thingz
Wetin concern ala with binance

Abi oo

13 Likes 1 Share

Re: Islamic Ruling On Cryptocurrency by thaoriginator: 10:55am On Jul 30
Me no like crypto whatever

You better pay me inna naira or a dollar.. me no have time fi no bagga chatting
Re: Islamic Ruling On Cryptocurrency by yahmohy27: 10:56am On Jul 30
AlBaqir:


Opinion of Shi'i Scholars on Cryptocurrency

Many of the Shiite marāji such as Ayatollah Wahid Khorasani, Ayatollah Safi Golpaygani, Ayatollah Makarem Shirazi, Ayatollah Hashemi Shahroudi, and Ayatollah Nouri Hamedani have, taking what follows into consideration, issued a fatwa against such a trade and declared it as Haram or religiously forbidden. In other words, these Ayatollahs have declared Bitcoin trade as Haram considering the uncertainties and the following problems regarding such digital currencies:

First problem: the mining process and its consistency with the Islamic jurisprudence is not clear. Moreover, as Bitcoin networks are decentralized, there is no supportive and responsible structure backing such a currency up while in common monetary systems, central banks and financial institutions carry the responsibility for all transactions. In Bitcoin there is no responsible official to account for the transactions which are irrevocable and thus there is no way to redeem one’s assets if they are mistakably lost.

Second problem: the fact that using Bitcoin is totally forbidden in Russia and that there are many legal constraints for using it in such economic world powers as the United States and China are regarded as some other proofs for the suspicious nature of such a digital currency. Moreover, no central bank in EU has verified the validity of Bitcoin so far.

Third problem: there are many reports delivered to the offices of the marāji indicating huge misuses of the profiteers and the losses sustained by a wide range of people in trading Bitcoin.

Taking the three aforementioned problems into accounts, the following Ayatollahs have issued fatwas against Bitcoin:

“Considering many uncertainties and ambiguities regarding Bitcoin including the fact that mining source of this currency is not clear and that it has not been recognized by many states, and taking into account that the currency has provided the ground for many misuses and swindles, its trading is therefore not permitted” (full text of Ayatollah Makarem Shirazi’s fatwa).

“Trading Bitcoin is religiously invalid” (Ayatollah Wahid Khorasani).

“It is a clear example of illegal earnings and it is religiously forbidden (Haram) accordingly. Allah is the One and Only Knower” (Ayatollah Safi Golpaygani).

“Regarding many uncertainties over such a trade, using Bitcoin is not permitted” (Ayatollah Hashemi Shahroudi)

“Engaging in such dealings is not permitted” (Ayatollah Nouri Hamedani).
Fantastic and comprehensive one
JazakaAllahu khaira
Re: Islamic Ruling On Cryptocurrency by marvin906(m): 11:01am On Jul 30
Since when

1 Like

Re: Islamic Ruling On Cryptocurrency by nurain150(m): 11:03am On Jul 30
spiritualmubi:
Salaamun aleikum, Good afternoon bro, please does this ruling also applies to Forex?
Subuhallah bro, are listening to the fatwa of kufar the enemies of Islam, the Shia? Your Salam aleikum even looks suspicious

1 Like

Re: Islamic Ruling On Cryptocurrency by TOTOnigga: 11:05am On Jul 30
Honestly the way I will laugh at some people after discovering that there is nothing like after life when I die, only the creator knows... grin imagine...
Re: Islamic Ruling On Cryptocurrency by Adisa89(m): 11:08am On Jul 30
So what judgment will Allah reserve for Malami who was caught red-handed trading Bitcoin currency? Don't tell me Allah will forgive him because he's a SAN.

22 Likes 1 Share

Re: Islamic Ruling On Cryptocurrency by inoki247: 11:10am On Jul 30
Please wetin b Islamic ruling on Abba Kyari as he dey sell cloth at the same time wey he be police...

Asking for a friend

26 Likes 1 Share

Re: Islamic Ruling On Cryptocurrency by AbuAeesha: 11:12am On Jul 30
AlBaqir:


Opinion of Shi'i Scholars on Cryptocurrency

Many of the Shiite marāji such as Ayatollah Wahid Khorasani, Ayatollah Safi Golpaygani, Ayatollah Makarem Shirazi, Ayatollah Hashemi Shahroudi, and Ayatollah Nouri Hamedani have, taking what follows into consideration, issued a fatwa against such a trade and declared it as Haram or religiously forbidden. In other words, these Ayatollahs have declared Bitcoin trade as Haram considering the uncertainties and the following problems regarding such digital currencies:

First problem: the mining process and its consistency with the Islamic jurisprudence is not clear. Moreover, as Bitcoin networks are decentralized, there is no supportive and responsible structure backing such a currency up while in common monetary systems, central banks and financial institutions carry the responsibility for all transactions. In Bitcoin there is no responsible official to account for the transactions which are irrevocable and thus there is no way to redeem one’s assets if they are mistakably lost.

Second problem: the fact that using Bitcoin is totally forbidden in Russia and that there are many legal constraints for using it in such economic world powers as the United States and China are regarded as some other proofs for the suspicious nature of such a digital currency. Moreover, no central bank in EU has verified the validity of Bitcoin so far.

Third problem: there are many reports delivered to the offices of the marāji indicating huge misuses of the profiteers and the losses sustained by a wide range of people in trading Bitcoin.

Taking the three aforementioned problems into accounts, the following Ayatollahs have issued fatwas against Bitcoin:

“Considering many uncertainties and ambiguities regarding Bitcoin including the fact that mining source of this currency is not clear and that it has not been recognized by many states, and taking into account that the currency has provided the ground for many misuses and swindles, its trading is therefore not permitted” (full text of Ayatollah Makarem Shirazi’s fatwa).

“Trading Bitcoin is religiously invalid” (Ayatollah Wahid Khorasani).

“It is a clear example of illegal earnings and it is religiously forbidden (Haram) accordingly. Allah is the One and Only Knower” (Ayatollah Safi Golpaygani).

“Regarding many uncertainties over such a trade, using Bitcoin is not permitted” (Ayatollah Hashemi Shahroudi)

“Engaging in such dealings is not permitted” (Ayatollah Nouri Hamedani).
Assalamu alaikum
the question here is who is this Ayatollah Nouri Hamedani?how valid is his fatwa? and aqeedah?
i don't mean any criticism

12 Likes

Re: Islamic Ruling On Cryptocurrency by Ashirioluwa: 11:14am On Jul 30
Nigerians are taking it too far. Religion extremist

7 Likes

Re: Islamic Ruling On Cryptocurrency by rolams(m): 11:15am On Jul 30
Cryptocurrency is new phenomenon, I do not see thing wrong in cryptocurrency trading as long as we have almost same rule for forex and cryptocurrency trading.

Those who doesn't know much about it will only deceive you.

1 Like 2 Shares

Re: Islamic Ruling On Cryptocurrency by Generalwoodz(m): 11:15am On Jul 30
How old is the Koran and how old is crypto currency?
Did Mohammed had a binance akant

7 Likes

Re: Islamic Ruling On Cryptocurrency by rolams(m): 11:17am On Jul 30
onmylane:
Assalamualaikum to all brothers and sisters in Islam. I would like to know more about what Islam says about crypto investment and trading. I'm a beginner in crypto trading and would like to know if it's permissible.
To my understanding, cryptocurrencies are like other fiat currencies, which increase and decrease in value. For example, naira has depreciated against the USD, and that's how all currencies work. Hence, I feel crypto trading should be permissible because it's just like having a currency data increase in value over the other.
However, I'm open to learn from the learned ones in the house.

Cryptocurrency is new phenomenon, I do not see thing wrong in cryptocurrency trading as long as we have almost same rule for forex and cryptocurrency trading.

Those who doesn't know much about it will only deceive you.

As long as Islam permits gold trading and forex. The same goes for cryptocurrency. All na money trading. Their prices goes up and comes down.

1 Like 1 Share

Re: Islamic Ruling On Cryptocurrency by LeyeZi9: 11:21am On Jul 30
Please when it comes to fatwa and co.Nigeria is so corrupt that any legal opportunity to make money should be considered and we should restrict ourselves because of their religious beliefs.

Abba kyari knew who hushpuppi was as an intelligence officer,when he extorted money from him.Claiming religious beliefs publicly but privately abuse of official power to siphon money.Malami lied about Twitter and bitcoin but uses VPN to do it.

Please if you can find any legal way to make money in Nigeria please don't hesitate and do live a fulfilling life.
I wish all well.Thanks

7 Likes 1 Share

Re: Islamic Ruling On Cryptocurrency by Triangles1(m): 11:22am On Jul 30
Religion has eaten so deep in Africa, it make us backwards, slow in thinking, we need to do the right thing at the right time.

8 Likes

Re: Islamic Ruling On Cryptocurrency by AchalugoNwa(f): 11:25am On Jul 30
jakalata zamania
amin

1 Like

Re: Islamic Ruling On Cryptocurrency by focus7: 11:25am On Jul 30
Islam like other religion is full of hypocrisy.

*Islam tells us that western education is a haram yet you see many Muslims enrolling for western education and in Nigeria you see Islamic clerics and imams lobbying the federal institutions to enrol their children but tell the poor and the gullible that it is a haram.

*Islam tells us that cryptocurrency is a haram but their terrorist and bandits collects ransom in cryptocurrency. Many Muslims engages in the trading of cryptocurrency but to the poor and the gullible it's a haram.

*Islam claims to via religion of peace, I guess every Moslem knows that this claim is far from the truth. Islamic teaching has raised more terrorists, murderers, more unforgiving people than anything. Islam is evil, Islam is war.

*Islam claims that the homosexual bandit Mohammed is a prophet of mercy but his history says much different things than that. At the mentioning of his name more lives has been slaughtered than a war time

21 Likes 2 Shares

Re: Islamic Ruling On Cryptocurrency by Premiumwriter2: 11:26am On Jul 30
AbuAeesha:

Assalamu alaikum
the question here is who is this Ayatollah Nouri Hamedani?how valid is his fatwa? and aqeedah?
i don't mean any criticism
Allah's personal adviser and we all should listen to them.
Re: Islamic Ruling On Cryptocurrency by Akinh: 11:26am On Jul 30
What about it ruling on poverty?..…..and did it stop you from following a legitimate way of making fortune for yourself?...Àsé

6 Likes

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