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Reflections On Crypto And Shariah by Arisheloaded(m): 6:08am On Oct 15, 2023 |
As Muslims, we are always looking for ways to live our lives in accordance with Shariah. This includes our financial dealings, and in recent years, there has been a lot of discussion about the permissibility of investing in cryptocurrencies. While there is no consensus among Islamic scholars on the permissibility of cryptocurrencies, some scholars have argued that they can be permissible if they meet certain criteria. I'm most inclined with Prof. AbdulRasaq Alaro, and Researcher Joe Bardford's detailed explanation on cryptocurrency, you can send a DM if you want to go through it as well. These criteria include: 1. The cryptocurrency must have a real-world use case and not be used for illegal activities. 2. The cryptocurrency must be traded in a transparent and fair manner. If a cryptocurrency meets these criteria, then it is possible to invest in it in a way that is compliant with Shariah. However, it is important to do your own research and to consult with a qualified Islamic scholar before investing in any cryptocurrency. Here are some additional things to keep in mind when investing in cryptocurrencies from a Shariah perspective: 1. Avoid investing in cryptocurrencies that are used for gambling or other haram activities. 2. Do not invest more money than you can afford to lose. 3. Be aware of the risks involved in investing in cryptocurrencies, and take steps to mitigate those risks Investing in cryptocurrencies can be a risky proposition, but it is also a potential opportunity to generate returns. If you are considering investing in cryptocurrencies, be sure to do your research and to consult with a qualified Islamic scholar before making any decisions. O Allah, I ask You to bless my investments and to make them profitable. I ask You to protect me from losses and to help me to invest wisely. Ameen. _______ I'm a trusted cryptocurrency merchant, feel free to contact me to buy or sell your coins. _______ I'm a professional role-seeking crypto community manager within almost 6 years experience, authored a book on this and I have the largest community of crypto community managers and moderators in Africa (@ExpertCms) on Telegram. _______ Lawal Afeez Arishekola Lagos, Nigeria. 13th October, 2023
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Re: Reflections On Crypto And Shariah by Arisheloaded(m): 6:09am On Oct 15, 2023 |
For those who are keen on learning and making informed decision: https://joebradford.net/bitcoin-crypto-islamic-law-joe-bradford/ |
Re: Reflections On Crypto And Shariah by Arisheloaded(m): 6:10am On Oct 15, 2023 |
Here's Prof. AbdulRasaq Alaro's lecture on cryptocurrency: https://www.youtube.com/watch?v=Ef8weFo_r0k?si=6mAFmjqNhi6fKp_C |
Re: Reflections On Crypto And Shariah by Arisheloaded(m): 6:10am On Oct 15, 2023 |
More readings: https://www.nasdaq.com/articles/how-cryptocurrency-aligns-with-the-principles-of-islamic-banking-and-finance#:~:text=Sharia%2Dcompliant%20cryptocurrencies%20are%20digital,with%20sharia%20compliance%20in%20mind. |
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