National Sharia authorities have not ruled on whether cryptocurrencies are permissible, and while several global bodies recommend standards for Islamic finance, none has the authority to actually impose them. Many governments seem ambivalent: worried about the potential for instability, but unwilling to lose the chance of benefiting from new technology. The Saudi Arabian and UAE central banks warned their citizens about the risks of trading Bitcoin, but have not imposed outright bans.
Islamic jurists in South Africa have ruled in favor of cryptocurrencies, arguing they have become socially acceptable and commonly used. In October, however, the Durban-based Darul Ihsan Centre refrained from endorsing them, citing concern over potential pyramid schemes. Further, some scholars in Turkey , India, and Britain have labeled cryptocurrencies impermissible.
What makes the debate particularly complex is that there are thousands of digital coins each with unique features related to distribution, mining, and trading, said Farrukh Habib, research officer at Malaysia-based International Shariah Research Academy for Islamic Finance. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.
We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies. Crypto Prices from Nomics. All Rights Reserved. Advertise Submit a Press Release. Islam and Cryptocurrency The growing global interest in cryptocurrencies naturally extends into the Gulf and southeast Asia, the main centers of Islamic finance.
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