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Bitcoin

Question:

Stock in a company dealing in foreign exchange trading especially in Cryptocurrency like bitcoin but with no interest involved since it’s a day to day transaction with no overnight balance so no interest accrues. Answer: ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟﺮﺣﯿﻢ In the name of Allah, the Most Gracious, the Most Merciful The Darul Ifta of Darul Uloom Deoband issued a comprehensive fatwa regarding the Islamic legal ruling of Bitcoin. The crux of the fatwa is as follows: “In summary, Bitcoin, or any other digital currency, is merely a presumed currency, and it is not an actual currency. Additionally, the foundational qualities of a real currency cannot be found in any digital currency. Furthermore, there exist elements of gambling and interest in digital currency trading. Thus, it is impermissible to trade via Bitcoin or any other digital currency. In the like manner, to trade using Bitcoin or any other digital currency, just as Forex Trading, it is prohibited, thus one should abstain from this trade.” (Bitcoin ki Haqiqat aur uska Shari Hukm with reference to the fatwa of Darul Uloom Deoband: p. 38 [Ethical Business Consultants]). That being said, you should avoid investing your money in such companies that would spend your money on Bitcoin.

Only Allah knows best

Written by Maulana Mohammad Ahsan Osmani Checked and approved by Mufti Mohammed Tosir Miah

Darul Ifta Birmingham

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