Fatwa ID: 06010
Answered by: Shaykh Ahmed Bin Mohamed Umarji
Question:
What do you think about bitcoin in Islam?
In the name of Allah, the Most Gracious, the Most Merciful
Answer:
From an Islamic perspective, Bitcoin will be permissible when it is recognized as a currency by the government.1 Currently it is considered by governments and investors as a fixed asset rather than a currency.2 Based on this understanding Bitcoin will be considered impermissible.
Please also see:
https://daruliftabirmingham.co.uk/investing-into-bitcoin/
Only Allah knows best
Written by Shaykh Ahmed Bin Mohamed Umarji
Checked and approved by Mufti Mohammed Tosir Miah
Darul Ifta Birmingham
1 https://afinance.org/wp-content/uploads/2017/08/research-paper-on-bitcoin-mufti-faraz-adam.pdf
2https://www.thebalance.com/is-bitcoin-a-commodity-4126544#:~:text=Bitcoin%20does%20not%20flow%20through,are%20only%2021%20million%20coins.
