{"id":26086,"date":"2022-12-22T20:56:14","date_gmt":"2022-12-22T20:56:14","guid":{"rendered":"http:\/\/daruliftabirmingham.co.uk\/home\/?p=26086"},"modified":"2022-12-22T20:56:14","modified_gmt":"2022-12-22T20:56:14","slug":"nfts-in-the-global-financial-system","status":"publish","type":"post","link":"http:\/\/daruliftabirmingham.co.uk\/home\/nfts-in-the-global-financial-system\/","title":{"rendered":"NFTs in the Global Financial System"},"content":{"rendered":"

Fatwa ID: 06393<\/strong><\/span><\/p>\n

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Answered by: Maulana Abdul Malik<\/strong><\/span><\/p>\n

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Question:<\/u><\/strong><\/span><\/p>\n

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Recently there is an introduction of non-fungible tokens popularly known as NFTs in the global financial system. Can you tell me what is shariah ruling on it? Is it Islamically permissible or not to trade, purchase, sell and make a living with it?\u00a0<\/span><\/p>\n

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I will wait for your response respected scholar.\u00a0\u00a0<\/strong><\/span><\/p>\n

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In the name <\/u><\/strong>of Allah, the Most Gracious, the Most Merciful<\/u><\/strong><\/span><\/p>\n

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Answer:<\/u><\/strong><\/span><\/p>\n

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NFTs are described as a special type of token that represents a unique asset. The term fungible means something that can be replaced by something similar. It is a type of token that can\u2019t be replaced by another similar token as what is represented is unique and non-interchangeable.<\/span><\/p>\n

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Non-fungible, these are known as Qimiyyat in fiqh.<\/span><\/p>\n

A non-fungible (Qimiy<\/em>) is a property or asset which does not have an identical or near-identical asset to it in its form (surah<\/em>). E.g; of these are; unique items such as a dress designed and made for one person, a painting or calligraphy is unique.<\/span><\/p>\n

With regards to NFTs being permissible or impermissible it will be based on what it is composed of, if the non-fungible is permissible within itself without any other issues then it will be permissible to trade with it.<\/span><\/p>\n

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However, if the non-fungible is not permissible within itself then it will not be permissible to trade.<\/span><\/p>\n

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In conclusion, NFTs are a new concept and it is still developing, as it develops more knowledge and information will develop regarding it.<\/span><\/p>\n

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If the NTFS comply with the laws of the Shariah then it will be permissible to buy, sell and trade with it. If it is not in compliance with the shariah it is not permissible to trade with it.<\/span><\/p>\n

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Only Allah knows best.<\/span><\/p>\n

Written by: Maulana Abdul Malik<\/span><\/p>\n

Checked and approved by Mufti Mohammed Tosir Miah<\/span><\/p>\n

Darul Ifta Birmingham<\/span><\/p>\n

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