What Do You Think About Bitcoin in Islam?

CategoriesTrade, Business & All Things Money [547]

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.

 

 

 

 

 

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