WELCOME to the Fiqh Council Birmingham (FCB). The FCB was establsihed to help meet the religious needs of the Muslim community. It offers faith based services in Islamic marital arbitration (Talaq/Khula etc.), training Islamic scholars and Imams, fatwa service and more...read more >
CATEGORY > Money
Is trading in bitcoins and other crypto-currencies halal ?
الجواب حامداً و مصلياً
A digital
crypto-currency is a means of trading value such as in the case of bitcoins.
This decentralized form of digital currency is artificially created by
individuals involving a complex 'mining' procedure and involves the recording
of bitcoin transactions via a online self-regulating system (The Economist).
In terms of the Islamic ruling regarding such crypto-currencies, there is
presently no consensus among Islamic scholars. Some scholars have allowed
bitcoin trade whilst others have forbidden it. Those who disallow it do not regard it as either an asset or traditional currency according to Islamic principles, whereas those who allow it, hold that it is a new form of currency which may take the ruling of traditional currency. In
light of the above, it is advisable to avoid such crypto-currencies out of
precaution based on the hadith which instructs one to preserve ones honour and
faith by avoiding doubtful matters (al-Bukhari and Muslim). And
Allah knows best.
Islamic Reference:
وعن أبي عبد الله النعمان بن البشير رضي الله عنه قال سمعت رسول الله صلى الله
عليه وسلم: يقول: إن الحلال بَيِّن وإن الحرام بَيِّن، وبينهما أمور مشتبهات، لا يعلمهن كثير من الناس،
فمن اتقى الشبهات فقد استبرأ لدينه وعرضه، ومن وقع في الشبهات وقع في الحرام... رواه البخاري ومسلم
Answered by FCB Fatwa Department