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While it is not a problem for Bitcoin to be halal or forbidden for people who live outside the Islamic world, the situation changes when it comes to Islamic geography.
In mid-April, a meeting was held in the direction of Bitcoin's compliance with the Shari'a rules, and a Muslim Shariah lawyer Muhammad Abu Bakar published an evaluation report on the process . Abu Bakar stated that Bitcoin did not constitute a contradiction to the order and that it could easily be described as being 'halal'.
But what Abu Bakar expressed was the various functions of Bitcoin. For example, if Muslims use Bitcoin to buy something, it does not bring anything to the hell of Bitcoin, but there is no clear discourse about it being seen as an investment vehicle and trade. "It is more preferable to use crypto money as a method of payment because it is obvious that it has advantages over traditional markets. However, I do not recommend it for investment purposes. " saying that this caused some chaos.
There is no objection to the fact that the fact is that Bitcoin and other crypto money are used for payment;
Following the report, a mosque operating in London announced that it would accept Bitcoin as a zakat during Ramadan, and this news was aroused in the press.
Abu Bakar's report a short time later Bitcoin price increased by a thousand dollars; Some authorities have cited this increase as a Muslim investor who receives a halal signal enters the market.
Sean Rakhimov an expert of an analyst firm named Exante also said that the increase in the price of bitcoin after the halal signal was a coincidence. Rakhimov, pointing to the correlation between Bitcoin and gold in his statement on the subject, said:
"In 2016, there was news on the market that gold was halal. When it comes to 2018, the same is done for Bitcoin. At that time, people would buy gold for the Muslims and say that the price would increase, but it never happened. For that reason I think that the increase of bitcoin after coincidence is a coincidence.
Rakhimov used the following phrases in his words as he continued to decline in oil prices in 2016: "
" Oil prices rose to almost $ 28 a barrel in January 2016 tired. It's 80 bucks now. The $ 28 means that many Muslim countries that make their living from petrol invest or make it hard to save money. Also, while gold is an investment tool known and widely used by everyone, we can not say that for Bitcoin. A large number of people still do not have a clear idea of how Bitcoin works. For a large number of people, Bitcoin is still a mysterious product. "
Abu Bakar making Bitkon look halal; it was not an evaluation that found a response in the entire Islamic mosque. For example, in our country, in the statement made by Religious Affairs, it has been quoted that it is forbidden to buy and sell other crypt money like Bitcoin because of the speculative nature. The investors were warned against Bitcoin because these funds had to be illegally used, but the accounting was kept.
Another important argument of the opposing party is that Bitcoin claims to be buying and selling.
Hamamiz Ahmed, who edited a prod- uct named Pakistani Pro-Pakistani said: "Some of the religious scholars who pointed out that Bitcoin is a serious vol- ity are, therefore, buying Bitcoin and selling it according to Shari'a rules.
"If you sell a Bitcoin against the dollar and the price drops to $ 100, you will be hurt when you sell. However, with these statements, Ahmed also points out that Bitcoin's price fluctuations are "more predictable", which in turn defends Bitcoin's trade less compared to gold .
Co-founder of the Bitcoin Center in New York Hamdan Azhar says that some Islamic countries and Muslims have already invested in this business from a different point of view in the statement made .
"Of course there are always those who wake up early and invest in this business. In many countries, from Karachi to Kuala Lumpur, people have begun to grow up with Bitcoin a long time ago. We tell people about crypto money and Blockchain in America and we trade in ourselves.
In the meantime, Azhar moves his argument a step further, saying that crypto money can be a much more valuable instrument than Islamic money for the Islamic community.
"Obviously, many Muslims are uncomfortable with the traditional economy system, which is driven by interest and borrowing," Azhar said. Bitcoin is a much better product for Muslims with its technology and features.
Stating that giving zakat is one of the five terms of Islam, Azhar claims that it would make some Muslims happier if zakat is to be done with crypto money, as many Muslims have adopted Islamic rules, and the means to make a financial revolution like Bitcoin have always been warm. .
The State of Blockchain in the Islamic Countries
The price of Bitcoin is at least for the moment the price of the sector is claimed to be active It seems to have not been affected by the contribution of the Muslim investor; More reports of halocell to Bitcoin say; this sector also means that the money will continue to flow from the Islamic geographies.
There is also a Muslim initiative that takes this issue into the agenda. According to Al Jazeera Malaysia-based One Gram, plans to release a gold-backed crypt money soon after the market.
Ibrahim Mohammed one of the founding partners of One Gram company, explains the main objective of the company as follows:
"The gold, silver, gold, we can say that the money was the first thing that showed us Muslims that they could come out in a different form. Now we want to move it to the digital world and tell people about it with proven examples, and we want to prove Bitcoin's suitability for the dignity.
Habibi Coin a Dubai-based crypto money venture is another company that is on the same journey as the same One Gram.
"A money that is shari'a compliant, which reduces interest and debt, hinders devaluation of products and is a new method of money transfer for Islamic geography."
According to author Davy Barker , Bitcoin and Blockchain have the potential to play a much bigger role in the Islamic economy than in the new era. Barker uses the following phrases:
"Even in the best scenario, when a paper currency is subjected to Islamic rules, it gets a grade of 2 points out of 6 criteria. In crypto paroles this number can be 4 or 5. That is why no Muslim who says that the paper money is forbidden can not be forbidden to Bitcoin. In fact, I think Muslims should abandon the paper money that is less compatible with the religion and look at Bitcoin because I think it is a more affordable currency. "
Source:
Finance MagnatesThe post Halal or Haram? Here is a look at the Muslim world's Bitcoin: first on Koin Bulletin.
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