Are Bitcoin and Ethereum trading halal and allowed in Islam?
Are Bitcoin and Ethereum trading halal and allowed in Islam? Answer: ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟﺮﺣﯿﻢ In the name of Allah, the Most Gracious, the Most Merciful
The Darul Ifta of Darul Uloom Deoband issued a comprehensive fatwa regarding the Islamic legal ruling of digital currencies. The crux of the fatwa is as follows: “In summary, Bitcoin, or any other digital currency, is merely a presumed currency, and it is not an actual currency. Additionally, the foundational qualities of a real currency cannot be found in any digital currency. Furthermore, there exist elements of gambling and interest in digital currency trading. Thus, it is impermissible to trade via Bitcoin or any other digital currency. In the like manner, to trade using Bitcoin or any other digital currency, just as Forex Trading, it is prohibited, thus one should abstain from this trade.” (Bitcoin ki Haqiqat aur uska Shari Hukm with reference to the fatwa of Darul Uloom Deoband: p. 38 [Ethical Business Consultants]). Only Allah knows best Written by Maulana Mohammad Ahsan Osmani
Checked and approved by Mufti Mohammed Tosir Miah
Darul Ifta Birmingham