Published On: Mon, Apr 16th, 2018

Islamic Scholar declared Cryptocurrency Halal under Sharia Law

One particular Islamic Scholar has recently declared Bitcoin to be halal under Sharia law. This declaration has opened the Cryptocurrency market to the 1.6 billion Muslims around the world who wee hesitant to do so before because of its huge profit margins in short time and investment.

After the publication for Bitcoin to be either Halal or Haram made it to internet, there were unprecedented gains seen in prices of Bitcoin. The price surged with a gain of 1000 dollars in less than 1 hour.

Islamic Scholar declared Cryptocurrency Halal under Sharia Law

This has led to analyst to say that the news of Bitcoin to be Halal according to Sharia law may have been the contributor for the increase in its price.

Also See:Top 10 Biggest And Largest Religions In The World 2018

The study to explore the functionality of Bitcoin and other cryptocurrencies was conducted by Muhammad Abu Bakar, member of the Blossom Finance in Indonesia.

Mathew Martin, CEO for Blossom Finance said that, several contradictory and incompletely opinionated fatwa were presented by Islamic scholars regarding cryptocurrencies. With all the wrong misconception we only wanted offer proper guidance for everyone with proper research that would benefit Islamic finance practitioners.”

The author of the study concluded that as Bitcoin is regarded as legal currency in Germany, then it is also an Islamic currency in that country as well. Study also states,

“Bitcoin becomes permissible in Islam as it is treated as a valuable item by market price depending upon global changes and it can also be accepted as payment for trades. Other than that many private people also accept Bitcoin as a medium of private transaction between them.”

On Thursday, 12th of April, one of the largest one hour trade volume exchanged happened in history as more than one billion dollars worth of Bitcoin were registered in trade exchanges.

Price of Bitcoin fluctuated up and down depending upon positive or negative news about them. The recent study has also caused it gain some influential rise   in market since it was already declining.

 

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