Tag: Shariah

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‘Islamic Coin’s Legitimacy as a Sharia-Compliant Cryptocurrency Is Proven by Its Fatwa’ — Co-Founder

September 10, 2023

According to Mohammed AlKaff AlHashmi, the co-founder of “Islamic Coin,” Muslim scholars will increasingly view cryptocurrencies as being “Shariah-compliant” if they function as a store of value or are used as a medium of exchange. Alhashmi added that Islam’s “robust” ethical framework already “accommodates modern technological advancements such as the blockchain and cryptocurrencies.” This, he…
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Indonesia’s Islamic Authority Declares Cryptocurrency Haram, Forbidden for Muslims

November 11, 2021

Indonesia’s top Islamic body, the country’s authority on Shariah compliance, has reportedly declared cryptocurrency haram, forbidden for Muslims under Islamic law. The Indonesian Ulema Council explained that crypto has elements of uncertainty, wagering, and harm. Cryptocurrency Is Forbidden for Muslims Under Islamic Law in Indonesia Indonesia’s Ulema Council (Majelis Ulama Indonesia or MUI), the country’s…
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New Australian Islamic finance DeFi platform is ‘guided by Sharia’

May 14, 2021

Islamic finance is not always compatible with DeFi’s focus on risk and yield. A new platform aims to blend the best of both. A team based out of Sydney, Australia is building what it claims is the world’s first “Shariah-guided” decentralized finance platform to navigate a course between the advantages of DeFi and the beliefs…
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