Section 1: Investment Universe
About: Invest your money for a fixed period (1 month up to 5 years). Get profit when period is completed
Pros: Reliable profit , Low financial risk, low Islamic risk : covered by a board of Shariah scholars
Cons: Low profit rates.
About: Collective investment - managed by investment company, protected by SA law, typically invests in equities, sukuks and property
Pros: Plenty of choice, Provided by registered Financial Service Providers, Sharia Boards , diversification
Cons: Typically High fees, .
About: Collective investment
Pros: low fees, Provided by registered Financial Service Providers, Sharia Boards , diversification
Cons: only one option in SA, heavily weighted on Resources
About: Pick your own stocks off the exchange
Pros: High profit potential,
Cons: Very Risky, No Islamic oversight (hence need to do your own screening)
About: Tried and test property
Pros: Stable Asset, Tangible, Straightforward, Zakah benefits,
Cons: High capital outlay, expensive legal costs (transfebond registration) , Not very liquid,
About: Customized Wealth management and investments
Pros: Professional advice, custom solution
Cons: Available exclusively to high net worth individuals, Investment advise appears to be fee based
Section 2: Definitely not halal
Section 3: Grey Areas
Section 4: ConclusionI sincerely hope this helps , and encourages to invest in the Islamic world.
submitted by Fgfactory_ua to gamedev [link] [comments] Mobile gambling If you plan to develop an app with the ability to deposit and withdraw real money, then such a product automatically falls into the category of gambling and you will need to license your business for successful operation. Mobile and Web Based Apps So let’s talk about the different kinds of online gambling apps available on web and mobile. We’ll be covering both free-play gaming apps and real money casino app games you can find for iOS, Android devices and web browsers. Mobile gambling is more common for poker, casino, bingo, and skill games. They have advantages in terms of a low barrier to enter the market, instant liquidity, product knowledge, and marketing expertise, minimal infrastructure costs, and the ability to bring a brand to the market quickly. Consequently, this form of gambling does not sit neatly with jurisdictional boundaries. Multiple gambling opportunities are available, including betting on various events and markets, in a relatively simple format. Gambling products can also be integrated into betting on television shows or virtual racing and sports games as well as offering lotteries, bingo, poker and casino games. Most Popular Gambling Apps Sports betting, casino, poker and lotteries are the most popular forms of online gambling. However, other forms are available too. These include the following: Bingo, slot machines, different card games, roulette and other game of chance. One of the best things about online gambling and betting apps is the number of choices you have. Sports BettingBetting means making or accepting a bet on the outcome of a race, competition, or other event or process, the likelihood of anything occurring or not occurring, or whether anything is or is not true. Today most sports betting is done via mobile-friendly sites and apps.Today most sports betting is done via mobile-friendly sites and apps.The introduction of live betting for sports like soccer and tennis means that bettors who are sitting inside stadiums watching games can now pick up their mobile devices and find real-time betting value with the best sports gambling apps. This has really unlocked a door to the future of sports gambling and the popularity of online gambling apps. PokerMany sites offer free poker, where no real money is wagered, although in some cases players can accumulate credits that can be exchanged for prizes. This is the case why people are going to play for real money. There is an ongoing debate over whether poker should be classified as a game of chance or skill. The parameters of legal poker playing are still unclear and differ between jurisdictions. Since you are not gambling with money, I’m pretty sure under the law it’s just a video game for now.BlackjackBlackjack is the game of choice to many high-rollers and do you know why? Because blackjack is a challenging, logic and skill-based game where your thinking, strategy, and calculations determine the outcome of the game.BingoBingo is one of the most popular and socially accepted games in the world. Bingo is a traditional form of gambling that has seen considerable innovation in recent years. It is also the only form of gambling recognized in the Gambling Act that does not have a specific statutory definition, the Act providing simply that “bingo” means “any version of that game, irrespective of by what name it is described”. Bingo must be played as an equal chance game. For game to be classed as “bingo” it must meet the Act’s definition of “equal chance gaming” (as opposed to casino gaming). Thus, it: must not involve playing or staking against a bank, and must be a game in which the chances are equally favorable to all participants in the sense that each ticket or chance has the same probability of success as any other.Licensed bingo is a well-regulated and socially responsible form of gambling that takes place in a safe environment. Many sites offer multiple forms of bingo with different features, types of games, and costs of play. These sites often cater specifically for women and some research suggests that they may appeal to markets who would not typically engage in traditional forms of gambling. SlotsSlot machine is one of the most beloved game among the gambling community and it has been a part of the industry for a long time. They provide fun and entertainment and their simplicity allows gamers to start playing at once. This can play out in different ways depending on the machine you’re playing. For instance, there’s Pick a Fortune, a five-reel, 20 line game that puts players right in the studio of a television game show, including the potential to play a Deal or No Deal-style bonus round. A super trend over the past few years is mobile-friendly slot games. These apps and websites were developed to enable players to enjoy their favorite games on their smartphones at any time. Another dominant slot trend is licensed branded slots that are based on popular movies, television, and musicians.Virtual Money vs Real Money Let’s find out the difference between social gambling and real money gambling, as well as the differences between gambling through apps and gambling through a web browser. It can be quite confusing trawling through all the casinos, slots, and lotteries available, both through your mobile web browser as well as through mobile app stores, in the form of downloadable apps. Virtual moneyThe main difference between virtual money and real money gambling is that the in-game virtual currency in social games and gambling-type games is used only like credits that are not paid out as winnings or anything given to player in cash, making these games exempt from gambling regulations.Virtual money is loaded on user game accounts via in-app purchases in mobile applications or the game balance funding from a card via web based applications. Real money gamblingReal money gambling via your mobile device is only allowed in countries where laws have been passed that allow for this type of gambling online, or there are no laws in place that prevent it. The payment systems are the legal way of services payment in the gambling app, performing as the intermediary between the gambling facility and the client. With their help, users replenish deposits and withdraw funds to personal accounts in financial institutions. If the application uses the payment system of a well-known brand, that gives players additional confidence in the resource. Nowadays, there is a wide range of payment systems, some of which operate all over the world, other systems are oriented towards the citizens of one or several countries. A number of services accept money of different world currencies, while others allow currency transactions of one state only.What is an Online Gambling Licensing The internet has a global audience, there’s no single piece of legislation that covers the legality of online gambling for the entire world. Mobile gambling doesn’t typically accept customers from every single country in the world. It often focuses on certain specific regions. Instead, most countries have their own local laws that deal with the relevant legal and regulatory issues.Ultimately, questions of legality all go back to the location of the casino or where the website operates out of. In closed regulatory systems, such as Italy, France, and the Netherlands, licenses, and advertising rights are limited to domestic providers, which must be located within their country’s geographical boundaries and these are only permitted to offer some types of products. Some jurisdictions, for example, Norway, Sweden, and Canada legalize and regulate online gambling, but this is limited to a single site that is owned by the government. Under such an approach, the government becomes the operator and regulator and all revenues are returned to the government. Remote gambling is generally permitted. That means that an operator that is licensed may provide gambling services to citizens in the country via all forms of remote communication (and using equipment that may be located in the country or abroad). Equally, a remote operator may be licensed to offer gambling services to citizens in any jurisdiction in the world using equipment located in the country. The law provides that, for each type of gambling (betting, gaming, and participating in a lottery), there will be two forms of license available: remote and non-remote forms (land-based). If you provide facilities for remote gambling, online or through other means, and advertise to consumers you will need a license from the licensing jurisdictions or local licensing authorities. Before an online gambling site signs up its first customer, before it accepts its first bet before the first card is dealt, it must be licensed by a recognized governmental entity. Certain regions in the world have specific legislation in place that allows them to license and regulate companies that operate online gambling sites or provide industry services (such as the supply of gaming software). These regions are referred to as online gambling jurisdictions or licensing jurisdictions.Depending on what type of entertainment you are going to implement in your internet establishment, you will have to apply for the corresponding permissions. Online gambling laws in Europe vary from one country to the next. The industry is well regulated in some countries and less so in others. There are several online gambling jurisdictions located in Europe. Some of these are members of the European Union (EU), and thus subject to the various rules and regulations of that body, while others are independent. Each of these jurisdictions has an authority that’s responsible for approving gambling sites for licenses that enable them to offer their services legally. They also regulate their licensees. Countries that Provide Gambling Licensing Today there are lots of licensing jurisdictions located all over the world and offering different terms for their customers. Depending on the country, licenses can be local, international (distributed in several countries), have a different set of documents for registration, costs of registration and further support, various operating conditions and other special details. Which gambling license is both internationally recognized?The government of Ireland offers casino operators, software, and service providers in the gambling industry, with a gambling license that allows gambling operators to conduct business related to casino, lotto, and other gaming-related activities. Ireland Gambling License is one of the most popular license for online casinos worldwide. Ireland has long been recognized as one of the preferred locations for Online Gambling operators to base their operations. This success has been due to a combination of factors, such as a progressive legislative system, political stability, first-rate telecommunications facilities, and a well established financial services industry. A wide range of gambling sites operates out of Ireland including sports betting, casino sites, poker, bingo, and more.In stark contrast, the UK is the largest regulated market for online gambling in the world, and corporations are already comfortable exploiting the intersections of gambling and gaming, betting in-play, social gaming, Bitcoin, financial trading and spread betting, betting exchanges, e-sports and, most profitably, mobile gambling. 40% and 60% of online gambling in the UK took place in Gibraltar. International licensingEurope is home to the following online gambling jurisdictions: Alderney, Gibraltar, Isle of Man, Malta. Malta is currently the country that is most accommodating to gambling companies, and the license offers whitelisted online gambling in sports and casino games in many European territories. But takes an extreme amount of time in paperwork and background checks. Also, you pay 5% of all your gross profit to the EU.Among countries offering gambling licensing services, the attention should be paid to Curaçao jurisdiction, which is considered to be one of the most promising for the online gaming business.Curaçao Internet Gaming Association (also known as Curaçao eGaming) is both a regulator and a licensor, and its licensing works worldwide except Curaçao itself, USA, France and Netherlands. Using Curacao as an example, let us examine in detail the process of obtaining a license, the necessary documents and expenses. How to get a License on Curaçao
Apple and Google Gambling Rules You’ll be surprised at the limited number of real money gambling app options available on the AppStore and Google Play Store. Most real money casino gaming is done through gambler’s mobile web browsers and not through mobile gambling apps that you’ll find for iPhone and Android phones. Apple allows online gambling applications in a few forms, and not just in places where it is explicitly permitted. They do not allow any payments through the applications – those have to be done on the websites. Apple has far stricter developer guidelines for iOS apps than Google does for Android apps, so it’s fine to assume that whatever you choose to download from iTunes is usually safe, secure, and meets a certain standard. Any real money casino in the iTunes app is required to have proper licensing and permissions before Apple will approve the app for use or downloads. While Google Play is technically regulated, it is much more loose in what can be hosted. Apple StoreGambling, gaming, and lotteries can be tricky to manage and tend to be one of the most-regulated offerings on the App Store. Apple has rules for apps that support real money wagering, including sports betting and poker. Those apps and lotteries must have necessary licensing and permissions in the locations where the App is used, must be geo-restricted to those locations, and must be free on the App Store, and Apple rate even simulated gambling apps as appropriate only for users 17-years-old and up.Play StoreGoogle keeps the reigns tight. To be able to successfully upload apps to the Google Play store, developers need to have a valid license for the specific countries they are targeting and comply with their regulations. The app must be free to download and must prevent under-age users from gambling in the app. As a final precaution, all gambling apps are required to display prominent information regarding responsible gambling practices. This brings its policy in line with the Apple App Store.Countries where gambling is illegal It is also important to remember that while gambling is growing rapidly in many places, in others it is totally or partially prohibited. As well as in the majority of the US, sports betting is illegal in India, Pakistan, and China, three of the largest gambling markets in the world. Most countries have rules against gambling. Almost all Islamic countries prohibit gambling of every kind, but many turn a blind eye to online gambling or simply do not have regulations in place for this grey area. In the United Arab Emirates, however, any kind of gambling is prosecuted. National lotteries are the only legal forms of wagering on the Asian country’s mainland. Cambodia, North Korea strictly forbids online and offline gambling amongst its own citizens but allows tourists to participate in these activities. Qatar is the strictest country of all when it comes to gambling laws. All forms of gambling activities are considered illegal, and even sports betting is not permissible. Starting your own gambling product Numerous online casino platforms in the market offer fantastic casino games like bingo, poker, roulette, and many more. If you have an idea, but don’t know where to start, we advise you begin with a Minimal Viable Product (MVP) to pilot your proof of concept for investors. MVP spotlights your core features and lets your investors know there are bigger and better things to come.For MVP you do not need a large team, just a few people are enough to create a fully functioning prototype. In the case of successful numbers of your prototype, the further development of a full-fledged product will require more team, resources and time, however you will be sure that your development and your costs will pay off. |
In January, US President Donald Trump called for tougher economic sanctions against Iran amid a worsening conflict between the two countries. Pressure from America has been affecting the economy of former Persia for over 40 years, starting with the Islamic Revolution in 1979. But it seems that in 2020, the Iranians found a way to reduce the impact of many restrictions. In late January, journalists from the Arab international publication Asharq Al-Awsat told the world about Iran’s new bitcoin strategy, whose main goal is to circumvent international sanctions. At the same time, not only Iran, but also a number of other states are interested in the opportunity to deal with economic restrictions using digital money. Why do cryptocurrencies see salvation from sanctions? What role will CBDC play in this? And how do regulators imposing economic sanctions respond to the new movement? submitted by affilcoin to u/affilcoin [link] [comments] https://preview.redd.it/2m36sp6cpvf41.jpg?width=1480&format=pjpg&auto=webp&s=afb1b82de1514cda1ebc7acfcbb5c34f0b3d93d7 Iran and US exampleSanctions imposed on countries may differ in terms of severity and scope, but they are united by one thing — they negatively affect the local economy to a greater or lesser extent. Therefore, it is quite reasonable that many would like to get rid of them. Moreover, some countries, such as Iran, experience them very painfully. According to Asharq Al-Awsat reporters, only in the last two years, under the influence of US sanctions, the Iranian economy has dipped by 10–20%.The example of Iran today is not just the most relevant. It also perfectly illustrates the severity of the sanctions and how cryptocurrencies help get around them. Under US restrictions, no American companies (including banks) are allowed to do business with Iranian partners. This actually cuts off Iran’s trade force, because the country is losing the ability to enter into profitable agreements with many of the world’s largest corporations. This situation is especially critical given how much Iran could earn from the US oil trade (just take a look at the UAE). The second most important economic burden weighing on the shoulders of the Iranians is the ban on the use of dollars and disconnection from the international SWIFT system. For domestic transactions, such a restriction is useless and hits the state in about the same way as against a wall of peas. However, it seriously complicates foreign trade, because any Iranian international company is forced to rely on alternative currencies. This applies to absolutely all transactions with foreign companies, the vast majority of which use the dollar when conducting international business. Only a small part relies on the euro and even more so it is unlikely that any of the large companies will want to conduct transactions using the weak and unstable Iranian rial. Naturally, pressure on Iran’s foreign policy negatively affects its internal state. In such a situation, bitcoin for the country becomes a kind of messiah, because it can be used to circumvent legal barriers and conduct international trade outside the traditional banking system. A good example: using bitcoin, you can conclude deals with foreign companies, including American ones (behind the scenes), and sell them the same oil. Bitcoin is used not only by governments, but also ordinary citizens. Cryptocurrency for them is almost the only opportunity to send a transfer abroad and save money with high inflation and devaluation of the national currency. At the same time, the Iranians consider Bitcoin not only as a payment instrument, but also as a source of income. We are talking about banal mining, which unfolded on a large scale amid cheap Iranian electricity and the constant devaluation of the rial. Asharq Al-Awsat cites 2019 data: • Last year, 1,650 Iranians using bitcoin were interviewed. • It turned out that 25% of them earn on cryptocurrencies from $ 500 to $ 3000 per month, including mining.Initially, the idea of mining was not particularly liked by the government, which prefers to punish the locals for the abuse of cheap electricity. However, in August 2019, mining in the country was recognized as a legal sector of the economy. Since then, regulators have issued more than a thousand licenses for the legal mining of bitcoins to local entrepreneurs. At the same time, today, the Iranian authorities themselves produce cryptocurrency and use the received coins to finance the state and carry out trade transactions in circumvention of sanctions. Cryptocurrencies as a salvation from sanctionsIran’s example is far from the only one when it comes to the use of digital money with the goal of circumventing sanctions in one way or another. For instance:• At the end of 2018, the Venezuelan government launched its own digital coin, Petro. Technically, this is just another ERC20 token based on Ethereum. But in practice it is a tool for concluding international transactions bypassing sanctions imposed by the American government. When launching the national cryptocurrency, President Nicolas Maduro bluntly stated that Petro would help the country “break the financial blockade.” It cannot be said that the Venezuelan initiative has succeeded at the international level, however, the very idea is a “wake-up call” for world sanctions. • In November 2019, the BRICS countries (Brazil, Russia, India, China, South Africa) expressed interest in creating a single cryptocurrency for trade settlements between the members of the union. This is a certain analogue of SWIFT, the main purpose of which is to protect itself from sanctions in order to avoid situations, as in Iran. A similar question is especially acute for China, which is waging a trade war with the United States and runs the risk of running into serious economic measures on the part of Washington, as well as for Russia, which is under growing pressure from world regulators. • Two months ago, US law enforcement authorities arrested Ethereum developer Virgil Griffith for aiding the DPRK authorities in circumventing sanctions. The FBI claims that Griffith attended a local blockchain conference and talked about options for using cryptocurrencies for illegal international payments. First and foremost, US authorities fear that North Koreans will use knowledge to fund a nuclear weapons program. • A few days ago, the popular Blockchain.com crypto wallet (formerly Blockchain.info) added the ability to quickly convert the Turkish lira to BTC and vice versa. Turks are interested in diversifying their savings, since the national currency is experiencing serious problems and today it is estimated at only 20% of its value in 2008. In many ways, for its problems, the lyre should “thank” the American sanctions imposed on Turkey for its role in the situation with Syria. And even if they were canceled in October, the US Senate in December called on Trump to apply new economic restrictions in response to the fact that Turkey is a member of NATO and does not shy away from purchases of Russian defense systems. Amid these problems, foreign banks are gradually ceasing their activities in the country, exacerbating the unenviable position of the Turks. Meanwhile, already a quarter of citizens are actively using bitcoins and are thus protected from the consequences of sanctions. In an attempt to save the economy, the Turkish government is seriously considering the use of national digital currencies.It is interesting that with the help of cryptocurrencies it is possible to bypass not only international, but also internal corporate sanctions in almost any country in the world. We are talking about the most common state prohibitions on any product or service. The fact is that in almost all countries of the world such restrictions imply a legal backdoor for ordinary citizens, because the criminal liability applies only to service providers, but not to consumers. Let us illustrate with the example of Norway. The government has officially banned the gambling sector. Under the law, almost everything that remotely resembles gambling rates is prohibited. Nevertheless, the growing number of new online casinos suggests that the ban does not work. Why is that? Because local gaming platforms are managed anonymously, use advanced security measures and implement a cryptocurrency payment system. As a result, the authorities, purely technically unable to track the owners and close illegal sites. But most importantly, the Norwegians are calmly betting on digital money, without fear of the wrath of regulators and any legal consequences. Just because the law says that the consumer is not to blame. Is this good or badAll of the above looms in a rather controversial picture:• On the one hand, crypto enthusiasts around the world should be proud that the blockchain technology has turned out to be so powerful and effective that entire countries consider cryptocurrencies as a way to repulse sanctions. In this way, states can gain long-awaited freedom and pursue the policy that they consider necessary. • On the other hand, sanctions are imposed for a reason. For some countries, this is salvation, but for others, problems. In today’s economy and politics, sanctions play an important role. In this aspect, the States see cryptocurrencies as a threat to national security, so every year they tighten the screws on crypto projects more tightly and tighten the noose around the neck of the cryptocurrency exchange.Forbes blockchain expert Jason Brett, a former representative of the American Federal Deposit Insurance Corporation (FDIC), believes that the American authorities are confused and urgently need help from the crypto industry. Talented blockchain specialists could help develop economic sanctions that are effective in the world of cryptocurrencies. But until then, the expert believes, the policy of Americans regarding digital money will remain quite aggressive, and in their attempts to curb technology they will restrain its growth. |
https://preview.redd.it/dvi70i77p1s31.jpg?width=1068&format=pjpg&auto=webp&s=4df73eb6765d0878109a2bb84ce6a0698ebd62d6 submitted by BELDEXCOIN to Beldex [link] [comments] Islamic finance differs a whole lot from conventional finance. For its believers and followers, Islam lists a set of do’s and don’ts in the Quran, to guide them in living a life of sanctity. Cryptocurrency in Islam is a domain that is less understood and scarcely explored. But that will be a thing of the past soon as Beldex becomes the first Shariah-compliant crypto exchange. Islam has a number of attributes that a currency must possess in order to be classified as an acceptable mode of payment. Beldex understands that there is still a lot of work to be done in this space. However, events like Islamic scholars of Masjid Ramadan in the UK allowing Muslims to pay Zakat in Bitcoin and Ethereum spills a ray of hope. It is important to us that the usage of our services does not create a conflict of interest or hamper the moral, religious and legal principles of all individuals, since Beldex caters, equally and without bias, to a global audience. Precisely, for this reason, Beldex is looking to get its hybrid cryptocurrency exchange compliant with the Shariah law. Moreover, in countries such as Indonesia, India, and Bangladesh that have huge Muslim populations, it becomes increasingly difficult to operate an exchange that the community considers “haraam”. Beldex seeks to become an Islamic crypto exchange that abides by Islamic laws, conforming to the community’s beliefs and providing them with religious credibility in using the exchange. Beldex offers a ‘Halal Cryptocurrency Exchange’ that traders and investors of the Islamic community can benefit from. Islamic Finance and BankingWhat are the essential characteristics of an Islamic cryptocurrency exchange?
Is Beldex Halal?Beldex prohibits ‘Riba’. Beldex is in the process of consulting with learned scholars of Islamic law and has put plans in motion to find ways to implement the Shariah law to make crypto halal. Beldex aims to be an International exchange servicing a worldwide populace and an Islamic crypto exchange that adheres to the Shariah law. If implemented, Beldex will also be the first Islamic crypto exchange that is functional.Beldex has a policy of strictly advocating and implementing Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) schemes into its exchange. |
I'm tired of saying, "Be careful, it's speculative." Then, "Be careful, it's gambling." Then, "Be careful, it's a bubble." Okay, I'll say it: Bitcoin is a scam.
Extreme price volatility also makes bitcoin undesirable as a store of value.
Tax law requires that every sale of cryptocurrency be recorded as a capital gain or loss and, of course, most bitcoin sellers fail to do so.
A prominent Silicon Valley promoter of bitcoin proclaims that "Bitcoin is going to transform society ... Bitcoin's been very resilient. It stayed alive during a very difficult time when there was the Silk Road mess, when Mt. Gox stole all that Bitcoin ..." He argues the criminal activity shows that bitcoin is strong.
In what rational universe could someone simply issue electronic scrip - or just announce that they intend to - and create, out of the blue, billions of dollars of value? Bitcoin transactions are sometimes promoted as instant and nearly free, but they're often relatively slow and expensive.
It takes about an hour for a bitcoin transaction to be confirmed, and the bitcoin system is limited to five transactions per second.
According to recent scholarly interpretations, most general uses for Bitcoin are considered to be permitted in Islam. However, gambling, lending, and some kinds of trading with cryptocurrency are almost certainly forbidden. Whether or not Bitcoin is halal has been a point of contention for many Muslims, as well as several Islamic banks and ... Inbuilt Accountability of bitcoin allows the bitcoin commodity to be traceable and thus cant be duplicated on demand. Far from haram I would say that bitcoin is the currency best suited according to the laws of Islam which required the currency to have intrinsic value not just a signed piece of paper whose value can be lost due to various circumstances. Is Bitcoin Gambling Islam if you're a regular at online casinos then you are bound to have had your fair share of experiences at MGA licensed sites. Over the years, Malta has become somewhat of a hub within the gaming industry. The Directorate of Religious Affairs (Diyanet) has today been quoted as saying that Bitcoin is incompatible with Islam. The top religious body in Turkey is reported to have said “Buying and ... According to Islam, such a form of trading is prohibited as it has every characteristic of gambling activity. If the price favors you and you make a profit, you have made easy money because you did nothing but “watch” and “hope.” However, not all bitcoin trades are based on speculations. You can trade bitcoin without a decision based on probability. That is if you do your homework before investing and not just throw in money blindly. Originally Answered: Is Bitcoin permissible in Islam? Yes, It’s not really bad, it’s really just like earning money, but digitally. As long as you use it in correctly, and in good ways, then it is permissible, and okay to use. It is purchased for Gambling or Speculations, and used in illegal or unlawful transactions”. Mufti Taqi Usmani! Concepts of Cryptocurrency and Money in Islam. Bitcoin and comparative digital forms of money satisfy the monetary jobs of cash – going about as medium of trade, unit of record, and store of significant worth ... Isn't Bitcoin essentially gambling? Question & Advice. Close. Vote. Posted by just now. Isn't Bitcoin essentially gambling? Question & Advice. Everyone buying is hoping it goes so they can sell. ... r/islam is the place to discuss any topics related to Islam & Muslims. 137k. Members. 638. Online. Created Mar 5, 2008. Therefore from the perspective of money in Islam, bitcoin probably misses the mark. However from the payment network method, bitcoin can be deemed as halal (permissible) as its practices tend to go beyond what conventional banking can offer. Unlike modern money, bitcoin is not based on debt but instead it is based on proof of payment. Likening Bitcoin trading to gambling, Egypt's Grand Mufti Shawki Allam said the cryptocurrency is forbidden under Islam. The imam said he issued the fatwa after consulting several economic experts.
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