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Jakarta Post

Prospects of cryptocurrencies in Islamic finance

  • Emir Hrnjic and Nikodem Tomczak

Singapore   /   Mon, February 24 2020   /  01:42 am

In 2019, a mosque in London announced it would begin to accept donations in cryptocurrency form, claiming to be a world first. Although many were skeptical, the mosque received four times more donations in cryptocurrency during the month of Ramadan than in traditional cash.Even before the mosque’s experiment, debate has been raging about the permissibility of cryptocurrencies under Islamic law as religious scholars deliberate the issue of sharia compliance.Some religious scholars in Egypt, Turkey and India for example have directly opposed the use of cryptocurrencies citing various issues such as their use in illegal activities, widespread speculation and price volatility. Others, however, have declared bitcoin sharia compliant, paving the way for Islamic institutions to start accepting cryptocurrencies.Considering that the worldwide Islamic finance market recently surpassed US$2 trill...