Egypt’s Grand Mufti Declares Bitcoin Haram

Bitcoin is dominating the news these days, and for good reason. Last year, its value was a little below $1000 in January and it somehow managed to cross $20,000 by December. During the last two weeks or so we saw that its value decreased again to around $13,000-$15,000.

This gamble-like shift in its value makes Bitcoin doubtful for Muslim users. It is the same reason Sheikh Allam, a noted Egyptian Imam, declared it Haram, saying that it risks becoming an instrument for financial ruin.

He used the words “fraudulence, lack of knowledge, cheating” to describe Bitcoin. He also added that Bitcoin’s high-profit potential undermines Egypt’s ability to maintain and stabilize its own currency.

Sources also reported that the Sheikh’s adviser, Magdy Ashour, understood that Bitcoin was “used directly to fund terrorists”. Just recently, a New Yorker was charged with laundering cryptocurrencies to help ISIS.

But the general use of Bitcoin is as an investment. Where you could buy it when its cheap and sell it when its valued higher to make profit.

Egypt and its Stance on Cryptocurrency

Egyptian financial institutions are largely displeased with cryptocurrency. Although it is legal in the country, the Financial Regulatory Authority said that persuading people to use it is “deception that falls under legal liability”. One Egyptian banker said that virtual currencies are avoided to maintain stability.

Not all Arabs believe cyber currencies are wrong — a software company in Dubai even introduced its own competitor to the Bitcoin: the DubaiCoin DBIX.

Muslim clerics, on the other hand, are against it; Assim Al-Hakeem from Saudi Arabia called it “an open gate for money laundering, drug money, and haram money.”

Turkey’s Directorate of Religious Affairs believes no different.

It said:

Buying and selling virtual currencies is not compatible with religion at this time because of the fact that their valuation is open to speculation, they can be easily used in illegal activities like money laundering and they are not under the state’s audit and surveillance.


Also Read

Bitcoin Will Consume More Power Than the Whole World by 2020


Interestingly, the Grand Mufti also holds the view that the U.S. Dollar and Euro are just like Bitcoin. He declared they have no physical value.

As it stands, the general consensus of opinion about Bitcoin by Muslim scholars is more or less the same.

Via RT


      • Their own egyptian currency plummeted 3x in the last year.
        By the same logic, their paper currency too is haraam.

        Looks like a purely state-sponsored fatwa and full of nifaaq.

  • Seriously ??? Read this and hit your head on the wall. This is the reason muslims are less fortunate in this world. Bitcoin will be $60,000 by the end of 2018.

    I trade bitcoin and I have earned spectacular return on return on investment. I am getting 365% return on my investment bit coin, this mufti has no idea what he is talking about.

    DO NOT LISTEN to him if you need for info email me on cabpos at g mail dot com

  • jub bhee koi money making scheme aati hay yeh mufti aisay hee roray atkatay hain. yeh chatay he nahi kay musalman rich ho jain, kyun kay agar musalman rich ho gay tu in ke fuzool batain kon sunay gaa.

    • The Sultan of bernui is coming the worlds wealthiest person in the comming years by his halal buisness how can you say muslims are not rich. a Halal 1 Rs. has a barakah of 1000 Rs.

      • aap ki baat ka jawab hay yeh neechay say copy paste

        آج تک تمام علماء بنکاری کے نظام میں سود کا متبادل پیش نہیں کر سکے …

        کسی دور میں نوٹ بھی حرام تھے

        تصویر بنوانا بھی حرام تھا

        وڈیو بنوانا بھی حرام تھا

        سپیکر اور مائیک بھی حرام تھا
        سٹاک ایکسچنج فارکس کاروبار بھی حرام

        ہم لوگ کب تک چیزوں کو صرف حلال حرام کی عینک سے چیک کرتے رہیں گے

        بچوں نے دودھ میں زہر ملانے پر کبھی کوئی فتویٰ نہیں آیا

        جعلی مضر صحت تیل بنانے والوں کے خلاف کبھی کوئی فتویٰ نہیں آیا

        روز مرہ چیزوں میں مضر صحت ملاوٹ پر کبھی کوئی فتویٰ نہیں آیا

        مردار بیچنے پر کبھی کوئی فتویٰ نہیں آیا

        گوشت میں پانی بھرنے پر کبھی کوئی فتویٰ نہیں آیا

  • آج تک تمام علماء بنکاری کے نظام میں سود کا متبادل پیش نہیں کر سکے …

    کسی دور میں نوٹ بھی حرام تھے

    تصویر بنوانا بھی حرام تھا

    وڈیو بنوانا بھی حرام تھا

    سپیکر اور مائیک بھی حرام تھا
    سٹاک ایکسچنج فارکس کاروبار بھی حرام

    ہم لوگ کب تک چیزوں کو صرف حلال حرام کی عینک سے چیک کرتے رہیں گے

    بچوں نے دودھ میں زہر ملانے پر کبھی کوئی فتویٰ نہیں آیا

    جعلی مضر صحت تیل بنانے والوں کے خلاف کبھی کوئی فتویٰ نہیں آیا

    روز مرہ چیزوں میں مضر صحت ملاوٹ پر کبھی کوئی فتویٰ نہیں آیا

    مردار بیچنے پر کبھی کوئی فتویٰ نہیں آیا

    گوشت میں پانی بھرنے پر کبھی کوئی فتویٰ نہیں آیا

    • what you have contributed to society as Muslim as citizen as individual ? it is easy to criticize , specially molvis …. how many educated people love to become aalim ? how many of us give time to hadith, quran , research on issues ?

      • Mate you are wrong here, there many educated people are ulama

        beside aap phelay apnay grainban main jhankay baad main kisi aur ko fatwa dain pls.
        Religion is a like a D I C K , you have it? good for you , now keep it in your pants cos I dont want to see what you have. Khamkha main apnay khayalat sari dunya pay musalat na karain

  • Regular currency of a country is backed by some form of denomination (mostly gold), and the holder has the right attached to the piece of paper that it can be traded in your regular economy.

    What is backing these crypto currencies ? It’s nothing but speculation.

    These days people are so blind that they don’t even try to think or questions their source of income. They just want to sit and let the money flow in without actually doing anything. Remember, money earned this way ALWAYS goes the same way.

    • Bhai tu rehnay hee day, ghareebo walai batain na kar. Jis kay paas paisa nahi hota tu tere jaisay batain karta hay, aur jis kay paas hota hay wo tere jaisay banday khareed kay un say apnay marzi batain karwa laita hay.

      Ju bit crypto currency trade karahay hain wo serious paisa bana rahay hain. main banata hoon rozana. parson mainay aik trade main 180 dollars lagai thay aaj aubha wo 395 dollars thay, karlo maths. pora record hay us ka, Australian govt is ko track karsakti hay.

      khamkha main logo ko na roko paisa bananay say, tumhara kiya jata hay ?

  • Kashif I m also interested in bitcoin kindly send me the information about how we start earning with bitcoin with minimum investment.
    rehanjami94 @hotmail.com

  • Buying and selling virtual currencies is not compatible with religion at
    this time because of the fact that their valuation is open to
    speculation, they can be easily used in illegal activities like money
    laundering and they are not under the state’s audit and surveillance.


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