Fatwa

Dealing in cryptocurrency

Question

Is dealing in cryptocurrency allowed ?

Answer

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

There are differences of opinions amongst contemporary Muftis with regards to cryptocurrencies. Some consider it to be Maal (wealth) but not a currency, whereas others have considered it to be a valid currency, equating it to other fiat currencies. There are others also who have rejected the entire concept of cryptocurrencies. Their rulings may also differ from currency to currency.

Due to the differences above, our advice is to refrain from investing in cryptocurrency.

If one chooses to invest, then it should be known that not all crypto investments are Shari’ah complaint. Each type/method needs to be analysed before a ruling is issued.

And Allah Ta’āla Knows Best

Checked and Approved by
Mufti Nabeel Valli

Darul Iftaa Mahmudiyyah

Lusaka, Zambia

daruliftaazambia.com