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As Salaamu Alaykum, I would like to find out that What does Islam Say about the Investing in Cryptocurrency? Are we allowed to do trading in Cryptocurrency and if yes what are the ruling attached to it.Jazakallah Khairan
Answer
بسم الله الرحمن الرحيم
السلام عليكم و رحمة الله و بركاته
حامدا و مصليا و مسلما
Muhtaram
We have received your query dated 27/10/21, please excuse us for the belated reply, this was due to the Darul Uloom exams, our response is as follows :
Our research is still ongoing regarding the issue of cryptocurrency. However, reputable Darul Iftas[1] have strong reservations with regards to the Shar’ie acceptability of this form of investment, hence we advise you to abstain from it.
The following are some reasons why we have reservations :
- There is a lot of uncertainty with regards to cryptocurrencies , at times the prices plummet to such an extent where a huge loss is made and at other times cryptocurrencies are attacked by cyber-attacks in which a lot of data is leaked and crypto was lost. [2]
- Although the word currency has been used in crypto, however it still is not widely regarded as a currency by almost all governments in the world , nor can it be used for day to day use for e.g. a person cannot go to a shop and purchase a loaf of bread with his share in a cryptocurrency . For a currency to be regarded as a currency it either needs to be stipulated by the government (fiat currency) or be widely used in the marketplaces . [3]
- Together with the above, the item itself needs to be exchangeable and tradeable so it must be Mutaqawwim (possess legal value) for a transaction to be legally sound . Mutaqawwim refers to an item or subject being lawful to use in Shariah. [4]
Based on the aforementioned reasons (and others as well) we would advise against dealing presently in cryptocurrency.
And Allah Ta’ala knows best
Answered by:
Abdushakoor Salim
17th Jumaad-al-Ula 1443
23rd December 2021
Checked and approved by:
(Mufti) Musayyab Sahib and (Mufti) Muhammad Irshad Motara
17th Jumaad-al-Ula 1443
23rd December 2021
[1] https://www.iftadua.co.za/bitcoin-ethereum-and-other-cryptocurrencies/7623/
[2] https://www.bbc.com/news/technology-58331959 , https://www.cnbc.com/2021/12/04/cryptocurrencies-bitcoin-and-ether-prices-drop-sharply.html, https://www.forbes.com/sites/jonathanponciano/2021/09/20/crypto-markets-suddenly-lose-250-billion-in-value-as-evergrande-turmoil-pummels-bitcoin-ethereum-and-other-major-cryptocurrencies/
قَوْلُهُ وَلِأَنَّ فِيهِ غَرَرَ انْفِسَاخِ الْعَقْدِ) اسْتِدْلَالٌ بِالْمَعْقُولِ، وَتَقْرِيرُهُ: فِي الْبَيْعِ قَبْلَ الْقَبْضِ غَرَرُ انْفِسَاخِ الْعَقْدِ الْأَوَّلِ عَلَى تَقْدِيرِ هَلَاكِ الْمَبِيعِ فِي يَدِ الْبَائِعِ، وَالْغَرَرُ غَيْرُ جَائِزٍ «لِأَنَّهُ – صَلَّى اللَّهُ عَلَيْهِ وَسَلَّمَ – نَهَى عَنْ بَيْعِ الْغَرَرِ». وَالْغَرَرُ: مَا طُوِيَ عَنْك عِلْمُهُ وَقَدْ تَقَدَّمَ
العناية، ص ٥١٢، ج ٦
[3] وَلَهُمَا أَنَّ ثَمَنِيَّتَهَا فِي حَقِّهِمَا ثَبَتَتْ بِاصْطِلَاحِهِمَا إذْ لَا وِلَايَةَ لِلْغَيْرِ عَلَيْهِمَا فَتَبْطُلُ بِاصْطِلَاحِهِمَا، وَإِذَا بَطَلَتْ الثَّمَنِيَّةُ تَعَيَّنَتْ بِالتَّعْيِينِ لِصَيْرُورَتِهَا عُرُوضًا. اعْتَرَضَ عَلَيْهِ بِأَنَّ الْفُلُوسَ إذَا كَسَدَتْ بِاصْطِلَاحِ الْكُلِّ لَا تَكُونُ ثَمَنًا بِاصْطِلَاحِ الْمُتَعَاقِدَيْنِ فَيَجِبُ أَنْ لَا تَصِيرَ عُرُوضًا بِاصْطِلَاحِ الْمُتَعَاقِدَيْنِ مَعَ اتِّفَاقِ مَنْ سِوَاهُمَا عَلَى ثَمَنِيَّتِهَا. أُجِيبُ بِأَنَّ الْفُلُوسَ فِي الْأَصْلِ عُرُوضٌ، فَاصْطِلَاحُهُمَا عَلَى الثَّمَنِيَّةِ بَعْدَ الْكَسَادِ كَانَ عَلَى خِلَافِ الْأَصْلِ فَلَا يَجُوزُ أَنْ تَصِيرَ ثَمَنًا بِاصْطِلَاحِهِمَا لِوُقُوعِ اصْطِلَاحِهِمَا عَلَى خِلَافِ الْأَصْلِ وَخِلَافِ النَّاسِ.
كتاب فتح القدير، ص ٢٢، ج ٧
كذا في العناية، ص ٢١، ج ٧
وكذا في البناية، ص ٢٨١، ج ٨ً
[4] وَيُشْتَرَطُ أَيْضًا لِعَدَمِ فَسَادِ الْبَيْعِ أَنْ يَكُونَ الثَّمَنُ مَالًا مُتَقَوِّمًا وَهَذَا الشَّرْطُ لَيْسَ مِنْ شُرُوطِ انْعِقَادِ الْبَيْعِ فَشِرَاءُ مَالٍ بِثَمَنٍ غَيْرِ مُتَقَوِّمٍ مُفْسِدٌ لِلْبَيْعِ
(رَدُّ الْمُحْتَارِ) (اُنْظُرْ الْمَادَّةَ ٢١٢)
درر الحكم، ص ١٧٧، ج ١
