Bitcoin Startup Company Helps Muslims Get Loans
Islamic law prohibits Muslims from trading through interest-based markets or companies. However, there is still a need for some to secure additional financing or borrow funds to support their personal or business needs. A bitcoin startup based in the US is now helping Muslims get loans without breaking Islamic law. Matthew J. Martin, who converted to Islam five years ago while he was working fintech world, set up Blossom Finance which partners with microfinance institutions to make "investments" in small businesses then takes a 20 percent cut of the profits in order to still make money.....
Related News
Islam law prohibits Muslims from taking interest-bearing loans, which gives them limited options for moving funds. However, bitcoin could be a form of micro-financing that is approved or "halal" in Islam since the cryptocurrency doesn't incur interest. Matthew Joseph Martin, a 30-year-old developer who has previously worked with finance technology start-ups Boku and Xoom, came up with a bitcoin-based service for the Muslim market by providing micro-financing in Indonesia. Loans Based on Bitcoin. "I was running a small business on the side and I had a cash flow issue. Some of my non-Muslim....
CoinTelegraph spoke with Matthew J. Martin on why Bitcoin is better for financial services companies that want to attract Muslim clients and offer “sharia-based” financial products. Matthew J. Martin is the founder of the startup Blossom Finance that uses Bitcoin to help Muslims with Islamic financial law. Blossom Finance, is a microfinance firm based in Indonesia. The company collects capital from investors all around the world and forwards the funds to microfinance institutions for investments. After an annual cycle the company distributes profits back to investors. With Bitcoin, Martin....
More and more companies are tapping into the Asian market when it comes to financial technology investment, as the region has seen growth in remittances while some countries have weak banking sectors. This opens up a market gap that could make room for bitcoin opportunities later on. Just recently, startup Apis was able to raise $150 million in funding for its private equity house focused on investing in financial services across Africa and South Asia. Apis Partners was founded a year ago and has started deploying capital while seeking more investors. Bitcoin Opportunities in Asia. With....
Indonesia’s Tarjih Council and the Central Executive Tajdid of Muhammadiyah have issued a fatwa (decree) stipulating the illegality of cryptocurrency use or investment by the country’s Muslims. The fatwa points to the volatility as well as the lack of state backing as reasons why Muslims must avoid investing or using cryptocurrencies.
Cryptocurrencies Thought to Be Too Volatile
The Indonesian Islamic organization Tarjih Council and the Central Executive Tajdid of Muhammadiyah has issued a fatwa against the use of cryptocurrency in the Asian country. The fatwa,....
Software firm MicroStrategy has cemented its position as a major Bitcoin player with its numerous large purchases. The company which is valued at $1 billion had put a significant portion of its own funds into buying BTC but the majority of the money used to purchase all of the bitcoin had been from loans. These loans which include convertible notes, senior secured loans, and bitcoin-backed loans account for $2.4 billion of its $3.97 billion BTC purchases. How The Loans Look MicroStrategy had used convertible notes to fund a good portion of its bitcoin holdings. These notes are converted....