Indonesia Against Crypto: Islamic Organization Declares “Haram”
Crypto activities were declared forbidden by the religious law of the largest Islamic organization of Indonesia, Nahdlatul Ulama. A heated debate was carried before arriving at the conclusion of declaring digital currencies as “haram”. On previous occasions, the idea of a ban was not well received by many Muslims. The discussion of whether cryptocurrencies were […]
Related News
Indonesia’s top Islamic body, the country’s authority on Shariah compliance, has reportedly declared cryptocurrency haram, forbidden for Muslims under Islamic law. The Indonesian Ulema Council explained that crypto has elements of uncertainty, wagering, and harm. Cryptocurrency Is Forbidden for Muslims Under Islamic Law in Indonesia Indonesia’s Ulema Council (Majelis Ulama Indonesia or MUI), the country’s top Islamic body that holds the authority on Shariah compliance, has reportedly declared the use of crypto as a currency haram, forbidden under Islamic law for....
The Indonesian Islamic group NU says crypto is too volatile to be legal under Islamic law. The East Java branch of one of Indonesia’s largest Islamic organisations Nahdlatul Ulama (NU) has issued a Fatwa deeming the use of cryptocurrency ‘haram’, or forbidden, under Islamic law. A Fatwa is a nonbinding legal opinion on Islamic law, which is reached through a discussion called a bahtsul masail. Representatives from the Nahdlatul Ulama (PCNU) Branch Management and several Islamic boarding schools throughout East Java attended the bahtsul masail.Interest in cryptocurrency has surged in....
A provincial branch of one the largest Islamic organizations in Indonesia has declared cryptocurrency “haram,” or forbidden under religious law. The decision came after a “heated discussion” joined by a crypto expert who was invited to explain in detail the practice of using digital coins. Cryptocurrency Deemed ‘Haram’ in Indonesia The local branch of the Indonesian religious organization Nahdlatul Ulama in East Java has recently issued a fatwa on the status of cryptocurrencies under Islamic law. According to the nonbinding opinion, digital....
While the MIU is a government-funded organization, its latest decision is not legally binding in Indonesia. The National Ulema Council (MUI), Indonesia’s top Islamic scholarly body, has reportedly found cryptocurrencies like Bitcoin (BTC) to be haram, or forbidden, by the tenets of Islam. Asrorun Niam Sholeh, chairman of MUI’s Fatwa Commission, confirmed the religious authority’s rejection of cryptocurrencies due to alleged elements of “uncertainty, wagering and harm.”In order for the MIU to endorse crypto trading, cryptocurrencies like Bitcoin need to abide by Shariah guidelines as a....
The fatwa pointed towards two critical issues with cryptocurrencies that make them illegal as an investment tool as well as a medium of exchange. The Tarjih Council and the Central Executive Tajdid of Muhammadiyah, one of the largest non-government Islamic organizations in Indonesia, issued a new fatwa against cryptocurrency use, deeming it haram, or unlawful, for Muslims.The fatwa, a ruling on the point of Islamic law, was issued on Tuesday and pointed towards two critical issues with cryptocurrencies that make them illegal as an investment tool and a medium of exchange under Islamic....