World’s Largest Islamic Country, Indonesia Forbids Crypto Trading
It doesn’t come as a surprise to many as Islamic societies are known to label cryptocurrency trading as a form of “Haram”. Many Islamic organisations in the past have condemned the trading of digital assets such as cryptocurrency and even non-fungible tokens. Recently, the Tarjih and Tardid Council of Muhammadiyah also issued a similar memorandum stating that “Tarjih’s fatwa stipulates that cryptocurrencies are illegal both as an investment tool and as a medium of exchange,”. A fatwa implies that the currency is tagged as unlawful for the community. The....
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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....
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 […]
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....
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....
Islam is the fastest growing religion in the world, according to Pew Research Center, there are about 1.6 bln Muslims in the world and they make up roughly 23 percent of the world’s population. The majority of the world’s Muslims live in Asia Pacific in countries like Indonesia and India even though traditionally areas of the Middle East and Northern Africa are traditionally associated with Islam. Fintech according to Sharia. There are unique needs of Muslims when it comes to banking and finance. The Islamic Canonical Law, popularly known as Sharia is based on the teachings of the Quran....