How Bitcoin Can Help Muslims Follow The Teachings Of The Quran
The fiat system is based on debt and usury, which is antithetical to Islamic law. Bitcoin allows for a monetary system that follows the teachings of the Quran.This is an opinion editorial by Muslim Bitcoiner, the host of the “Muslim Bitcoiner Podcast” and a contributor for Bitcoin Magazine.Before diving into the topic of Bitcoin, it’s important to explore what the sin of “riba” actually is, and how it’s entrenched in the current global monetary system. Riba is an Arabic word which most commonly refers to “usury, or charging an amount of interest on a loan.” However, riba encapsulates more....
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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....
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.....
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,....
As Lao Tzu outlines in the “Tao Te Ching,” Bitcoin can free us from action and purpose and help us understand the Tao, or “way.”
In an interview with Cointelegraph, the hereditary prince nuanced his views on Bitcoin adoption in the middle east and shed light on Bitcoin in Serbia. Prince Filip Karađorđević, known as Philip Karageorgevitch in English, placated rumors that an Arab country would “soon” adopt Bitcoin (BTC) as legal tender. In an interview Philip delivered from Serbia, the prince explained that Bitcoin adoption is an inevitability for all countries.As a result of the thesis he first shared on a Bitcoin Reserves podcast, some news outlets jumped at the comments. Headlines that an Arab country would soon....