Is Bitcoin Halal? An Explanation by Sh. Dr Sajid Umar
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- Опубліковано 12 вер 2024
- Is Bitcoin Halal? An Explanation by Sh. Dr. Sajid Umar
The February 2018 guidance mentioned in the video can be found here:
www.sajidumar....
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Sheikh Dr. Sajid Umar is a graduate in Ma'had alAali lilQadha (Higher Institute; Judiciary), from AlImam Muhammed bin Saud Islamic University, Riyadh- K.S.A.
Facebook page:
SajidAhmedUmar
Twitter: SajidUmar
#Islam #Finance #Cryptocurrency #BitCoin #SajidUmar
Subhan Allah. One of the best video on the legitimacy of Blockchain based currency/coins/tokens.
Very good answer Sheik and I am following you from here on.
Jazakallah Khairan for touching upon this matter Sheikh!
baarakallahufeekum
Salam alaykum Shaykh, this was really useful. Am I right in understanding that its Ok to buy it because I think in future it will be widely used so by buying now I can benefit also in case its value increases and if it does not then no problem
وعليكم السلام ورحمة الله وبركاته.
This is a point which I think I missed out addressing in the answer. It was late. Thank you for asking about this point.
If a person has studied the value proposition of a Crypto well, and has a confident understanding of what it is by reading and understanding its white-paper or otherwise, and learning how it is purchased and sold via diligent sittings with those who do, and then through their financial acumen sincerely reach a conclusion that the crypto will be of a higher value than the current price in the future, or be the standard of choice for payments in the future, or present a value proposition which the purchaser considers important to their needs, despite possible value crashes in between, and they have excess funds over an above their financial obligations and requirements towards their Lord, themselves, their family and their community; then I don't see any Islamic Jurisprudence prohibitions in them going ahead and satisfying their purchase needs, on condition that the rules of financial transactions from an Islamic perspective are followed in their entirety.
And Allah knows best.
@@SajidUmarOfficial
Assalamu alaykum wa rahmatullahi wa barakaatuhu.
Please I am unable to expand this answer. Could you kindly repost?
@@klogsup204 try using a computer. Allah bless you.
Bitcoin is the future, Investing in it now will be the wisest thing to do especially with the current rise
For real it's very profitable
With laser eyes you mean the Safemoon Army. Sheik I feel you had some or still have some. May Allah bless you for the awesome content.
Assalamuaikum Super Man :) - I had no idea about the 'Safemoon Army'! Thank you for the benenfit.
Assalaam alaykum sheikh,
Jazak’Allah khair for the insightful video.
Could you elaborate slightly more on what you mean by ‘speculative day trading’? For example would it be okay to buy Bitcoin and then sell it after one year as a posed to ‘day trading’? (It may be that the definition for day trading is loose here) Or does this still fall within the speculation aspect?
Currently I don’t see the need to hold this asset, so my presupposition is that if I was to buy Bitcoin then it would be with the intention of making money from it - from my understanding this would be impermissible due to the speculative aspect?
In short I understood that buying it with the goal of holding it long term is permissible, EVEN if you have the intention to make money from it, but to make a quick buck based on speculation/rumours is impermissible?
Jazak’Allah khair
Salama alaykum sheikh I am cryptocurrency trader, I trade using technical trading ,I buy the coin when it reaches in certain price and I sell it when the coin price reach specific price using technical analysis, so is it haram or halal?
assalamu alaykum wa rahmatullah
I have a question.
how Is it halal or haram to work with ai marketing company?
Please Answer my question
Crypto is a form of currency , just like paper currency .
So , same like any currency , crypto currency can be used by people for doing good and bad.
If , u buy a piece of land , overtime it's value may increase/decrease.
Same with crypto currency it's value may increase/decrease .
Please sell how come crypto currency is haram ?
Please watch the video. Dr. Sajid Umar has answered the answers you seek in it. (Page Admin)
@@SajidUmarOfficial no i watch full video no answer
Is it Halal or Haram?
Please watch the video, as the answer you seek is touched upon. (Page Admin)
So is it halal or haram for a Muslim to invest in cryptocurrency?
Please watch the video, as the answer you seek is touched upon. (Team Admin)
What is your run on this “Speculation means buying something cheap in bulk at a time and selling it dear at another and, thus, controlling the whole market to achieve personal gains. A close observation will reveal that speculators are primarily interested in private gains regardless of the larger interest of the society. These speculators try to create artificial scarcity of goods and commodities and thereby create an inflationary pressure on the economy. As the poor masses have to pay for this. Islam has condemned such speculative business.”
some people say its haram because the trade is not hand to hand. But how come buying stock through broker apps is deemed halal. Or people if they follow the shariah and dont do haram things with it why is it haram. Furthermore treating it like an asset for long term investment and not day trading it (which is gambling/speculation) you will never lose your money.
Based on the view I've offered in the video regarding it, what you have heard would only apply if it was considered to be a full currency.
@@SajidUmarOfficial is long term investment same as buying it and selling when you dont need it. I kinda dont understand that statement. Can you please clarify it.?
@@SuperZeromag yes that would apply but with rules. Please see my reply to Sameer Khan here on the comments section. I detail the rules.