Bitcoin

Answered according to Hanafi Fiqh by IslamicPortal.co.uk

What is your view and advice regarding Bitcoin?

بسم الله الرحمن الرحیم

Answer

Our advice is that people should avoid Bitcoin and similar schemes. We have carefully reviewed the Fatwas and documents that have been published thus far in support of the scheme and are not convinced of its permissibility. There are many unanswered questions regarding the founder of Bitcoin and whether it is possible for the founder(s) or the owners to pull the plug or substantially reduce the value. Questions also remain regarding the reality of mining, how its value is determined and what underpins it. There are also other concerns regarding its ambiguity, volatility, viability and sustainability which could result in significant harm for people. Currently, we do not believe from an Islamic perspective that it is a currency or indeed wealth due to the ambiguity therein. Our advice is therefore that such schemes should be avoided. I have also consulted our respected teacher Shaykh al-Islām Mufti Muḥammad Taqī ʿUthmānī (b. 1362/1943) in this regard; he is not yet convinced of its permissibility.

Allah knows best

Yusuf Shabbir

28 Rajab 1439 / 14 April 2018

Approved by: Mufti Shabbir Ahmed and Mufti Muhammad Tahir

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