I’d get religious on blockchain than any others anytime.
Is Bitcoin Halal? How Cryptocurrency Conforms with Islam and Sharia
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 and prohibits certain activities such as acceptance of specific interest which is considered usury (Riba) or investments in businesses which are contrary to Islamic acceptance for example alcohol.
Recent interest in Islamic banking has risen with even the International Monetary Fund’s executive board holding the first ever discussion on Islamic Banking.
Fintech and developments around Blockchain have been taking the world by the storm. The rise of cryptocurrencies like Bitcoin and developments in Blockchain have also touched the Islamic world.
In fact, the UAE has already got a Bitcoin exchange by the name of BitOasis and they also offer services like a Bitcoin Wallet. BitOasis also offers services in Qatar, Kuwait, Bahrain and Saudi Arabia. There are also services in the APAC region like Bitcoin Indonesia and Coinbox in Malaysiathat offer Bitcoin-related services……
Read more : Cointelegraph.com, ByShivdeep Dhaliwal, Is Bitcoin Halal? How Cryptocurrency Conforms with Islam and Sharia