THELOGICALINDIAN - A shariah acquiescence able the accepted administrator of the Shariah Advisory Council at Malaysias axial coffer and a shariah lath affiliate at abounding banking companies says that cryptocurrency is a accepted article that can be exchanged
Cryptocurrency and Shariah Compliance
Cryptocurrency acceptance and investments abide low in Muslim countries as bodies are still borderline of its acquiescence with Islamic law. At the SCxSC Fintech Conference 2024 aftermost week, Datuk Dr. Mohd Daud Bakar, an able in shariah compliance, said that investors charge added time to accept cryptocurrency from the shariah perspective.
Bakar is currently the administrator of the Shariah Advisory Council at the axial coffer of Malaysia, Securities Commission of Malaysia (SC), and the Labuan Banking Services Authorities. He is additionally a shariah lath affiliate at a cardinal of banking institutions, including the Accounting and Auditing Organisation for Islamic Banking Institutions, Morgan Stanley (Dubai), Coffer of London and Middle East (London), Noor Islamic Coffer (Dubai), Jadwa-Russell Islamic Fund (Saudi Arabia), and Salama Islamic Insurance.
In Malaysia, the SC Shariah Advisory Council has declared that it is permissible for Muslims to advance in and barter cryptocurrencies, including bitcoin, on government-registered crypto exchanges.
Bakar explained that cryptocurrency is not admired as acknowledged tender, but it is a accepted article that can be exchanged aural the market, as continued as it is not backed by “ribawi items,” like gold and silver, the Malaysian Reserve reported. The advertisement quoted him as saying:
“This new development can accessible up so abounding absorbing areas in Malaysia, in which crypto can be accounted as advance assets area bodies can buy and authority for trading,” he elaborated.
Bakar added that the Securities Commission of Malaysia has additionally fabricated it accessible for companies to affair bill as a adjustment of adopting capital, accountable to assertive restrictions through its fatwa resolution.
“Moving forward, the abeyant of this bill is abundant as it comes with the growing agenda abridgement of the world,” he noted. “We can alike advance our own stablecoin absolutely calmly after any adversity by the government and corresponding administration … We can accept the bread backed by assertive commodities, ventures or projects.”
What do you anticipate about cryptocurrency from the shariah perspective? Let us apperceive in the comments area below.
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