A mosque in East London in the UK, for the first time, declare cryptocurrencies as halal and said it would accept donations in such a form, according to a media report released on Wednesday.
The Cryptocurrency is a form of digital money that is developed to be secure and, in many cases, anonymous. It is a currency associated with the internet that uses cryptography, the process of converting legible information into an almost uncrackable code, to track purchases and transfers.
Religious advisers at the Masjid Ramadan in Dalston, east London, said the currency is halal, or acceptable in the eyes of Allah if it is “transacted in a lawful manner”.
Due to its unknown nature, Bitcoin has become associated with buying unlawful items online. This has led to the debate in the Muslim world over cryptocurrencies, with figures including the Mufti of Egypt suggesting it is haram or forbidden because it is used against law.
Muslims are meant to give away 2.5 percent of their wealth to charity during Ramadan, an annual donation which is compulsory for all but the poorest Muslims.
Read More: A Japanese climber dies during an attempt to climb Mount Everest
The mosque, also known as Shacklewell Lane Mosque, will accept donations in two different cryptocurrencies, Bitcoin and Ethereum, after advice from a London-based start-up Combo Innovation, a blockchain company which focuses on Islamic finance.
The money would be used to carry out repairs at the mosque, offer help to families who are struggling to pay funeral costs and shelter and feed the poor.
Post Your Comments