Shawki Ibrahim Abdel-Karim Allam the current grand mufti of Egypt has issued an authoritative legal opinion (fatwa) banning bitcoin which currently is valued at $15,000.
The fatwa was issued after consultations with several economic experts, according to him Egypt’s legitimate bodies do not consider trading a virtual currency like bitcoin to be acceptable, and the use of cryptocurrencies “impinges on the state’s authority in preserving currency exchange.”
The mufti compared cryptocurrency’s trade exchange to gambling, which is banned in Islam “due to its direct responsibility in financial ruin for individuals.” The cleric said that bitcoin could negatively affect the legal safety of those who trade it, and lead to an “ease in money laundering and contrabands trade.”
Egypt’s Grand Mufti is not the first Muslim cleric to criticize Bitcoin, which has skyrocketed in value lately (in comparison with its value in January of 2017). Counsellor of Egypt’s Mufti, Dr. Ashour Magdy has also said that Bitcoin is used directly to fund terrorism.
On December 17, 2017 the Head of the Egyptian Financial Supervisory Authority, Mohamed Omran, recommended that citizens there should refrain from trading digital currencies. He declared that Bitcoin trading was illegitimate in Egypt.
Less than a month ago Saudi Islamic fundamentalist Assim al-Hakeem ruled that digital currencies are banned in islamic law because they are questionable.
“….it is a cryptographic form of money that gives namelessness to crooks…. we know that bitcoin remains anonymous when you deal with it… which means that it’s an open gate for money laundering, drug money and haram (forbidden) money… Muslims should not get involved in such dubious transactions simply to make a quick buck, to make a quick profit. This is not an Islamic concept.” Assim al-Hakeem
For latest cryptocurrency news follow us on Twitter and Instagram @mntrendsblog. You can also like us on Facebook “Mntrends Blog” or better still you may subscribe to our newsletter.