Jump to content

Recommended Posts

Posted

1565694471_bitmain.jpg.e09e21c5df94a3890dbcfb73f2e39314.jpg

 

Cryptocurrency, according to the Indonesian Islamic organisation NU, is too volatile to be permissible under Islamic law.

 

The East Java branch of Nahdlatul Ulama (NU), one of Indonesia's largest Islamic groups, has issued a fatwa declaring cryptocurrency use "haram," or illegal, under Islamic law.


A fatwa is a nonbinding legal opinion on Islamic law that is reached after a bahtsul masail discussion.
The bahtsul masail was attended by representatives from the Nahdlatul Ulama Branch Management and various Islamic boarding schools from across East Java.

 

Over the last year, Indonesians have become increasingly interested in bitcoin.
According to a Coinformant analysis released earlier this month, the number of persons engaging with crypto articles in Indonesia increased by 1,772 percent in 2021.


Indonesia boasts the world's largest Muslim population and a thriving cryptocurrency business.
By May of this year, the Indonesian Trade Ministry reported that the country had recruited roughly 6.5 million crypto investors, outnumbering the 5.7 million retail investors registered with the Indonesia Stock Exchange.

 

Chairman Kiai Azizi Chasbullah, according to an announcement posted on the East Java Nahdlatul Ulama branch's website on Sunday:


"While the government recognises bitcoin as a commodity, the bahtsul masail participants believe it cannot be legalised under Islamic sharia law."

 

The group determined that bitcoin is haram because it involves too much speculation and, as a result, cannot be used as a genuine investment.


"It is regarded prohibited based on various grounds, including the prevalence of fraud," stated a spokesman from the Lirboyo Islamic Boarding School Kediri.


Cryptocurrency, according to some Muslim academics, is equivalent to gambling, which is forbidden under Islamic religious law.
Other Islamic organisations around the world, on the other hand, argue that Bitcoin is legal under Islamic law.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.


  • Topics

  • Latest posts...

    1. 2,262

      What Movies or TV shows are you watching (2024)

    2. 86

      COVID Vaccines Could INTEGRATE with Human DNA: Yale Research

    3. 14

      Thailand Live Monday 23 December 2024

    4. 0

      Driver Escapes After Car Crashes into Canal in Bang Kuntian

    5. 21

      Less-Refined Farang: Are Farang in Asia now less refined than before?

    6. 20

      Drunken Foreigner Causes Panic in Pattaya, Wandering Half Naked & Armed with a Knife

    7. 14

      Thailand Live Monday 23 December 2024

    8. 0

      21-Year-Old Sets Fire to Rental Units in Buriram After Consuming Drugs, Destroying 6 Units

  • Popular in The Pub


×
×
  • Create New...