Questions tagged - islamic finance

HanjiArtist Sun Dec 15 2024 | 7 answers 1319

Which stock is haram in Islam?

I am interested in understanding which stocks are considered haram, or not permissible, in the Islamic faith. I want to ensure my investments align with Islamic principles.

HanRiverWave Mon Sep 09 2024 | 7 answers 1593

Can crypto be used as money in Islamic finance?

I don't understand this question. Could you please assist me in answering it?

Margherita Thu Aug 29 2024 | 7 answers 1683

Is cryptocurrencies halal?

As a keen observer of the financial world, I often find myself pondering over the question: "Is cryptocurrencies halal?" With the meteoric rise of digital currencies like Bitcoin and Ethereum, many Muslims are wondering if investing in them aligns with their religious beliefs. After all, Islam emphasizes the importance of earning a halal, or lawful, income. But the answer to this question is not as straightforward as it may seem. On one hand, cryptocurrencies are decentralized and do not rely on government-backed financial institutions, which can be seen as a positive aspect in light of Islamic teachings that discourage usury and excessive interest. On the other hand, the speculative nature of cryptocurrency trading and the potential for fraud and manipulation in the market raise concerns about the morality of investing in them. Furthermore, the use of cryptocurrencies for illegal activities such as money laundering and terrorist financing also casts a shadow over their halal status. So, what is the answer? Is it permissible for Muslims to invest in cryptocurrencies? The answer, unfortunately, is not a simple yes or no. It depends on various factors such as the investor's intentions, the nature of the cryptocurrency, and the broader context in which it is used. Ultimately, the decision to invest in cryptocurrencies is a personal one that should be made with careful consideration and guidance from religious scholars.

Daniele Tue Aug 06 2024 | 5 answers 1458

Is cryptocurrency a 'prohibition of interest' in Islamic finance?

Could you please clarify if cryptocurrency is considered a "prohibition of interest" in the context of Islamic finance? Islamic principles often forbid the charging or paying of interest, known as riba, and I'm curious if the decentralized, digital nature of cryptocurrency aligns with these teachings. Are there any specific Islamic scholars or institutions that have offered guidance on this matter? And if so, what are their arguments and rationales?