Wednesday, December 8, 2021

The National Ulema Council of Indonesia Prohibited Muslims from “Haram” Cryptocurrencies

The National Ulema Council of Indonesia has purportedly deemed cryptocurrencies haram (illegal) and forbidden Muslims from trading, due to features of uncertainty, betting, and harm.

Asrorun Ni’am Sholeh, the Secretary Fatwa Commission of the Indonesian Ulema Council, told reporters that digital assets and cryptocurrencies in general had “elements of uncertainty, wagering, and harm,” and hence were prohibited for Muslims.

Shariah-compliant finance contains tight restrictions regarding payment methods. The Islamic way of life focuses on avoiding riba (interest) and gharar (wages) (deception).

Interest rates, for example, are tightly controlled, and lending institutions must be willing to bear the borrowers’ losses if their firm fails. Certain types of insurance, as well as derivatives, are also prohibited.

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