What is the permissibility of using cryptocurrency, bitcoin or other for transaction purposes, especially in areas where cash is hard to come by ( front line aid workers in Syria), and if so is the permissibility limited to transaction only or is investment in cryptocurrency allowed in Islam. Jzk Khair.
Contemporary scholars have differing opinions in relation to trading in crypto currencies. Some have argued it to be permissible whilst others have argued otherwise. We do feel that there is scope for permissibility, however, as the matter requires an in depth study we are not yet in a position to issue a ruling. We will be conducting a detailed study soon insha Allah and will be posting our findings on our Fatwa Centre website.
Ifta Research Fellow
Checked & Approved by:
Mufti Abdul Rahman Mangera
Mufti Zubair Patel