Is Cryptocurrency Halal Zakir Naik And Other Scholars?
Are you looking for Dr. Zakir Naik opinion on whether cryptocurrency is halal or haram? Then you’re in the right place.
In this blog post, we’ll answer is cryptocurrency halal according to Dr. Zakir Naik and other Islamic scholars.
We’ll also discuss the possible implications of cryptocurrency being halal and haram based on Dr. Naik’s opinions and Islamic principles.
So, let’s clear the doubt about cryptocurrency halal or haram, according to Zakir Naik and others.
Is Cryptocurrency Halal Zakir Naik?
Until now, Dr. Zakir Naik has not given a clear opinion on whether cryptocurrency is halal or haram. However, considering other popular Islamic scholars, including Mufti Menk and Mufti Tariq Masood, it is halal under certain conditions.
Mufti Menk is one the most famous Islamic scholars and has given his opinion on cryptocurrency by saying that even “I was bitten two times by the cryptocurrency, and that doesn’t make it haram”. (We’ll share a video below as proof)
This means he invested in cryptocurrency and got a loss and says it is halal.
So when Mufti Menk says that investing in cryptocurrency is halal and he also tried investing in it, then obviously Dr Zakir Naik opinion on cryptocurrency being halal or haram cannot be different. This is because the Islamic teachings are the same for everyone.
Also, the Mufti Tariq Masood says that according to the Sharia, investing in cryptocurrency is halal under certain conditions.
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What Are the Conditions For Cryptocurrency Being Halal?
The condition given by these Islamic scholars for cryptocurrency being halal is that it should meet all the criteria of normal currency and money, which include:
- It should have value when exchanged for goods and services.
- It should be transferable from one person to another.
- Any interest rate or debt should not back it.
- It should not be used for gambling, hoarding, and illegal activities such as money laundering.
- You must invest in halal cryptocurrency like Bitcoin. Some cryptocurrency coins are not considered halal by Islamic Scholars as they deal with gambling activities and other non-Sharia compliant activities.
If you’re into compound interest business, you must learn is compound interest haram.
Why Is Cryptocurrency Halal?
Cryptocurrency is considered halal because it meets the criteria of money and currency set by Islamic teachings.
Cryptocurrency is a decentralized digital currency and not backed by any government or central bank. It has value when exchanged for goods and services, and it can be transferred from one person to another without the need for a third-party intermediary like banks.
There are different types of cryptocurrency, such as Bitcoin, Ethereum, Litecoin, etc. All these coins have value and can be used to purchase goods and services in the market.
However, nowadays, people also use this digital currency as an investment. They buy cryptocurrency coins and hold them in their wallet for a longer period of time to gain profit when the value increases.
As you can see, there is nothing wrong with this activity if we only follow Islamic teachings and invest in halal coins.
It is just like any other investment, such as stocks and gold.
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FAQs
Q. Is cryptocurrency halal?
A. According to popular Islamic scholars, cryptocurrency is halal under certain conditions, such as it should have value when exchanged for goods and services, it should not be used for gambling or illegal activities like money laundering, etc. Invest only in halal coins and follow Islamic teachings while investing in cryptocurrency.
Q. Is bitcoin halal?
A. Yes, Bitcoin is considered halal by most Islamic scholars as it meets all the criteria of money and currency set by Islam.
Q. Is bitcoin halal Mufti Menk?
A. Yes, Mufti Menk stated Bitcoin is halal during one of his lectures. He also shared his own experience of investing in cryptocurrency and losing money two times.
Conclusion
In conclusion, we can say that cryptocurrency is not haram as long as you follow the Islamic teachings while investing in it.
Cryptocurrency can be a good investment for a Muslim, as long as they invest in halal coins and follow Islamic principles while investing.
So now you know that the opinion of Dr. Zakir Naik on cryptocurrency being halal or haram is the same as that of other Islamic scholars.
We hope this blog post has answered is cryptocurrency halal according to Zakir Naik.
Do you still have any other doubts about cryptocurrency being Halal or Haram? Let us know in the comments section below, and we’ll try our best to answer your questions.
