It is as good as buying an e-ticket or commodities in the market. It is a medium of exchange, and we cannot stop people to use commodities as medium of exchange. In Malaysia, the SC Shariah Advisory Council has declared that it is permissible for Muslims to invest in and trade cryptocurrencies, including bitcoin, on government-registered crypto exchanges.īakar explained that cryptocurrency is not regarded as legal tender, but it is a legit commodity that can be exchanged within the market, as long as it is not backed by “ribawi items,” like gold and silver, the Malaysian Reserve reported. He is also a shariah board member at a number of financial institutions, including the Accounting and Auditing Organisation for Islamic Financial Institutions, Morgan Stanley (Dubai), Bank of London and Middle East (London), Noor Islamic Bank (Dubai), Jadwa-Russell Islamic Fund (Saudi Arabia), and Salama Islamic Insurance. Mohd Daud Bakar, an expert in shariah compliance, said that investors need more time to understand cryptocurrency from the shariah perspective.īakar is currently the chairman of the Shariah Advisory Council at the central bank of Malaysia, Securities Commission of Malaysia (SC), and the Labuan Financial Services Authorities. At the SCxSC Fintech Conference 2020 last week, Datuk Dr. Cryptocurrency and Shariah ComplianceĬryptocurrency adoption and investments remain low in Muslim countries as people are still unsure of its compliance with Islamic law. A shariah compliance expert, the current chairman of the Shariah Advisory Council at Malaysia’s central bank and a shariah board member at many financial companies, says that cryptocurrency is a legit commodity that can be exchanged.
0 kommentar(er)
