British Mosque to Accept Crypto for Zakat and Sadaqah During Ramadan

There is ongoing debate amongst Islamic scholars as to whether crypto should be allowed under Islamic law. The law of Usury dictates that a speculative, fluctuating currency, or one that allows for interest, is forbidden. However, commodities such as gold are “ribawi” – sharia law compliant as long as they are transferred fully and immediately, with no fluctuation in value. Clearly though, this mosque has decided that for the purposes of zakat, allowing crypto donations will only benefit the community in the short and long term.

“From a financial perspective, the ethical aspects of an Islamic blockchain-enabled economy can help bring it into the 21st Century. The technology can enable global penetration, reaching people that currently have limited access to traditional financing, yet have a smartphone. We believe the model will appeal to non-Muslims too… Inshallah, the cryptocurrency campaign is a success and we do receive donations. If it works, I’m sure many other mosques and Islamic charities, not just in Britain but worldwide, will start doing the same.“ -MOsque Chairman Erkin Guney told CCN

https://www.google.com/amp/s/bitrazzi.com/amp/british-mosque-to-accept-crypto-for-zakat-and-sadaqah-during-ramadan