Home News Bitcoin This Ramzan, UK Mosque Plans To Accept Bitcoin And Ethereum For Alms...

This Ramzan, UK Mosque Plans To Accept Bitcoin And Ethereum For Alms and Zakat

May 22, 2018 13:15
|
Share with your friends

Although cryptocurrencies and digital currencies are conventionally frowned upon, this Ramzan, a mosque in the United Kingdom is all set to push the envelope.

The Turkish-owned mosque announced that this coming Ramzan, they would be accepting bitcoin and ether in the form of alms and zakat.

Advertisement

Mosque chairman, Erkin Guney said, “The zakat will be used to feed the poor in our local community and help others in need. We will also put a portion aside to help with the urgent renovations needed at the mosque. Inshallah (by God’s grace) 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.”

Interestingly, there has been a lot of debate about Islamic finances and cryptocurrencies. Last month Crypto-News India had reported that a working paper had been published by Mufti Muhammad Abu Bakar – Shariah compliance officer- which said that Bitcoin fully meets the definition of Islamic money under certain conditions and is generally permissible under Shariah.

On the occasion, Bakar had said, “Some scholars are of the view that bitcoin is permissible in principal. This view can be analysed in light of our previous discussion with regard to both the criteria and definition of property (mal) and money.”

Crypto-News India also spoke to Dr. Tausif Malik, founder of Mahabfic and creator of the Bitcoin Mining Training Program in India who said, “Zakat translates into giving away 2.5% of one’s income to the poor and needy people. Given that bitcoin and ether are not backed by banks, and as a result there is no interest levied on them, they are the best way Muslims can pay their zakat during this Ramzan and is more halal.”

He opined that, it will be sometime before this practice gains prominence in India as the country is too large and there is a lot of black money that is being poured into religious institutions.

Liked what you read? Join us on Telegram

LEAVE A REPLY

Please enter your comment!
Please enter your name here