A.   Background (BG)

This refers to the related Important QCs in trail, blue, italic and double line (a) COQC 620 of 27.11.23 about Surrogate ads of Cryptocurrency & Betting and Shariah (b) BFIC 98 of 30.6.21 about Crypto Currency Islamic Shariah & Legal Aspects

B.   General

Further to matter in BG KQU 3290 dated 17.3.25, being an important matter, we would inform you about Video What are Bitcoin & Cryptocurrency and are these as per Shariah? Mufti Tariq Masood changed his Fatwa after Discussion with Top Level World accepted Expert (Attachment 308.1).

(a) Bitcoin is the name of the most recognized cryptocurrency

(b) A digital payment platform that eliminates the need to carry physical money

(c) Bitcoin is a form of digital currency that aims to eliminate the need for central authorities such as banks or governments.

(d) Instead, Bitcoin uses blockchain technology to support peer-to-peer transactions between users on a decentralized network.

(e) Cryptocurrency is a significant issue globally, with millions earning and investing in it.

(g) Understanding blockchain technology is crucial for safe data management and transactions in the digital world.

(h) Cryptocurrency investments are gaining popularity globally, impacting traditional financial systems.

(i) Bitcoin was created in 2009 by an individual under the pseudonym Satoshi Nakamoto, leading to the birth of cryptocurrency, revolutionizing the financial landscape.

(j) Governments are cautious about official involvement due to potential risks and lack of control over digital currencies.

(k) Bitcoin and other cryptocurrencies are a relatively new phenomenon, and their use in an Islamic context is a subject of ongoing debate among Islamic scholars. 

(l) Most consider them impermissible (haram) due to their speculative nature and lack of intrinsic value. Please watch the video in this BFIC and 2 QCs in BG for more details.

(m) Conclusion as per the Top level expert & Mufti Tariq Masood is that it is not as per Shariah

C.   Multiplication

Although all the Commentaries are to the extent of the Subscribed IDs only, however, your Goodself is allowed to share this QC is for the Noble Cause to Impart Knowledge for Here & Hereafter.

D.   Further Details & Services

Should you require any clarification or explanations in respect of the above or otherwise, please feel free to email Mr Amsal at amsal@kasbati.co with CC to info.kasbati@professional-excellence.com