Ethereum is halal according to an international Islamic advisory body
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Answer Ethereum is halal according to an international Islamic advisory body
There is a great debate in Islamic circles about encrypted digital currencies, bitcoin, ethereum and other crypto projects.
Recently, Amani Consulting, which works in the field of providing Islamic consultancy specialized in providing Islamic financing solutions, issued a fatwa on Ethereum and that it is compatible with Islamic Sharia.
Where the authority issued new paper At the beginning of this month, some clarity was provided about the Ethereum network from an Islamic point of view.
The paper stated that the Ethereum network is compatible with Islamic law, and the fatwa here concerns the network only, not the currency.
Where they see the Ethereum network and some of its uses are compatible with Islamic law.
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While in the case of using specific symbols to take profits from the interest, this is not compatible with Islamic law.
The authority did not reveal its explicit opinion about the Ethereum currency.
However, the mining process, whether proof of work or proof of ownership, is compatible with Islamic Sharia, according to the same authority.
Amanie Advisors is one of the leading Islamic Shariah bodies providing Islamic finance solutions that cover a wide range of services including Sharia advisory, advisory, training, research and development for institutional and corporate clients with a focus on Islamic financial services.
Atef Yaqoub, one of the contributors to communicating the technical aspects of Ethereum to the Authority, stated the following:
“More conservative schools of thought may not accept Amani’s verdict”.
As for the consideration of Ethereum by the authority, it was supervised by Mr. Muhammad Ali Al-Jari, Chairman of the Board of Directors of Amani Advisors, a professor of Islamic economics and the former director of the Islamic Economics Research Center at King Abdulaziz University in Saudi Arabia.
The crypto market is still tainted by great ambiguity regarding the Islamic legal aspect in many of its issues.
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