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Egypt’s Grand Mufti Bans Bitcoin: 'Cryptocurrency Is Crime Against Islam'

the official fatwa says buying bitcoin is like gambling

 on 3rd January 2018 @ 9.14pm
the fatwa was issued after egypt   s grand mufti shawki allam consulted with financial experts © press
The fatwa was issued after Egypt’s Grand Mufti Shawki Allam consulted with financial experts

The Egyptian Grand Mufti has issued an official fatwa that bans the buying and selling of Bitcoin because "it's similar to gambling" which is forbidden in in Islam, he said. 

The fatwa was issued after Egypt’s Grand Mufti Shawki Allam consulted with financial experts deciding that the digital currency "not acceptable" as it “impinges on the state's authority in preserving currency exchange.”

Bitcoin is set to take a huge leap up in value as prices predicted to soon "jump to $60,000" as cryptocurrency goes mainstream and big investors scramble to ride the wave, according to Saxo Bank. reports: The mufti compared cryptocurrency’s trade exchange to gambling, which is banned in Islam “due to its direct responsibility in financial ruin for individuals.” The cleric said that bitcoin could negatively affect the legal safety of those who trade it, and lead to an “ease in money laundering and contrabands trade.”

Allam’s statement came as the value of bitcoin continues to fluctuate unpredictably. As of January 3, its price stands at $15,000.

Egypt’s Grand Mufti is not the first Muslim cleric to criticize the now-famous cryptocurrency, which has skyrocketed in value over recent months. In December, popular Saudi cleric Assim Al-Hakeem ruled that digital currencies are banned under Islamic law because they are "ambiguous."

“We know that bitcoin remains anonymous when you deal with it… which means that it's an open gate for money laundering, drug money and haram [forbidden] money,” Hakeem said at that time.

In November, Turkey’s highest religious authority – the Directorate of Religious Affairs, also known as the Diyanet – declared that buying and selling of digital currencies is at odds with its religion due to its lack of regulation and close connection to criminal activities.

Last year saw cryptocurrencies steal the headlines and take retail investors on a rollercoaster ride. Despite declines in December, bitcoin has seen a remarkable rise over the course of 2017, during which its price increased by over 1,300 percent.

tags: Bitcoin | Egypt
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