Rohan Malik (19) from Lier is among several young Muslims in Norway who invest in cryptocurrency. He became interested in crypto when he saw people in his family making it big. Then he realized how much he could earn. For Rohan Malik, it is important to invest in accordance with Islamic principles. Photo: Balsharan Kaur / news But he is also concerned with being a good Muslim. Therefore, Islamic principles play an important role when he invests. – I choose crypto that is high risk, with interest, or that can be connected to things that are forbidden in Islam, such as drugs and alcohol, says Rohan. Although he has chosen to invest in digital currency, he is still aware of the disagreement among Muslims. This is cryptocurrency Cryptocurrency is virtual or digital currency that is encrypted. Simply put, cryptocurrency is money that exists only on the internet – it has no direct physical counterpart. The technology behind cryptocurrency is called blockchain. This ensures that no transactions or agreements can be hidden, and simply means that the need for an intermediary disappears. Creating more coins (units of the currency) is called mining. In Norwegian, it is often called “mine” or “verify”. Developers verify transactions that occur on the network, and by doing so, they are paid in fewer and fewer bitcoins as the number increases. The verification of new coins requires enormous amounts of computing power. The algorithms are extremely complicated. If you used the most powerful computers you can get at regular electronics stores, it would take millions of years to manage to mine a single bitcoin. The process requires so much energy that if bitcoin were a country, it would rank 58th in the world in terms of power consumption. Source: fundingpartner.no The great crypto debate in the Muslim world In the Muslim world, the growing popularity of cryptocurrency has brought with it an international religious debate. There is disagreement among Muslims whether cryptocurrency is against Islamic principles or not. Screenshot from al-Jazeera, The Washington Post and The Independent’s websites. Photo: Screenshot Muslims who are against believe it is against Islam because it involves high risk and great uncertainty. They believe crypto investing is the same as gambling or betting, which is forbidden in Islam. While some Muslims believe certain cryptocurrencies are halal. They believe it is permissible to invest in currencies that do not entail too much risk. Gambling or investment? Marjama Abdullahi (17) from Drammen knows many young Muslims who invest in cryptocurrency. She herself thinks it is scary, and she is skeptical that many young people without proper knowledge and control over the economy choose to invest. Marjama hopes that more young people will think more carefully before investing. Photo: Balsharan Kaur / news – Gambling is considered haram in Islam. Considering how some people proceed with great risk and that they almost become addicted, I can understand that many Muslims are critical of crypto, she says. Marjama says that for her, God is more important than money, and that the day she chooses to invest, it must be halal. “Halal crypto” engages on TikTok The topic engages many on social media. On TikTok, videos with the topic tag “crypto halal” have over 19.3 billion views. The result you get when you search for “crypto halal” on TikTok. Photo: Screenshot TikTok In recent years, halal crypto exchanges for Muslims have also appeared. It is claimed that on these exchanges, the cryptocurrencies are in line with Islamic principles. The Islamic Council will not conclude on cryptocurrency The question is whether one can invest in crypto and still be a good Muslim? The Islamic Council of Norway says it is a new area that must be investigated by scholars. That’s why they don’t have an answer yet, writes communications advisor Mustafa Mahmood. Cryptocurrency is new technology so a discussion is natural, Mukhtar believes. Photo: Sajid Mukhtar / Private Chairman of the Board of Drammen mosque, Sajid Mukhtar, also believes it is too early to draw a firm conclusion. – Different religious leaders will base their fatwa or their position on what they know. Some will conclude that it is haram, while others will state that it is halal, says Mukhtar. Crypto enthusiast Rohan hopes that when religious leaders eventually understand more of the technology, there will be clearer guidelines on what is legal and what is not. – I feel there is happiness involved in investing halal. Then I am confident that I earn the money in a safe way, he concludes. Hi! Do you have thoughts about the case you’ve read, or tips on what my next case should be about? Feel free to send me an e-mail!
ttn-69
Is Bitcoin against Islam? – news Oslo and Viken – Local news, TV and radio
