Fero Will Be Dealing With Crypto Because They Are 'Halal': What Does Religion Say About It?

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18 Shtator 2023

Fero Will Be Dealing With Crypto Because They Are 'Halal': What Does

After giving up music to devote himself to the Muslim religion, Fero is said to be entering the cryptocurrency business, according to some media outlets in Kosovo. According to them, the former rapper is of the opinion that cryptocurrencies are "halal" in the Islamic religion. But what does religion really say about them?

The permissibility of cryptocurrencies in Islam is a subject of debate. Islamic principles of finance are rooted in Sharia law, which regulates financial transactions and investments for Muslims.

Whether cryptocurrencies are considered halal (permitted) or haram (forbidden) in Islam depends on various factors and different opinions within the Islamic community.

Riba (usury/interest): Some argue that cryptocurrencies do not involve interest, as they are decentralized and usually do not rely on traditional banking systems. However, others argue that some crypto lending platforms involve interest and, therefore, may be considered haram.

Gharar (uncertainty, risk): Islamic finance also prohibits uncertainty and risk. Some scholars have expressed concerns that the high volatility and speculative nature of cryptocurrencies may constitute gharar , making them haram.

Other scholars have argued that cryptocurrencies can be considered halal if they are used for legitimate purposes and as long as they do not engage in activities that are clearly haram, such as gambling or financing illegal activities.

The views of the Islamic community on cryptocurrencies can vary and some Muslims may consider them permissible while others do not. In other words, whether cryptos are allowed in Islam may vary based on individual interpretations of Sharia law and the specific circumstances surrounding their use.