We are often looking for investment opportunities, but as Muslims, we have certain things that are Halal and Haram. Is cryptocurrency something we can invest in as Muslims? Shaykh Yasir Qadhi explains!
Cryptocurrencies are a new form of decentralized commodities. And the point of cryptocurrencies is to be a type of currency that is not backed by a government. It’s not backed by a known institution. It’s not backed by the banks. And it is created by groups of people that generally speaking are not too sympathetic to banks and governments. Here we bring an answer by a world-renowned scholar Shaykh Yasir Qadhi:
*Yasir Qadhi was born in Houston, Texas, and completed his primary and secondary education in Jeddah, Saudi Arabia. He graduated with a B.Sc. in Chemical Engineering from the University of Houston, after which he was accepted as a student at the Islamic University of Madinah. After completing a diploma in Arabic, he graduated with a B.A. from the College of Hadith and Islamic Sciences. Thereafter, he completed an M.A. in Islamic Theology from the College of Dawah, after which he returned to America and completed his doctorate, in Religious Studies, from Yale University. Currently, he is teaching at Rhodes College, in Memphis, TN.