►
Description
#CryptocurrencyHalal #halalfinance #Finance #islam #interest #Banking #fatwa #crypto #investment #bitcoin #shibinu #xrp #islam
A
We've
been
getting
many
messages,
as
you
all
have
been
waiting
masha'allah
to
attend
this
session
and
learn
from
mufti
abdullah
in
assad
today,
and
everyone's
very
interested
in
about
bitcoin
cryptocurrency,
without
getting
into
any
further
details
and
taking
a
lot
of
your
time.
I
would
just
like
to
give
you
an
introduction
of
the
abdullah
masha'allah
he's
not
in
need
of
any
introduction,
but
as
per
my
job
on
every
live
chi
chat
program,
I
will
be
introducing
hazard,
mufti,
sabi
insha
allah,
s.
A
California,
in
1978,
and
attended
elementary
middle
school
and
high
school
in
his
hometown,
masha'allah
and
after
completing
his
university
masha
allah
muftisaw
went
for
further
studies
to
study
his
alamiya
course
and
he
traveled
to
university
in
south
africa
and
masha'allah
after
completing
that
mufti
also
specialized
in
islamic
finance,
islamic
jurisprudence
and
mufti
abdullah
does
his
best
to
serve
the
american
public,
muslim
and
non-muslim
in
a
variety
of
ways.
Masha
allah
and
he
currently
serves
as
an
imam
at
islamic
center
of
mill
valley,
and
he
delivers
his
friday
lectures
here.
A
Masha
allah
and
also
muftis
has
been
traveling
around
the
world
around
the
country
around
north
america
for
many
sessions,
and
he
was
recently
here
at
masudaru
iman
also
alhamdulillah.
We
are
fortunate
to
have
hazur
muftisab
and
taking
benefit
from
his
expertise
in
islamic
finance,
and
this
bitcoin
he's
been
doing
a
lot
of
research.
So
inshallah,
I'm
going
to
bring
him
on
on
live
now.
Salaam,
alaikum.
B
A
I
think,
since
the
day
we
launched
this
topic,
everyone
is
eager
that
today,
bitcoin.
A
Before
we
move,
we
would
like
to
know
more
about
yourself,
masha
allah,
how
mashallah
you've
studied
the
university
as
an
introduction?
What
made
you
come
towards
islam
course
and
study
deen,
and
about
can
you
if
you
can
just
give
us
a
brief
on
that?
Also
inshaallah.
B
So
my
college
years
were
from
the
year
1996
to
1998.
B
Years
ago,
20
25
years
ago,
so
also
worth
noting
my
degree
was
in
business
administration,
and
so,
as
we
say
about
many
people
from
india,
pakistan,
business
and
the
jar
runs
in
our
blood
right.
It's.
B
My
father
is
an
entrepreneur.
He
founded
his
own
business
mashallah.
Today
they
have
three
four
hundred
three
to
four
four
million
dollars
in
sales,
so
my
interest
in
in,
for
my
degree,
you
pick
a
major
that
you're
interested
in
you
pick
a
degree.
You
also
pick
a
major
that
has
opportunities
that
has
a
good
future,
so
that
was
one
of
the
reasons
why
I
decided
to
pursue
a
major
in
business
administration.
B
Also,
while
I
was
studying
in
in
university,
I
had
a
epiphany.
We
called
it
in
in
the
west.
They
called
epiphany
kind
of
awakening
more
of
a
religious
awakening.
I
started
wearing
my
soap
to
university
start
wearing
my
stomach
clothing.
B
B
Yes,
there
were
muslim
women
who
were
wearing
hijab
as
well,
but
not
many
muslim
men
with
beards
and
with
with
wearing
their
buzzer,
their
their
islamic
clothing.
So
that
was
1996-1998.
B
But
while
my
studies
were
going
on,
I
lost
a
little
bit
interest
and
I
wanted
to
go
to
darum
and
I
wanted
to
become
adam.
So
my
parents
got
a
little
bit
concerned
and
finally,
someone
advised
me:
why
don't
you
finish
your
degree
first
and
then
you
can
go
overseas.
So
I.
A
B
So
I
I
continued
my
ifta
studies
and
special
specialization
in
islamic
fick
at
the
same
school,
which
I
studied
in
the
almazadville
in
in
south
africa.
B
One
of
the
benefits
of
that
was,
we
would
answer
questions
that
would
come
in
so
part
of
our.
If
that
training
we
it's
an
internship
you're
answering
real
questions
and
many
of
those
questions
were
tough.
Islamic
finance
questions,
partnerships,
for
example,
entrance
fees,
various
islamic
finance
topics.
B
A
B
Experience
to
help
me
in
the
field
of
islamic
finance,
and
hopefully
in
the
meantime
as
well-
I
I
wrote
a
research
paper
for
the
harvard
islamic
finance
seminar,
so
harvard
is
probably
the
top
top
two
or
three
private
universities,
ivy
league
schools
in
in
america.
They
had
islamic
finance
seminar.
I
wrote
a
research
paper
on
islamic
insurance,
the
kafu
which
was
accepted
and
which
they
also
ended
up
publishing
so
from
120
to
100
research
papers.
Only
10
were
selected
for
publication
and
my
research
paper
was
among
them.
A
A
B
A
A
A
Era
mashallah
this
is
at
the
means
of
the
hadith
of
allah,
is
accepting
you
masha
allah
and
you
have
done
a
great
research,
so
I
will
leave
the
podium
to
you
muftis
up
and
what
happens?
Usually,
I
ask
questions
and
you
answer,
but
I've
changed
the
format
from
for
the
past
few
months.
Usually
I
let
the
guests
give
out
the
entire
presentation,
because
in
the
end,
when
people
are
asking
questions,
pretty
much
you've
answered
all
the
questions,
yes
and
then,
if
there's
anything
left
in
the
end,
I'm
going
to
ask
you
inshaallah.
B
B
So
again,
I
would
like
to
thank
darlee
man
and
sheikh
nabil
for
giving
me
this
opportunity,
because
it
is
impossible
to
do
justice
to
the
topic
of
bitcoin
in
a
three-minute
sound
clip.
B
About
25
to
30
fatwas
on
youtube
on
in
urdu,
in
arabic
and
english,
on
the
topic
of
bitcoin
right.
So
before
one
of
the
steps
you
take
before
you
engage
in
a
lecture
or
before
you
write,
your
own
research
paper
find
out.
What's
the
research
that's
already
been
done
so
looking
at,
for
example,
darlum
delben
to
rasheed,
karachi
and
and
so
on.
So
I've
taken
out
some
time
to
review
the
literature
which
is
out
there
and
the
research
papers
which
are
out
there
as
well.
B
Purchased
the
number
of
books
as
well
I've
been
doing
reading
on
on
bitcoin
itself,
I've
been
doing
reading
on
the
alt
coins,
known
as
the
alternative
coins.
So
so,
as
a
background,
as
I
mentioned,
this
is
a
detailed
topic.
B
It
is
a
and
it
it
is
also
a
topic
which
requires
a
great
deal
of
explanation
and
a
great
deal
of
understanding.
It's
not
your
easy
topic
which
can
be
covered
in
in
a
few
minutes.
That's
why
I
feel
a
longer
presentation
and
a
more
detailed
presentation
is
important.
B
B
Rather,
we
also
have
to
educate
ourselves
and
educate
our
listeners
and
viewers
about
investing
as
a
whole
about
cryptocurrency
as
a
whole,
about
investment
strategy
and
about
islamic
law,
so
so
that
we
have
a
proper
and
methodology
to
discuss
the
actual
topic
of
bitcoin.
B
So
you'll
notice
we'll
only
begin
the
actual
discussion
on
bitcoin
about
20
or
maybe
in
25
minutes.
So
I'm
giving
you
guys
a
disclaimer
if
you're,
just
looking
for
that,
punchline
bitcoin
is
halal
or
bitcoin.
B
It's
going
to
take
some
time
before
we
get
there
right
and
we're
going
to
thoroughly
present
some
background
to
this
topic
and
we're
going
to
go
in
detail,
providing
context
to
this
whole
discussion.
So
as
a
disclaimer,
I
want
to
make
it
very
clear
that
I
am
not
the
grand
mufti
of
the
world.
I
am
not
the
grand
mufti
of
america
and
my
ruling
or
my
opinion
legal
opinion
which
I'll
share
today
is
not
the
final
say
on
the
matter.
So
let's
make
that
very
clear.
They
are
darling.
B
There
are
very
senior
scholars
as
well
and
to
be
fair,
there
is
some
further
research
which
is
required
for
this
topic
and
shall
I
will
explain
that
as
well.
There
is
specifically
with
regards
to
the
two
different
aspects
of
bitcoin,
inshallah,
so
inshallah,
you,
you
will
understand,
understand
the
end,
so
I'm
not
here
to
point
out
the
mistakes
of
the
other
mufti's
or
the
other
guy,
I'm
not
here
to
give
the
final
verdict
on
bitcoin
and
inshallah.
B
One
of
the
projects
taken
on
by
a
team
of
mufti's
in
south
africa
was
giving
grades
for
fatwas.
What
do
we
mean
by
this
very
interesting?
Sometimes,
when
we
look
online
we'll
come
across
a
factor
right,
it
might
be
two
or
three
pages.
It
might
have
a
few
references
now,
just
as
our
english
teacher
grades,
our
essay
right.
How
good
was
the
spelling
in
the
essay?
B
How
good
was
the
references?
How
organized
was
the
essay
in
the
same
way,
when
giving
fatwas
some
fatwas
a
lot
to
be
desired?
They
leave
a
lot
to
be
desired.
Some
fatwas
are
more
detailed.
Some
fatwas
provide
resources
and
sources
and
references
some
don't
so.
This
was
one
project
too,
to
analyze
these
fatwas
in
terms
of
accuracy,
referencing
and
language
as
well.
B
So,
in
the
same
way
after
going
through
20
to
30,
fatwas
and
research
papers
on
the
topic,
I
I
was
able
to
see
which
research
papers
were
more
thorough,
which
research
papers
were
more
referenced,
which
fatwas
were
just
one
liners
versus
30
pages
or
35
pages
of
writing
right.
There's
a
big
difference
and
our
viewers
can
understand
that
as
well.
B
B
They
need
to
first
pass
a
islamic
literacy
exam.
They
need
to
first
pass
an
islamic
faith
exam
and
it's
very
interesting
to
see,
unfortunately
in
the
muslim
community
and
for
for
many
of
us,
we
jump
in
first
and
ask
questions
later
right.
Mashallah,
we've
seen
so
much
interest
in
cryptocurrency
and
bitcoin,
and
muslims
have
already
been
investing
in
cryptocurrencies
for
the
last
three
or
four
years.
B
B
B
I
strongly
recommend
that
every
person
who's
interested
in
cryptocurrency
who's
interested
in
bitcoin
learned,
the
ins
and
outs
learns.
The
rulings
learns
some
basic
laws
regarding
buying
and
selling
interest,
and
so
on
right.
So
this
is
my
first
request
regarding
islamic
knowledge
and
the
importance
of
islamic
knowledge.
As
we
know,
rasulullah
is
also
reported.
B
B
Yes,
there
are
experts
in
every
single
field,
and
likewise,
when
we're
discussing
islamic
finance,
cryptocurrency
and
the
laws
of
buying
and
selling,
it's
not
everyone's
cup
of
tea,
not
every
scholar
has
an
interest
or
expertise
in
the
laws
of
buying
and
selling
and
cryptocurrency
or
islamic
finance.
It
is
not
everyone's
cup
of
tea,
and
just
as
in
the
medical
field,
you
have
specialists,
you
have
you
have
lung
specialists,
you
have
eye
specialists
and
so
on.
Likewise,
there
are
specialists
in
various
fields
and
it's
important
that
we
always
consult
with
the
specialist
in
that
field
right.
B
So
this
is
definitely
a
need
that
we
have
that
there
needs
to
be
more
ulama
and
more
islamic
scholars
specializing
in
islamic
finance.
Mashallah.
There
are
many
courses
online.
There
are
also
many
degrees
in
islamic
finance.
There
are
phds
in
islamic
finance.
There
are
courses,
short
courses.
There
are
many
introductory
books.
B
B
So
this
is
a
need,
and
likewise
when
it
comes
to
giving
a
ruling
when
it
comes
to
giving
a
final
fatwa
on
bitcoin,
the
individual
or
the
adam
or
the
scholar
has
to
thoroughly
research
that
topic
right.
If
you're,
not
an
expert
in
that
field,
consult
with
the
experts
of
that
field
do
a
crash
course
on
cryptocurrencies.
B
B
B
Have
taught
us
we,
while
writing
research
papers,
while
doing
by
looking
into
issues
we
have
consulted
with
muslim
doctors.
In
the
past
we
have
consulted
with
with
muslim
experts,
day
traders,
forex
traders
etc.
Before
we
give
a
final
ruling,
we
need
to
consult
the
people
in
that
field
and
we
need
to
do
our
best
to
understand
how
that
new
technology
or
that
new
ruling
how
it
works,
especially
here
when
it
comes
to
bitcoin.
When
it
comes
to
new
financial
transactions
right,
it's
a
person
might
have
to
read
a
number
of
books.
B
Before
this
presentation.
I
read
two
books
shorter
books,
but
I've
read
two
books
just
to
educate
myself.
So
this
means
that
before
we
give
a
ruling,
a
person
has
to
thoroughly
research
the
topic
one
of
the
research
papers
which
I'll
be
referencing
today
and
one
of
the
muslims
who
I'll
be
referencing.
Today,
he
spent
two
years
studying
this
topic.
Two
years
studying
this
topic
for
husband,
adam
of
the
uk,
he
spent
two
years
research
researching
this
topic
and
his
master's
thesis
his
master's
thesis
was
on
this
topic.
B
So
imagine
the
level
of
research
hundreds
of
hours
of
research
which
he
has
put
in
versus,
for
example,
a
mufti
who
did
five
minutes
of
research
and
already
gives
a
right.
So
our
objective
is
not
to
criticize
individuals
or
to
point
out
any
specific
individuals,
but
the
point
is
when
giving
a
ruling
on
a
complicated
matter
such
as
bitcoin
a
person
needs
to
do
thorough
research
and
to
consult
with
the
experts
in
that
field
and
to
do
reading
and
thoroughly
understand
the
subject
matter
before
going
any
further.
B
So
that
is
the
second
point
that
I
wish
to
emphasize
and
going
through
these
factors,
I
can
tell
you
that
I
have
seen.
Unfortunately,
I've
seen
major
mistakes
and
I've
seen
misunderstanding
of
how
digital
currencies
work,
how
cryptocurrencies
work
and
how
bitcoin
works
after
going
through
these
fatwas
after
doing
analysis.
B
B
Another
important
thing
to
understand
here
is:
it
would
not
be
fair
for
me
sitting
here
in
san
francisco,
california,
in
the
united
states
of
america,
to
give
one
blanket
ruling
on
bitcoin
for
the
entire
world.
That
is
not
fair.
That
is
not
accurate,
because
each
country
has
its
own
laws
and
regulations
regarding
bitcoin.
As
we
know,
if
we
live
in
a
country,
we
have
we're
bound
to
follow
the
laws
of
the
land.
If
bitcoin
is
illegal
in
the
country
you
live
in.
B
Well,
on
the
bill,
I
heard
that
many
of
you
guys
are
moving
towards
el
salvador,
so
el
salvador
is
currently
the
one
country
in
the
world
where
bitcoin
is
accepted
as
a
currency.
Yes
we'll
get
to
that.
So
my
point
here
is
many
of
those
fatwas
come
from
india.
Pakistan
bitcoin
is
not
allowed
in
those
countries.
It's
illegal
in
in
pakistan,
for
example
right
so
likewise,
for
example,
china,
for
example,
there's
other
countries
in
the
world.
B
So
the
the
point
we're
making
here
is
the
ruling
on
bitcoin
will
also
be
based
on
the
country
we
live
in
and
whether
or
not
that
country
recognizes
bitcoin
whether
bitcoin
is
illegal
in
that
country
and
so
on.
A
B
Besides
bitcoin,
there
are
many
other
cryptocurrencies
and
the
general
name
given
to
them
is
altcoins
alt
coming
from
the
word
alternative
right,
so
there
are
many
alter
alt
coins.
In
fact,
there
are
thousands
of
altcoins,
so
it
is
beyond
the
scope
of
a
one
hour,
lecture
or
45
minute
lecture
to
cover
every
single,
the
the
ruling
for
every
single
something
each
one.
Each
of
them
is
different.
They
have
their
unique
specialities.
B
B
What
is
the
default
position
when
it
comes
to
discussing
financial
transactions
or
new
business
dealings
right?
This
is
important
because
it
gives
us
a
starting
point.
Where
do
we
start
from
when
we're
discussing
the
issue
of
bitcoin?
Where
do
we
start
from?
Do
we
start
from
haram
impermissible,
or
we
do
we
start
from
halal
right?
So
our
starting
point
will
make
a
big
difference
right,
just
as
we
guilty
until
proven
innocent
or
innocent
until
proven
guilty
impermissible
until
proven
to
be
permissible
or
permissible
until
proven
to
be
impermissible.
B
B
B
B
Another
principle
to
keep
in
mind,
I
have
listened
to
about
one
hour
of
statements
regarding
bitcoins
and
what
was
regarding
bitcoins
and
unfortunately,
most
of
these
sound
bites
or
most
of
these
clips.
They
simply
focus
on
the
ruling
of
bitcoin
itself
and
keep
in
mind
here
that
we
as
muslims
or
we
as
intelligent
investors.
B
B
B
Doesn't
have
any
haram
ingredients
isn't
necessarily
necessarily
helpful
healthy
for
you.
In
the
same
way,
the
majority
of
the
people
who
discuss
bitcoin
and
discuss
cryptocurrencies
the
majority
of
muslims
who
discuss
it.
We
only
focus
on
the
legal
part
of
it.
Is
it
halal
or
is
it
haram?
That's
all
we
want
to
go.
No
right
cut
to
the
case.
Why
are
you
giving
us
so
much
background
information?
Just
tell
us,
is
it
halal?
Is
a
haram?
Is
it
lawful?
Is
it
impermissible?
B
B
They
have
no
clue
what
they're
doing
they
are
clueless
all
they
heard
they
went
on
a
youtube
lecture.
They
heard
bitcoin
is
hello.
Next
thing
you
know
they
invest
every
single
penny.
They
have
and
put
it
all,
put
all
their
eggs
in
one
basket
and
put
in
a
hundred
thousand
dollars
in
bitcoin,
and
that's
it
friends,
there's
investment
strategy.
B
There
is
something
known
as
diversification
right.
You
don't
put
all
your
eggs
in
one
basket.
You
spread
out
your
risk,
you
spread
out
your
portfolio
and,
unfortunately,
the
trend
which
I'm
saving
in
the
last
six
months,
muslims
have
been
extremely
interested
in
the
stock
market.
Why?
Because
the
stock
market
is
going
through
the
roof.
Muslims
have
been
extremely
interested
in
bitcoin
because
the
price
is
going
through
the
roof,
but
we
lack
basic
investment
strategy
and
basic
investment
understanding.
B
This
is
not
an
islamic
thing.
Necessarily.
There
are
courses
out
there
that
you
can
take
right.
Investing
for
dummies,
investing
101,
cryptocurrency,
101,
first
know
what
you're,
what
you're
getting
yourself
into
know?
What
is
a
long-term
strategy
versus
a
short-term
strategy?
B
You
need
to
put
on
your
seatbelt
and
be
ready
for
the
ride.
If
you
don't
know
what
yourself,
you
get,
what
you're
getting
yourself
into
you're
going
to
find
yourself
in
a
world
of
hurt,
and
you
might
end
up
losing
all
your
money
right,
it's
highly
volatile!
You
need
to
understand
this.
There's
a
lot
of
risk
involved,
it's
highly
volatile,
and
this
is
something
as
muslims
right
and
as
human
beings.
You
need
to
first
understand
what
you're
getting
yourself
into
before,
putting
in
a
million
dollars
down
or
putting
in
a
hundred
thousand
dollars
down.
B
You
need
to
understand
what
you're
getting
getting
yourself
into
right.
So
this
is
something
I
highly
recommend
that
there
are
courses
out
there.
A
person
can
take
a
cryptocurrency
course.
There
are
books
out
there.
I
I've
purchased
many
of
them,
I'm
reading
some
of
them
right
right
now,
so
I
highly
recommend
my
muslim
brothers
and
sisters
for
your
own
good,
like
I'm
not
here,
to
try
to
make
life
difficult
for
you,
I'm
worried
about
your
money.
I
don't
want
you
to
lose.
B
To
come
back
and
say
you
gave
us
the
ruling
on
bitcoin
and
I
lost
all
my
money
and
thanks
a
lot
sheikh
you're.
The
reason
I
lost
all
my
money.
No,
I
don't
want
to
be
that
the
reason
for
that
and
I
want
to
make
sure
that
inshallah,
every
single
one
of
you
that
you
you
look
after
your
money,
inshallah
you
you!
You
come
out
on
top
in
chile,
you
you
make
some
halal
money
doing
this,
so
this
is
some
background
that
I
wish
to
give
sheikh
nobile.
B
Okay,
so
now,
let's
get
to
the
actual
meat
of
the
discussion
now,
let's
actually
get
to
bitcoin
and
let's
discuss
bitcoin,
let's
discuss
cryptocurrencies
right.
So
a
definition
which
is
given
cryptocurrency
is
another
name
for
a
digital
occurrence.
So
basic
terminology
is
important
here
here.
Let
me
take
out
some
money,
so,
of
course
we
have
classically
in
islamic
law.
B
Currencies
were
based
on
precious
metals,
their
hums
dinars.
So
this
this
was
what
was
known
as
metal,
currencies
or
currencies
that
had
intrinsic
value
like
gold
and
silver
and
so
on.
B
Then
we
have
another
thing
which
is
known
as
fiat:
currency.
Fiat
criminal
currency
is
another
name
for
paper
currency.
This
paper
itself
does
not
have
any
value.
There's
no
intrinsic
value
in
this
dollar.
The
value
comes
from
the
from
the
central
bank
and
from
the
value
that
that
is
attached.
So
fiat
currency
is
another
term
for
paper
currency.
B
Then,
of
course,
digital
currency
is
another.
What
we
would
classify
cryptocurrency
and
bitcoin
has
right.
It
does
not
have
a
physical
existence
right,
it
does
not
have
a
physical
existence
like
a
dollar
does
right,
you
can
ask.
Can
I
touch
my
bitcoin?
Can
I
smell
my
bitcoin?
Can
I
feel
my
bitcoin?
You
cannot.
B
It
is
a
digital
entity
and
it
uses
peer-to-peer
technology
and
it
is
decentralized
right.
So
these
are
terms
to
use
here.
Bitcoin
is
decentralized,
it
is
not
issued
by
any
government,
of
course,
not
including
el
salvador,
for
the
rest
of
the
world.
Bitcoin
is
not
controlled
by
any
government.
It
is
not
issued
by
any
government.
It
is
also
not
overseen
by
any
government
as
well
right.
B
B
B
B
B
Can
also
be
looked
at
separately
as
an
asset
or
a
form
of
wealth
or
an
investment,
so
that
is
the
first
thing
to
keep
in
mind
just
like,
for
example,
I
buy
I
put
money
in
tesla,
I
buy
a
stock
or
share
of
tesla.
I
buy
a
certain
amount
of.
I
buy
property
right.
So
this
is
what
we
refer
to
in
arabic
as
mal.
B
Mal
is
a
an
asset,
it's
a
form
of
wealth.
It's
a
it's
a
type
investment.
B
So
when
we
look
at
cryptocurrencies,
one
is
looking
at
them
in
if,
as
an
investment
as
a
form
of
wealth
as
an
asset,
it's
considered
an
asset.
It's
something
you
own
is
something
that
you
that's
your
property.
B
B
In
fact,
many
of
the
people
that
buy
bitcoin
they're
never
going
to
use
it
to
buy
and
sell
things
they're
never
going
to
go
to
the
store
and
buy
something
with
that
bitcoin
right
they're,
holding
on
to
it
as
an
investment
for
investment
purposes,
they're
looking
at
it
as
a
form
of
wealth,
of
a
form
of
property
and
as
an
asset
right.
So
that's
one
way
of
looking
at
bitcoin.
The
second
aspect
is
looking
at.
It
is
bitcoin
a
currency
in
islamic
law.
B
Can
we
recognize
it
as
a
valid
form
of
currency
that
muslims
in
different
countries
can
use
to
buy
and
sell,
for
example,
shake
nabil.
I
can
say
I'm
ready
to
buy
your
phone
from
you
for
half
of
a
bitcoin.
That
would
be
30
thousand
dollars,
but
that's
a
lot
of
money,
but
that
would
be
using
a
bitcoin
as
a
currency
to
buy
and
sell
to
trade
with
to
do
business
with
and
then
so
on.
B
So
it's
important
any
mufti
or
any
scholar
that
examines
bitcoin
has
to
look
at
both
these
aspects
here.
Otherwise
they
will
not
get
the
full
picture.
Otherwise
they
will.
They
will
look
at
the
issue
only
partially
right.
So
keep
this
in
mind
when
we
analyze
bitcoin
bitcoin,
we
will
look
at
it
from
in
terms
of
these.
Two
aspects
is
bitcoin
a
valid
form
of
wealth.
Is
it
a
valid
form
of
investment?
Is
it
considered
to
be
property,
or
is
it
considered
to
be
wealth
in
islamic
law
right?
B
B
So
part
of
the
discussion
here
is
is-
and
this
is
probably
the
most
important
thing
for
most
of
us-
I
do
not
think
most
of
us
are
interested
in
using
bitcoin
to
bind
celtics
right.
This
is
this
is
also
a
futuristic
discussion
as
well.
Why?
Because
not
all
banks,
not
all
stores,
not
all
retailers
currently
accept
bitcoin.
Yes,
it
is
increasing.
B
Yes,
many
big
players
and
big
companies
are
starting
to
to
recognize
bitcoin,
but
as
of
now,
I
can
use
a
dollar
to
buy
anything
in
the
world
today,
alhamdulillah
right
or
a
canadian
dollar
martial
for
canadian
viewers,
but
a
bitcoin
is
not
universally
accepted
all
over
the
world
as
a
currency.
Yet
so
anyways,
that's
that's
the
topic
for
later
on
as
well,
and
I
can
we
can
assume.
The
vast
majority
of
people
who
are
interested
in
bitcoin
are
interested
in
bitcoin
as
a
investment
as
a
form
of
wealth
rather
than
as
a
currency
right.
B
B
B
B
Can
this
be
considered
to
be
mal
or
wealth
or
islamically
recognized
property?
So,
in
order
to
understand
this,
let's
also
understand
this
concept
of
tangible
versus
intangible,
tangible
versus
intangible
right.
So
in
the
world
that
we
live
in,
there
are
many
assets
or
many
forms
of
wealth
which
are
tangible
right.
So,
for
example,
I'm
just
pulling
something
out
right
now
I
have
a
charger
in
my
hand
like
this
charger
I
can
touch.
I
could
feel
guess
I
bought
it
at.
A
B
Right
this,
this
charger
has
value
it's
tangible
right.
I
can
touch
it.
I
can
feel
it,
whereas,
for
example,
that
bitcoin
or,
for
example,
a
copyright
or,
for
example,
a
patent
or,
for
example,
a
license
all
these
things
which
I
just
named,
I
cannot
touch
them.
They
are
not
tangible
right.
There
are
what
we
know
what
we
would
refer
to
as
intangible
assets.
B
They
are
intangible
assets,
so
many
people
have
objected
to
this.
That,
because
bitcoin
is
intangible
and
it
has
no
intrinsic
value
right,
it's
just
a
code
right.
Anyone
who
actually
has
a
bitcoin
will
tell
you
like
it's
a
it's
a
it's,
a
series
of
numbers
and
digits.
You
store
on
your
virtual
vault
wallet,
but
it
doesn't
have
intrinsic
value.
It's
not
something
which,
for
example,
I
have
some
silver
here
in
front
of
me
right.
This
is
silver.
This
has.
B
B
So
one
of
the
main
objections
regarding
bitcoin
is
this:
specifically
that
bitcoin
should
be
haram
or
unlawful
islamic
law,
because
it's
not
tangible,
because
I
can't
see
it
or
touch
it
and
also
because
it
has
no
intrinsic
value
right.
It's
just
a
number
of
codes
right.
It's
a
there's,
a
there's,
a
blockchain
there
there's
a
there's
a
number
of
close
and
letters
there
there
they
should
be
worthless,
so
respect
your
friends.
This
is
probably
the
main
objection
when
it
comes
to
bitcoin
and
the
answer
to
that
is.
B
B
Any
person
that
wants
to
build
a
home
they
have
to
buy
a
permit
they
have
to
obtain
a
permit
is
that
permit
is
that
copyright
is
that
license
even
the
gas
that
we
buy,
even
the
electricity
that
we
pay
for.
Is
it
something
that
is
intrinsic,
that
we
can
touch
right.
So
in
our
daily
life
we
are
buying
and
selling
many
things
which
are
not
tangible,
but
that
people
give
value
to.
B
For
example,
I
have
a
piece
of
paper
that
has
prime
minister
imran
khan's
name
on
it.
He
gave
me
his
autograph.
Does
this
have
intrinsic
value?
Can
I
go
and
sell
this
to
my
friend
for
ten
dollars
right?
If
people
give
value
to
it,
then
it's
considered
to
be
wealth.
It's
considered
to
be
investment
right
there,
many
things
that
people
give
value
to
because
they
consider
it
to
have
sentimental
value
because
they
consider
it
to
be
worth
something.
So
as
long
as
people
give
value
to
something,
then
it's
considered
to
be
wealth
right.
B
So
this
is
the
general
principle.
There
are
many
similar
things.
I
buy
a
patent
for
the
word
halal
coin,
for
example.
I
want
to
come
out
with
a
business
known
as
my
own
cryptocurrency
known
as
halal
coin,
so
I
don't
know
if
it
exists,
but
I
go
and
I
and
I
fill
out
the
paperwork.
I
file
the
application
and
I
pay
that
money
and
I
purchase
the
domain
name.
I
purchased
the
the
patent
I
purchased.
The
copyright
I
purchased
the
license
for
halal
claim
right.
B
B
Bitcoin
or
cryptocurrencies
are
virtual
right.
They
are
intangible,
they
are
digital
currencies,
but
people
have
assigned
a
value
to
them
right
today.
If
we
go
and
look
up
the
value
of
bitcoin
right,
61,
000,
62
000
right,
we
can
look
it
up.
People
have
assigned
value
to
it
and
because
people
have
now
attached
value
to
it,
then
we
can
also
attach
value
to
it
as
well.
It
is
now
considered
a
form
of
wealth
right
autographs.
I
give
you
the
example
autographs.
B
If
you
were
to
ask
people
100
years
ago,
who
would
pay
money
for
imran
khan's,
prime
minister
imran
khan's
autograph,
it's
worthless,
it
has
no
value,
but
people
have
that
value
for
imran
khan
and
he's
famous
he's
the
prime
minister.
If
he
puts
his
name
on
a
piece
of
paper,
people
are
gonna
willing
to
pay
for
it
if
he
puts
his
name
on
a
jersey
on
a
piece
of
paper,
people
are
are
considered
to
be
valid,
so
if
people
consider
something
to
have
value-
and
it.
B
What
is
known
as
people
attach
value
to
something,
therefore,
it's
considered
to
be
valuable
right.
So
there
has
been
some
discussion
on
this
as
well,
and
those
examples
which
I
gave
you
purchasing
something
which
is
intangible,
such
as
a
right
such
as
a
copyright
such
as
a
patent
right
there.
There
is
a
legal
precedent
for
this
as
well,
and
others
have
written
about
purchasing
rights,
purchasing
intangible
things,
which
have
a
value
which
you
obtain
a
right
in
it
before
that,
for
example,
goodwill,
for
example,
trademark
right.
B
B
Bitcoin
as
a
form
of
wealth
as
an
investment
as
an
asset
as
a
recognized
form
of
wealth
in
islamic
law.
So
this
is
a
fairly
strong
argument
and
I
will
also
give
reference
here
as
well.
B
The
best
research
paper
which
I
have
come
across
on
this
topic,
as
I
I
referenced
it
earlier
muslim
adam
of
the
uk.
He
has
a
master's
degree
in
islamic
finance,
he's
a
mufti
as
well.
He
has
a
master's
degree
in
islamic
finance.
His
master's
thesis
which
he
took
two
years
are
right,
was
on
bitcoin
and
that
master's
thesis
is
available
online,
so
just
type
in
on
google
type
in
or
whatever
search
engine.
You
like
amana,
consulting
amana,
a
m,
a
n,
a
h,
amana
consulting
for
husband,
adam
bitcoin
type.
B
In
those
keywords,
his
research
paper
should
pop
up
f-a-r-a-z
bin
b-I-n,
adam
a-d-a-m,
then
type
in
amana,
consulting
and
type
in
bitcoin
or
bitcoin
research
paper
right,
inshallah.
You
should
be
able
to
find
his
research
paper.
That
is
the
research
paper
which
I
have
relied
on
heavily
and
which
I
strongly
recommend.
B
B
A
B
So
even
his
research
paper
as
bitcoin
and
cryptocurrency,
has
been
evolving
and
has
been
changing
and
and
progressing.
He
himself
wrote
a
new,
newer
research
paper
and
he
wrote
an
updated
version.
So,
yes,
it
is
a
few
years
old,
but
I
would
say
it's
the
most
thorough
research
available
today
on
bitcoin
on
the
ruling
of
bitcoin
in
islamic
law.
It.
B
Applicable
today,
it
is
still
applicable
today
today,
and
it
is
still
the
most
reliable
and
thorough
research
on
the
topic
that
I
have
seen
so
far
after
going
through
30
or
40
fatwas.
It
is
the
most
reliable
research
that
I've
seen
now,
so
that
is
the
ruling
of
bitcoin
as
investment
or
as
an
asset,
and,
as
I
said,
the
burden
of
proof
is
on.
B
Anyone
who
claims
bitcoin
is
not
a
form
of
wealth,
prove
that
it's
not
a
form
of
wealth,
proven
that
proof
that
it
has
no
value,
prove
that
it's
not
a
form
of
wealth,
the
burden.
The
proof
is
on.
Anyone
who
claims
that
bitcoin
is
not
a
form
of
wealth,
it
is
unlawful
and
it
has
it.
It
is
not
a
valid
form
of
valid
asset
in
islamic
law.
B
The
next
topic
is
bitcoin
as
a
currency,
and
I
will
give
a
disclaimer
here.
The
ruling
on
bitcoin
as
a
currency
requires
further
research
and
it's
going
to
be
constantly
evolving
right.
So
there
are
some
countries
in
the
world
which
recognize
bitcoin
as
a
valid
form
of
as
a
valid
medium
of
exchange.
So,
even
though,
for
example,
we're
living
in
the
united
states
of
america
or
I
am
living
in
the
united
states
of
america
here
in
my
country,
the
normal
currency
is
dollars.
Duh
the
centralized
bank
or
the
us
government
promotes
u.s
dollars.
B
That
is
the
acceptable
form
of
exchange.
That
is
the
valid
currency
in
in
america.
However,
the
us
government
does
allow
individuals
to
also
use
bitcoin
as
well.
It's
not
the
official
currency,
but
you
can
say
it
is
allowed
to
be
used.
So,
for
example,
there
are
places
right
now
in
san
francisco.
I
can
walk
into
a
store.
Take
out
my
you
know
my
my
digital
wallet
and
buy
something
at
that
store
using
that
bitcoin
right.
There
are
places
in
america
many
stores
and
atms
that
do
recognize
it.
An.
B
B
So,
as
I
mentioned
as
a
disclaimer
in
the
beginning
that
the
ruling
for
bitcoin
is
going
to
vary
from
country
to
country,
depending
on
the
on
the
legal
legal
status
of
bitcoin
and
whether
or
not
the
government
allows
people
to
buy
and
sell
bitcoin
in
that
country
or
not,
and
whether
or
not
that
country
recognizes
bitcoin
as
a
valid
currency
or
as
a
form
of
as
a
type
of
currency.
B
So
that's
why
things
are
changing
and
we
are
seeing
more
countries
become
more
open
to
bitcoin
and
even
sometimes
allowing
it
or
accepting
bitcoin
as
the
unofficial
currency
right.
So
that
ruling
will
change
over
time
and
it
will
depend
on
which
country
the
person
lives
in
so
much
man.
Adam's
conclusion
was
as
follows:
he
when
it
comes
to
bitcoin
as
a
currency,
he
did
not
give
a
final
ruling.
B
He
did
not
give
a
definitive
fatwa
and
he
said
more
research
is
required
and
perhaps
when
it
comes
to
complicated
and
new
discussions
like
this,
a
team
of
muftis
and
a
team
of
scholars
need
to
examine
the
situation
and
do
collectively
or
collectively
analyze
that
issue
and
come
to
a
conclusion.
So
for
the
prophet
muhammad
support
have
said.
B
B
A
team
of
muftis
and
fifth
councils
need
to
analyze
it
and
need
to
come
up
with
the
final
ruling
for
that
for
the
country
that
they
live
in
right,
because
the
ruling
for
pakistan
is
gonna,
be
different.
Bitcoin
is
illegal
in
pakistan,
for
example,
so
that
is
the
crux
and
summary
of
this
whole
discussion.
To
be
fair,
a
lot
of
my
research
and
a
lot,
and
the
majority
of
my
my
presentation
is
taken
from
muslim,
has
been
adam's
work
right.
To
give
credit
where
credit
is
due.
B
Much
of
my
research
is
taken
from
his
presentation
now.
At
the
same
time,
inshallah,
I
will
I'll
be
wrapping
things
up
shortly.
B
There
are
a
few
things
to
keep
in
mind
when
it
comes
to
bitcoin
right
that,
as
I
mentioned
in
the
beginning,
not
everything
which
is
a
lawful
investment
in
islamic
law
is
a
good
idea
and
there
are
many
negative
aspects
of
bitcoin
as
well
right.
I
gave
the
earlier
example
as
well
or
rasgullas,
for
example
right
so
just
because
bitcoin
is
lawful
and
halal
technically
halal
does
not
mean
that
it's
completely
perfect
does
not
mean
that
something
we
should
be
involved
in.
B
There
are
many
many
negative
aspects
and
negative
connotations
or
negative
issues
related
to
bitcoin.
So
many
of
our
scholars,
for
example
the
fatwas
from
the
fatwas
from
senior
scholars
overseas.
Their
concern
is
on
the
volatility
that,
for
the
average
muslim
there's
a
lot
of
risk
involved
right.
We
as
muslims,
we
want
to
be
smart,
you
don't
want
to
be
involved
with
something
which
is
extremely
risky.
Why?
Because
you
put
in
a
hundred
thousand
dollars,
you
might
make
100
000
or
lose
all
of
your
money
right.
So
there
are
certain
negative
aspects
involved.
B
For
example,
many
people
argue
the
value
of
bitcoin
is
inflated.
There's
no
there's
no
reality
behind
it:
you're
buying
and
selling,
something
which
is
digital,
which
doesn't
exist
really
so
there's
no
essence
behind
it.
There's
no
intrinsic
value
behind
it,
whereas,
for
example,
if
I'm
buying
you
guys
can
take
a
look,
this
is
silver
money
here
or
a
silver,
a
piece
of
silver
here.
B
If
I'm
spending
money
and
buying
silver
silver
has
real
value
right,
the
value
of
ten
dollars
is
based
on
something
which
is
real,
whereas
many
people
will
argue,
bitcoin
is
based
on
something
which
is
digital
right,
there's
no
intrinsic
value
behind
it,
and
therefore
it's
subject
to
speculation
right
it
today,
its
price
can
be
one
dollar
tomorrow
could
be
sixty
thousand
tomorrow
can
be
one
million,
and
it
can
go
back
down
to
zero
because
it
doesn't
have
real
value
attached
to
it.
So
our
scholars
have
expressed
certain
concerns.
B
They've
also
even
said
it
resembles
gambling
right,
there's
speculation
involved:
there
is,
there
are
negative
aspects
involved,
sometimes
bitcoin,
because
it
is
based
on
anonymity
and
you
can't
track
who's
sending
money
to
who
it
can
be
used
for
legal
activities
as
well
and
so
on.
So
there
are
some
negative
aspects
related
to
bitcoin.
B
B
B
Even
when
you're,
when
you're
thinking
about
bitcoin,
please
do
not
put
all
your
eggs
in
one
basket
right:
yeah,
I'm
not
a
I'm,
not
a
professional
investment
advisor,
but
in
many
of
the
books
I've
read
they've
said
you:
should
your
total
portfolio,
your
life
savings
right,
don't
put
more
than
10
in
cryptocurrencies
balance,
things
out,
diversify
right,
don't
put
all
your
eggs
in
one
basket
right
so
so
I
do
want
to
put
these
disclaimers
there
as
well
that
a
person
should
do
the
proper
research
should
look
into
also
the
negative
aspects
of
bitcoin,
the
high
volatility,
the
high
risk
involved
and
factor
all
these
things.
B
B
To
make
that
very
clear
here
today
and
right,
I
do
want
to
present
these
this
information
to
you
for,
for
every
person
to
think
about
is.
Is
it
something
I'm
okay
with?
Is
it
too
risky
and
do
your
proper
research
do
your
homework
before
proceeding
forward.
A
So
some
of
this
up
for
those
countries-
let's
say
where
bitcoin
is
permissible:
brother
imran
muhammad
asking
in
those
countries
would
it
be
zakat
eligible
asset.
B
B
Of
bitcoin
eagerly
on
our
phones
right,
if
I,
if
I
own
one
bitcoin,
which
I
don't,
but
if
I
own
one
bitcoin
yes,
I
can
cash
it
out
at
any
time
and
get
sixty
one
thousand
dollars
or
sixty
two
thousand
dollars,
and
it's
it's
a
liquid
asset
that
I
own,
so
it
will
count
under
my
liquid
assets
or
assets
which
zakat
is
do
so.
When
I'm
calculating
my
zakat
every
year,
I
will
look
at
the
value
of
that
bitcoin
I'll
pay.
The
cap
on
that
bitcoin.
A
B
Yes,
so
the
wannabe
part
of
part
of
this
whole
bitcoin
thing
is
looking
after
your
bitcoin
right.
So
this
is
very
important:
crypto
wallets
to
call
the
hot
wallets
and
cold
wallets,
so
we've
seen
people.
This
is
why
their
risk
is.
There.
We've
heard
stories
online.
These
horror
stories,
people
had
literally
hundreds
of
millions
of
dollars
in
bitcoin.
They
lost
the
password
game
over.
That's
it
right.
B
So
yes,
if
a
person
is
alive
right
now
and
they
have
relatives,
keep
your
keep
your
bitcoin
information,
they
call
it
the
public
key
and
the
private
key
keep
that
in
a
safe
place.
Let
your
relatives
know
where
it
is
so
may
allah
forbid?
If
something
does
happen
and
you
pass
away
your
your
surviving
heirs
and
your
relatives
have
access
to
your
bitcoins.
They
can
use
your
bitcoins
and
they
can
also
benefit
from
the
bitcoins
when
you
pass
away.
B
So
that's
that's
simply
a
matter
of
protecting
your
bitcoins
and
keeping
them
in
a
safe
place
and
letting
your
relatives
know
where
that
is
right
and
they
there's
different
forms
of
doing
it.
They
highly
recommend
do
not
store
your
bitcoins
online
or
on
your
phones.
Right.
Do
not
store
your
bitcoins
online
on
your
phones,
keep
it
in
a
digital
wallet
or
keep
it
in
a
piece
of
paper
or
and
keep
in
a
safe
place.
A
And,
what's
up
I
a
certain
people
are
asking
it's
just
a
general
question:
there's
a
currency
called
xrp
ripple
and
currently
it's
a
dollar
35
cents
or
something
per
per
crypto,
and
I
think
saudi
in
saudi
saudi
arabia.
Many
banks
are
working
on
it
to
legalize
it
and
they
have
a
case
going
on
at
the
moment,
and
I
think
this
they
have
a
final
court
date
on
november,
the
12th
or
13th.
A
So
would
it
be
advisable
or
permissible
islamically?
Let's
say
saudi
arabia
bank
says
they
consider
it
as
a
currency.
It's
just
a
general
question:
they
consider
it
as
a
currency
in
saudi
many
banks
and
obviously
the
banks
are
under
the
government.
Basically,
the
government
is
legalizing
xrp
ripple
in
saudi
arabia,
so
they're
asking
two
questions:
now:
can
we
invest
in
it
right
now,
rather
than
it
becoming
halal
afterwards,
then,
and
then
we
regret
afterwards.
A
Oh
I
wish
I
would
have
invested
before,
or
should
we
wait
for
the
to
invest
in
it
then
afterwards
to
to
to
pass
a
fatwa
or
or
or
know
that,
okay,
then
they're
asking?
Would
it
wouldn't
it
be.
B
So
I
I
will
say
the
bulk
of
the
research
and
the
fact
was
on
cryptocurrencies
is
specifically
on
bitcoin
and
the
individual
altcoins,
such
as
xrp
or
ripple.
There
aren't
many
research
papers
or
individual
fatwas
on
these
altcoins
or
these
alternative
coins
to
bitcoin.
So,
for
example,
I
haven't
seen
the
proper
research
study
or
fatwa
on
xrp
or
ripple
I've,
yet
to
see
anything
to
be
fair.
The
technology
is
very
similar,
but
to
be
safe
right.
B
B
Bitcoin,
of
course,
is
is
the
the
gold
standard
people
know
about
it
when
it
comes
to
these
thousand
five
hundred
all
coins,
some
of
them
are
ponzi
schemes.
Some
of
them
are
fake
right
and
there's
a
thousand
five
hundred
altcoins
right.
So
some
of
them
are
one
penny.
Some
of
them
are
ten
pennies.
Some
of
them
are
are
outright
fake
right.
B
So
please,
shifting
from
bitcoin
to
altcoin,
be
careful
if
you're,
careful
about
bitcoin
be
even
more
careful
and
vigilant
about
altcoins,
because
they're
they're
they're
they're
much
more
unreliable
than
bitcoin,
and
there
there
there's
many
other
issues.
There
are
many
fake
altcoins
as
well
right,
so
I
think
the
most
reliable
altcoin
is
known
as
ethereum.
A
B
A
research
paper
specifically
on
ethereum,
I
think
the
symbol
is
etc.
Ethereum,
it's
the
second
most
popular
and
the
second
and
the
close,
the
closest
altcoin
to
to
bitcoin
right,
it's
known
as
yeah.
So
many
of
these
other
altcoins
be
careful.
Do
your
research
right?
Yes,.
A
B
The
price
just
to
compare
the
last
I
checked
bitcoin
was
around
60
to
2.
000.
ethereum
was
around
four
thousand
right.
Yes,
one
of
the
more
highly
valued
alt
queens.
A
Yes,
I
think
everyone
who's
asking
questions
here,
they're
all
about
alternative
coins
and
I
think
pretty
much
you've
answered
everything.
Masha
allah
and
people
are
asking
about
meme
and
then
some
people
are
asking:
let's
create
our
own
halal
coin,
but
in
creating
a
halal
coin
again,
it's
non-tangible
right,
like
it
doesn't
exist,
even
though
I
don't
even
know
how
would
it
fulfill
the
halal
criteria?
It'll
be
just
the
name
for
the
sake
of
the
name,
halal
point
or
as
a
means
of
attraction
for
business.
I
believe.
B
So
maybe
someone
has
the
idea
and
then
maybe
it's
just
a
matter
of
how
it's
run
right.
So
if
the,
if
scholars
and
olimar
are
involved
in
setting
it
up
and
setting
up
how
it's
used.
So,
for
example,
one
of
the
main
concerns
about
cryptocurrencies
is
the
cryptocurrency
being
misused
for
illegal
activities
and
haram
activities.
B
So
perhaps,
if
a
muslim
set
up
their
own
cryptocurrency,
they
can
have
set
up
a
system
that
this
cryptocurrency
could
not
be
used
for
any
unlawful
purposes
or
any
illegal
purposes
as
well.
These.
B
B
So
inshallah,
maybe
that's
this
idea
somewhere
out
there,
someone
out
there
can
take
this
idea
and
chill
in
and
and
bring
it
to
a
market
and
chill
and
make
money
from
it
as
well.
A
So
this
is
a
very
last
question
and
then
we'll
finish,
it's
it's
on
the
screen.
Also
considering
the
constant
volatility
of
cryptocurrencies,
which
valley
do
we
take
when
paying
zakah.
B
Okay,
so
I
just
want
to
add
this
one
thing
as
well,
because
the
volatility
and
risk
many
people
misunderstand
volatility
and
risk
and
they
tied
into
the
ruling
of
bitcoin.
So
what
do
I
mean?
B
For
example,
I've
heard
many
people
say
this
and
many
muftis
and
scholars
say
this:
the
stock
market
or
short-term
trading
is
haram
and
unlawful,
because
it's
like
gambling
and
I've
also
heard
there's
senior
people
who
said
regarding
bitcoin.
It
should
be
haram
and
unlawful
because
it's
like
gambling,
because
it
is,
it
is
gambling
right.
So
so
I
want
to
clarify
this.
B
The
fact
that
something
is
highly
volatile.
The
price
goes
up
one
day.
It
goes
down
the
other
day.
It
goes
up
to
the
then
down
the
other
day
does
not
mean
you're
gambling
gambling.
What's
the
definition
of
gambling
gambling
means
you're
involved
in
a
game
of
chance
and
gambling,
you
don't
buy
things
or
sell
things
right.
So
the
same
objection
comes
up
with
the
stock
market
comes
up
with
bitcoin
and
again
it
goes
back
to
not
properly
understanding
how
the
stock
market
works
and
how
bitcoin
or
cryptocurrencies
work
right.
B
Agreed,
that's
so
that
same
argument
is
there,
but
specifically,
I
just
want
to
clarify
this
volatility
issue
here,
right
that
a
game
of
chance
means
today.
If
the
raptors
win
the
game,
the
raptors
win
the
game,
I'm
gonna
pay
you
one
dollar,
I
haven't,
bought
or
sold
one
thing:
if
the
laptops,
if
the
raptors
today
lose
a
game,
then
you're
gonna
pay
me
one
dollar.
This
is
a
game
of
chance.
This
is
gambling
right.
I
stand
to
lose
one
dollar
or
gain
one
dollar.
I
haven't
bought
anything
here.
B
The
the
the
difference,
the
fundamental
difference
with
the
stock
market
and
cryptocurrency
is
you'll
purchase,
something
you
own
something
and
yes,
the
value
of
that
thing.
For
example,
penny
stocks,
penny
stocks
in
the
stock
market
or
some
of
these
cryptocurrencies
the
value
is
going
up
and
down
one
day
it
goes
up
really
high
the
other
day
it
goes
down,
but
you're,
not
gambling,
though,
even
though
the
value
is
going
high,
it's
volatile.
B
It
goes
up
and
down
really
quickly.
That
doesn't
mean
it's
gambling
gambling
is.
It
means
it's
a
game
of
chance
right.
So
I
do
want
to
clarify
this
that
just
because
something
is
highly
volatile
or
there's
a
lot
of
risk
involved
or
you
might
lose
all
your
money,
but
you
have
purchased
something
at
the
end
of
the
day,
you
own
something
you
want
to
share
the
stock.
B
You
own
one
of
those
coins,
you
own
something,
and
if
the
value
goes
up
and
down,
that's
halal
profit
that
you're
making
right
you're,
not
you're,
not
involved
in
gambling.
A
B
Okay,
so
what
I've
done
today,
I've
tried
to
lay
out
the
framework
right.
The
framework
when
we
look
at
a
cryptocurrency
is
that
cryptocurrency.
Can
we
recognize
it
as
a
form
of
asset
in
islamic
law?
Are
there
any
haram
elements
involved
with
that
cryptocurrency?
B
So,
for
example,
cryptocurrencies
can
also
you
can
also
buy
future
transactions
or
futures
of
cryptocurrencies
as
well
right.
So
there
are
other
elements
to
look
at
when
when
looking
at
the
haram
aspect
of
the
cryptocurrency
and,
of
course,
is
the
cryptocurrency
involved
in
any
haram
business
or
or
so
on.
So
yes,
there
is
a
screening
procedure.
B
As
of
now
I
have
not
seen
a
formal
framework
or
a
some
criteria
of
standards
to
analyze.
These
thousand
five
hundred
cryptocurrencies
and
I
haven't
seen
a
lot
of
research
on
these
altcoins
so
from
these
1
500,
approximately
the
cryptocurrencies,
the
only
researchers
on
bitcoin
and
ethereum
right
and
a
little
bit
on
ripple.
As
you
point
out
this,
the
soldier
or
saudi
arabian
government
is
looking
into
ripple
or
xrp.
B
B
Are
there
any
haram
elements
involved,
so
we
we
do
do
need
to
come
up
with
a
screening
process
or
a
halal
criteria
to
look
at
cryptocurrencies
and
the
mufti's
and
a
team
of
scholars
and
financial
financial
experts
need
to
analyze
that,
and
so,
as
of
now,
I
have
not
seen
a
proper
framework
or
criteria,
and
we
need
to
work
on
developing
that
and
show
that
there's
there's
a
lot
of
scope
for
further
research
right,
there's
still
a
lot
of
work.
That
needs
to
be
done
right.
B
I
do
not
claim
that
whatever
I've
said
today
is
the
final
verdict
or
it's
it's
it's
the
final
saying.
A
lot
of
research
still
needs
to
be
done
inshallah.
Hopefully
we
can
work
together
to
inshallah
conduct,
new
research
and
inshallah
and
to
cover
all
these
topics
in
china.
A
B
I'll
make
some
jokes
here
about
the
raptors,
but
I
don't
want
to
be
banned
from
ever
ever
coming
and
giving
a
lecture
in
toronto
right.
In
fact
what
I
told
my
friends
here
last
joke
in
in
well,
I
told
my
friends
after
the
raptors
won
the
the
nba
championship.
I
said
kawaii
kawaii
kawaii
is
lost.
Where'd
the
choir
go
in
gujarati
kawaii.
A
For
your
valuable
precious
time
you
give
time
to
us,
there
are
many
questions.
People
are
asking
but
alhamdulillah.
I
think
people
go
rewind
back
the
presentation
which
we
have
given.
It
was
phenomenal.
It
was
fantastic
and
may
allah
reward
you
for
the
riyan
for
the
time
you
have
given
mufti-
and
I
I
believe
many
are
going
to
take
a
lot
of
benefit
from
this
presentation
which
we
have
given
today,
including
myself,
insha
allah
and
let's
wait
and
see
what
ethereum
goes
tomorrow
morning
with
seven
I'll
give
you
an
update.
B
Yeah,
it
was
my
pleasure
I
do
want
to
thank
all
of
you,
inshallah,
all
the
all
the
viewers
and
listeners
and
shall
I
we
should
thank
all
of
you
for
listening
to
this
program
for
taking
it
for
being
patient
and
listening
to
me
to
the
end
and
inshallah.
We
can
make
a
difference.
I
want
to
be,
I
think,
maybe
ending
on
that.
There
are
enough
muslims
in
north
america.
B
B
We
can
use
it
for
good,
inshallah,
so
inshallah,
we
we
have
many
talented
muslims
out
there.
Many
expert
muslim
investors
in
cryptocurrencies,
and
so
let's
put
our
resources
and
heads
together,
inshallah,
let's,
let's
work
on
producing
something
good
for
the
community
and
for
the
world
in
general,.
A
And
muftisab,
if
people
want
to
ask
you
questions
or
an
email
id
or
anything
where
we
have
like
day-to-day
question
answers
you
get.
Can
you
please.
B
Yeah,
so
I
am
on
social
media
as
well,
but
my
email
address
is
muft
abdullah,
mufti,
abdullah,
abd
ull,
gmail.com,
muftiabdulla
gmail.com.