A Shariah Advisory Council chairman in Malaysia has praised the “great potential” of cryptocurrency Just three months after a landmark decision declaring digital assets trading is permissible under Islamic law, and religious scholars in Malaysia say crypto is looking bullish as an investment. The Malaysian Reserve reported Dr. Modh Daud Bakar, the Securities Commission Malaysia […]
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The Islamic world seems primed for widespread digital asset adoption, as well-respected scholars claim that crypto trading is fully compatible with Sharia law. Even though in most western countries today, matters related to religion and money have been independent of one another. However, in Islam, especially those following the Shariah code of ethics, the two […]
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Bangladesh-based Bank Asia has joined Ripple’s RippleNet blockchain-based financial services network. Bangladesh-based Bank Asia has joined Ripple’s RippleNet blockchain-based financial services network. The partnership was only recently discovered after a Twitter user pointed out the Bank Asia logo in an official Ripple document on Feb. 10. Still, the partnership must be well over a month […]
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Flying under the radar, Turkey is becoming one of the leading adopters of crypto in the world. When thinking of countries that are ahead of the curve in crypto adoption, Turkey might not be the first place that springs to mind. However, Statistica’s Global Consumer Survey for 2019 shows that a fifth Turkish residents are […]
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Experts in Islamic finance take on the question: Is Bitcoin Halal or Haram according to Sharia law? The rise in popularity of Bitcoin (BTC) and other cryptocurrencies has led to the discussion among Islamic scholars about digital currency’s compliance with Islamic canonical law. Islamic law — known as Sharia — is based on the teachings […]
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The Egyptian government is ready to overcome years of uncertainty on crypto, with new laws reportedly coming by the end of 2019. In the end of May 2019, the Central Bank of Egypt (CBE) announced that it is working on a draft law for crypto-related activities. When introduced, it will oblige financial institutions in the country […]
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A sub-governor from the central bank of Egypt has said the entity is looking into issuing a blockchain-based digital currency. The central bank of Egypt wants to introduce a digital version of the Egyptian pound to reduce costs, local English language news outlet Amwal Al Ghad reported Dec. 16. Ayman Hussein, sub-governor of the Central […]
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Crypto fundraising might be a great tool to fight corrupt regimes, but what happens when freedom fighters seize power? The ongoing controversy surrounding Malaysia’s proposed political cryptocurrency, Harapan Coin, is far from letting up. On Nov. 26, the country’s finance minister, Lim Guan Eng, weighed in on the issue by reiterating that any entity looking to issue […]
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A Saudi-based development bank subsidiary will develop various blockchain products for the Islamic banking sector. Saudi Arabian developmental institution the Islamic Development Bank Group (IsDB) has partnered with a Tunisian startup to develop interbank blockchain tools, a press release confirmed Nov. 29. IsDB, which will conduct the project through its private sector subsidiary, the Islamic […]
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News has come out that the Islamic scholar, Muhammad Abu-Bakar of Blossom Finance in Indonesia has declared Bitcoin permissible under Sharia Law. This would bring in a potential 1.6 billion Muslim investors from around the world. The study was published just prior to the huge spike in the price of Bitcoin seen on April 12th, […]
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