Technology

Cryptocurrencies, blockchain, and Islam

Q: Let’s start broader. Financial services and Islam. What do I need to know?

04 February 2019

A: All Islamic banking and financial services are governed by Islamic, or Shari’ah, law. This means that instead of interest being paid, investors and lenders share in profits and losses. In addition, investment into certain companies and sectors, such as gambling, pornography, alcohol, pork and weapons, isn’t allowed. And finally, investment into speculative markets isn’t allowed; investments must always be asset-based.

Q: The last point sounds opposed to what cryptocurrencies represent. How do the two concepts meet?

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