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Mosque In London Accepts Bitcoin As Form Of Zakah

NileFM logo NileFM 24/05/2018 Nile FM Staff
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A mosque in East London has decided to make an unusual and bold move, as it announced that it accepts cryptocurrency donations in the form of Bitcoin or Ethereum, making it the first mosque in the UK to do so.

According to the Ramadan mosque, it’s deeming the cryptocurrency halal/permissible, if it is "transacted in a lawful manner."

Erkin Guney, the chairman of the board of trustees, said in an interview “We are trying to appeal to a wider audience with the new money, it’s big in the Islamic world, and we have set up a platform for wealthier Muslims outside our community to support and donate to our mosque.”

Ramadan mosque in East London

The situation is unusual because the bitcoin has been a subject of controversy, as several prominent figures in the Islamic world, including the Grand Mufti in Egypt, have suggested that it's haram, as there are groups using the cryptocurrency in illegal transactions.

CEO of Blossom Finance, Matthew Martin said: “Several recent fatwah issued by prominent Muslim scholars offered incomplete or contradictory opinions on the topic.”

Continuing: “With all the confusion out there, we wanted to offer clear guidance supported by solid research that benefits both laypeople and practitioners of Islamic finance.”[article id=636]Gurmit Singh, founder of blockchain startup Combo Innovation has said “If Muslims, who make up a quarter of the world’s population, hold just 1 per cent of bitcoins – or £1.04 billion – then £26 million in Zakat contributions is due.”

Bitcoin is a cryptocurrency, meaning that it is all digital and has no real physical manifestation, it has seen a surge in recent time rising to prices up to $ 10,000 for a single one. If you want to know more click here.

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