A Detailed Ruling On Bitcoin And Cryptocurrencies | Shaykh Sulayman ar-Ruhayli
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- Опубликовано: 5 июн 2018
- Shaykh Sulaymān Salīmullāh ar-Ruḥāylī:
We will move on to something which has preoccupied the people in this time. An affair that has preoccupied the people and has trailed them a lot. It is what is called digital monies or electronic currencies. Before I speak about electronic currencies, I say, O brothers, in the technical terms present today, there is digital monies and electronic currencies. It is necessary to distinguish between them. Digital monies are an electronic means which contain the currencies which are familiar. These new electronic means contain currencies which are familiar/known. It contains dinars. It is a new electronic means, like credit cards with their various types. This in reality is not money in its essence, but only a means. As for the money, then it is the currencies that are present now. This, in terms of its origin, is allowed. However, dealing with it remains a position of examination. Is it a Legislated means or not? However, we do not want to discuss that now.
As for digital currencies, then they are electronic, computer monies, established on complicated accounts. It is difficult to uncover them and their domain is electronic networks. That is, it does not have a domain outside of that. Their domain is the electronic networks. Before I speak about its ruling, it is necessary for us to know that money that is considered in the Legislation is of two types. This is very important. For I have seen many of the students of knowledge-who speak about the digital currencies-do not know the Legislated monies. They mix some affairs with others.
The monies considered in the Legislation are of two types:
one, that it has value in and of itself and the people recognize [using it] in making exchanges. This is called, according to the Jurists, as (النقود السلعية). That is: itself is a commodity, like gold. Gold, O brothers, has value in and of itself, and silver, and copper, and other than that has a value in and of itself. Entering into that is the paper monies when its [value] is returned and backed by gold and silver. In the past, the dinar was backed by gold and silver. The Saudi dinar was backed by silver. So these paper monies are representatives for something that has value, which is gold or silver. This is the (النقود السلعية).
The second type: is the monies that do not have value in themselves and their value is based on the strength of the economy of a country. The warranty/guarantee [for this type of money] is upon the country. Like the paper money today. In your pocket are all papers, dinars. Valued [for example] at ten dinars. Is the value in and of itself? Itself has no value. Is its value backed? Where does it gain its value? From the strength of the economy of Kuwait. It is said about an economy that if it is strong, its currency is strong or firm. If Allah decreed and weakness occurs in the economy, then what will happen to the value of the currency? It will go down. So this does not have any value in and of itself, but its value is based on the strength of the official economy of the country and the warranty/guarantee is upon the country. So this warranty/guarantee is written down. This is called (النقود الإئتمانية). The other one is called (النقود السلعية) because it has value in and of itself, where as this one is (النقود الإئتمانية). They are both monies which are considered in the Legislation. Keep this in your minds, for we will use this in deriving the ruling on this (electronic) currency.
Some of the students of knowledge have allowed digital currencies based on the permissibility of (النقود السلعية). O brothers, according to your mind, are electronic currencies (النقود السلعية) or (النقود الإئتمانية)? We suppose it is (النقود الإئتمانية) because it does not have an existence in the outside world. Electronic, digital currencies are very many, however, the most popular is this bitcoin that is present [nowadays]. It emerged at the end of 2007 and at the beginning of 2008 as an idea. Then it appeared as a reality in 2009 except that it did not gain momentum and prevalence except in the year 2017. It developed a strong momentum in reality.
Māshā Allāh. May Allāh reward the Shaykh for such a comprehensive and competent answer and may Allāh reward the brothers for translating this. Al-humdulilāh the Shaykh demonstrates his excellent knowledge of the dīn and economics. As someone who has personally studied Economics at Degree level, which involved studying about currency and money markets etc. the Shaykh’s knowledge about such matters is evident through his speech. For those Muslims who involve themselves in crypto currencies take heed from what the Shaykh explained and stay away from the unlawful and doubtful matters. Allāh knows best.
May Allaah reward the shaykh, but unfortunately here he is mistaken. I love the shaykh, studied directly underneath him for years, but when we see something incorrect, then it’s incorrect. I made 56 videos demonstrating this. But everyone is free to take whatever advice they see fit.
If Shaykh is asking where does Bitcoin gain its value from then we can say it gains its value from being limited in supply and being mined through mathematical computation as well as the acceptance of people as a means of exchange.
The Prophet ﷺsaid: "What is lawful is evident and what is unlawful is evident, and in between them are the things doubtful which many people do not know. So he who guards against doubtful things keeps his religion and honour blameless".
(Sahih al-Bukhari 2051,Sahih Muslim 1599)
Jazakum Allah khayran Shaykh, a very detailed and clear explanation, mashallah.
I just want to advise some of the people who are carelessly speaking against the Shaykh, may Allah guide all of us. Brothers and sisters, fear Allah and seek knowledge and provisions with sincerety and with intentions of using it for pleasing Allah only, because the one who gains provisions through haram means their dua is not accepted, as the prophet صلى الله عليه وسلمhas said, and keep in mind that Allah will replace whatever you leave off for his sake with something better. Alhamdullilah, and mashallah the Shaykh has used his large knowledge of fiq and what he has learned about cryptocurrencies and deprive a ruling on it based off Islamic principles and proffs which clearly cuncluded that its haram. However, if you have a question and doubts then ask. Also if you think that he might of missed something, or made a mistake in something based upon your level of knowledge in fiq and cryptocurrencies then you can just politely give a detailed explanation on why and advice him, through his main website or the fatwa wabsites that allow you to submit your suggestion and will be given consideration if it has evedance to back it up, instead of simply stating that "the Shaykh doesn't know what his talking about" , because that could be recorded in you records of deeds as badmouthing a Shaykh wich is a major sin.
May allah give us Allah guide and tawfeeq.
The Prophet ﷺ said: "What is lawful is evident and what is unlawful is evident, and in between them are the things doubtful which many people do not know. So he who guards against doubtful things keeps his religion and honour blameless".
(Sahih al-Bukhari 2051,Sahih Muslim 1599)
جزاك الله خيرا شيخ ❣️
👍
Asalaam Aleikum wa Jazak Allahu Khair. Alhamdulilah theres alot of money and fiqh here, something i don't often see. Abu Dardar Radiyallahu anhu said its from the fiqh of a man to know how to make money based on salafi brother umar quinn's lecture.
Wa alaikkum mussalam warahmathuLLAH
وعليكم السلام و رحمة الله و بركاته
Yet, unfortunately, the shaykh is incorrect here. He is my shaykh, studied under him for many years, I even used to pray in his local masjid while in madeenah, but this video is just plain wrong
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@@BTCDividedByZero Thank you for the input, can you tell me specifically what is wrong. I myself am still gathering info.
why cant it just be free trade without govt intervention like bartering? don't people assign values to items in bartering differenty? i am not sure. or if ppl on their own assign it any currency at hand value with out the govt?
20:45 Its a 70% drop.
But since then it’s gone up above that point it ‘dropped’ and is now 400%+ above that.
Just admit it, you messed up.
You miss read it. It was 20,000 and dropped by 60% and then over time it dropped even further to 6,000
The Prophet ﷺ said: "What is lawful is evident and what is unlawful is evident, and in between them are the things doubtful which many people do not know. So he who guards against doubtful things keeps his religion and honour blameless".
(Sahih al-Bukhari 2051,Sahih Muslim 1599)
What about forex trading? If forex trading has offered islamic account then it is halal?
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And how knows what is the ruling about Forex?
haram
Now Elsalvador has legalized Bitcoin as a legal tender signed into law. Now if I move to Elsalvador and use bitcoin, do I still fall under haram?
Are they guaranteeing it's safety, proper usage etc?
This is a follow up question to be asked to a scholar
The Prophet ﷺ said: "What is lawful is evident and what is unlawful is evident, and in between them are the things doubtful which many people do not know. So he who guards against doubtful things keeps his religion and honour blameless".
(Sahih al-Bukhari 2051,Sahih Muslim 1599)
Its haram cos the coin itself is haram due to it gotten from haram means
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I love shakhy but i think there is a misunderstanding of crypto and how it works
It is crustal clear!!! Don't let shaytaan fool you. With or without crypto, you only get what ALLAH has chosen fot you
@@baddou88 have you any info about dropshipping.... Is it halal or haram?
@@uzeyirktk4945 I am not a scholar. you will have to ask a scholar. Trading has strict rules in Islam. It is difficult to sell a good that does not belong to you. Islam certainly has an answer for that.
@@baddou88 ok bro
@@ED-wn5jw i know but we have a store like an Amzon warehouse for which we pay charges in which we store our inventory so i think it is in our ownership...
On an annual scale it has climbed from 1000 to 6000, more politics and conspiracy than Islam here. He could as well say mathematics is haraam.
Brother, Shaykh is saying about Volatility.
Any currency which is so Volatile (whether going up or down) cannot be used for transaction.
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Eg.: I bought a House with 100 Bitcoin, and I paid 50 Bitcoin in advance, and the next day the value of Bitcoin rose or fell by 20% and then I paid remaining 50 Bitcoins.
Then it's either Zulm on me or the seller.
As for Fiat (paper) currencies then it's value is much more stable. And there's a government (central authority) to keep it stable by:- 1. Printing more money 2. Increasing interest rates (it's Haram but I am talking about stability here), etc. etc.
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So, it's clear based on current scenario Bitcoin is very volatile
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I hope the issue is clear to you now, brother.
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Our Scholars don't get neither do they desire any worldly benefit for declaring anything Halaal or Haraam, they declared Bitcoin Haram because of it's volatility, uncertainty, no central authority, and other points mentioned above.
If in future, these issues are resolved then at that time our Scholars will declare it permissible, but it's HARAAM now
@@munawwarshaikh8010 what if I convert my money to USDT (Stable Crypto) that doesn't go up or down? Or I move to Elsalvador which has legalized Bitcoin as a legal tender, do I still fall under haram?
@@tbccash-inn1719 Good Question brother. I also want to know the answer.
The Prophet ﷺ) said: "What is lawful is evident and what is unlawful is evident, and in between them are the things doubtful which many people do not know. So he who guards against doubtful things keeps his religion and honour blameless".
(Sahih al-Bukhari 2051,Sahih Muslim 1599)
السلام عليكم ورحمة الله وبركاته.
Please remove this video as the shaykh has been dropped. بارك الله فيكم.
What do you mean?
What do you mean by dropped?
Keep your mouth shut you ignoramus. Diverting people away from knowledge whilst you yourself is ignorant. Perhaps you don't even know arabiya... Miskin
@@TheAudaciousInvestor he is aside with mohammad ibn hadi al madkhali, a allama who accused someone for aahir in the middle of a mosque.
@@ilias7268 source ?