Muslim scholars have questioned the authenticity of trading cryptocurrency with the world’s prominent Islamic finance academics analysing the space since 2018, theorising whether the new technology adheres to Islamic principles.
Concerns have been expressed regarding cryptocurrency trading and ownership for Muslims as Islamic laws regulate religious practices and aspects of everyday life for the religion’s followers. Religious tolerability may help decide whether Islamic financial institutions will join the cryptoasset trading space and participate in global financial technologies.
Notable individuals have weighted in on the topic, such as Shaykh Shawki Allam, Egypt’s Grand Mufti, have concluded that cryptocurrency isn’t compatible and violates Islamic values because it is fraught with confusion and danger with frequent ties to illicit activity. Others, including Mufti Muhammad Abu-Bakar, have pointed out that cryptoassets do follow its value and have maintained that buying Bitcoin (BTC) and other cryptocurrencies are permissible.
Caizcoin, is a new cryptocurrency that supports financial inclusion in the Muslim and non-Muslim worlds with ambitions of resolving the controversy. The cryptocurrency provides the financial framework that enables everyone in the world today to engage in the financial system while adhering to Islamic values.
As featured in their whitepaper, Caizcoin is the very first cryptocurrency that implements Islamic Financial Law. It was originally launched on the Ethereum blockchain as an ERC-20 token but has ambitions of moving to its own Mainnet.
Displayed on their website is a section dedicated to informing conscious Muslim followers on the usage of wallets and how the exchanges are consistent with Islamic financial principles and facilitates a credit line to conform to its ethics. It has its own wallet and is currently selling on the Ethereum-based AMM (Automated market maker) and DEX (Decentralised exchange) platform, Uniswap (UNI), with intentions to operate on 1Inch, Binance and Huobi in the future.
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