Cryptocurrencies such as Bitcoin are not Islamic and that trading in them is haram. Purchasing through them is considered to be illegal use of people's money - Sheikh Abdullah Al Manea, a member of the Saudi Council of Scholars.
Cryptocurrency / Bitcoin
Bitcoin forbidden (Haram): A member of the leading scholars in Saudi Arabia
Jeddah: A leading Saudi scholar has said that cryptocurrencies such as Bitcoin are not Islamic and that trading in them is haram. Bitcoin does not represent the actual price. Purchasing through them is considered to be illegal use of people's money. Sheikh Abdullah Al Manea, a member of the Saudi Council of Scholars, said:
Know the things illegal in Saudi Arabia
'In my opinion, digital currencies, including Bitcoin, are completely forbidden (haram). Bitcoin has no guarantor or issuer. So it's like a gamble, yes it's a gamble. He added.
In Islam, the halal currency for transactions must be generally accepted as a criterion for valuing goods and accumulating wealth. Sheikh Abdullah Al Manea pointed out that all these can only be achieved in the presence of a guarantor or someone who is eligible for insurance, and that these standards are not available in digital currencies. So they are not allowed.
