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Top Egyptian cleric issues fatwa against Bitcoin; declares it haram

08:39 PM | 4 Jan, 2018
Top Egyptian cleric issues fatwa against Bitcoin; declares it haram

Bitcoin, the world’s first decentralized digital currency has been declared haram or forbidden for Muslims by the Grand Mufti of Egypt, Shawki Allam.


The Egyptian cleric called for a ban on the crypto-currency since according to Ahram Online it is not considered an “acceptable interface of exchange” as per Islamic law. Allam compared the digital exchange to gambling which is considered haram “due to its direct responsibility in financial ruin for individuals.”


The fatwa is the response of the Egyptian Financial Regulatory Authority's announcement that urged people to engage in the exchange of Bitcoins and has since been deemed as a “form of deception that falls under legal liability by the cleric.”


According to Ahram Online, the fatwa declared that, “Bitcoin is forbidden in Sharia as it causes harm to individuals, groups, and institutions.”



Allam’s reasoning behind the fatwa states that since there is a serious lack of public disclosure regarding dealer’s crypto-currency operations, there could be some legal repercussions for those investing and handling the digital exchange. Allam is also of the view that Bitcoin also undermines Egypt’s power over the regulation of their international and domestic commerce and said the decision to ban was under the counsel of his advisor and “several economy experts”.


The clerics have gone on to even link the currency as direct funding for terrorists and that, “It has no set rules, which is considered as a contract annulment in Islam, that is why it is forbidden.”


Despite certain pressures from the Islamic clerics and the Financial Regulatory Authority, the Egyptian government has not shown any signs of banning Bitcoin as many others like Bolivia and Thailand. Similar claims have arisen from many Saudi clerics who call it a “open gate for money laundering, drug money and haram money."


Whether Bitcoin is haram or not still remains to be seen, but the more important thing to think about is what Bitcoin means for the world’s economy since it is free from the control of big governments and big banks.


Will it really prove to be “the people’s currency” as it is claimed to be or is it really just a fraud?


Only time and investment will tell.

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Pakistani rupee rate against US Dollar, Euro, Pound, Riyal - Check 20 April forex rates

Pakistani currency remains marginally same against US Dollar and other currencies on April 20, 2024. US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 20 April 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71

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