DONATION APPEAL!

ALL our Projects are FREE and with no advertisements.

We serve millions of downloads a month... Now! Imagine earning on-going rewards of every lecture and quran audio and so on.

As well as helping us cover our running costs and future projects!

mufti menk image

"I really think this is one of the greatest causes one could support"

    Become a Patron
    Donate via PayPal

More Information and Options

Why Don’t Scholars Give Clear Answers On Things Like Cryptocurrency

share this pageShare Page
Faith IQ

Channel: Faith IQ

Episode Notes

A lot is being introduced in our time. Knowing if something is permissible or not is what every Muslim wants to know. Why do scholars not give immediate and quick answers to these new aspects being introduced?

Shaykh Abu Eesa clarifies and answers.

Episode Transcript

© No part of this transcript may be copied or referenced or transmitted in any way whatsoever. Transcripts are auto-generated and thus will be be inaccurate. We are working on a system to allow volunteers to edit transcripts in a controlled system.


00:00:00--> 00:00:04

Why don't disclose give immediate quick and clear answers on things like cryptocurrency.

00:00:07--> 00:00:38

But it's obviously to try and save you money, right? Because imagine if they'd given you a quick clear answer with Bitcoin at the end of 2017. And you put your life savings in and then look at the price now, you'd have lost everything right? No, of course, that's not the reason. But on the other avala, right. You should know, by the way that scholars don't give rulings based upon what they make losses or profits, we look at the legal issues. So just me, let me make that clear. First of all, folks, it's a huge blessing that their alumni today they are cautious and they take their time when it comes to giving a ruling in front of all US parents out there accountable for every single word,

00:00:38--> 00:01:08

they say. It's a huge positive that they're cautious in that manner. They've got to get it right. And there are so many difficult issues around it. Now, the squatters aren't dumb because they don't understand cryptocurrency who does understand cryptocurrency? The vast majority of people just googling, you know, what is it and then whatever they read, they're using that as a basis to go and invest their money in and maybe lose everything or make everything just because they keep profiting, that is not a good thing. To be able to understand that it is based upon Islam is based upon the Sharia, Allah says happy with it, it is hella, that should be the aussolas should be the basis and

00:01:08--> 00:01:39

these are complicated matters. And yes, the scholars will differ over that. And that's a healthy sign. So do not be irritated by the fact that we take time to be able to understand these issues when the experts themselves are confused on it heads of financial institutions and economic economists themselves were experts, they don't understand the full ramifications. And the scholars have to look at wider issues as well. For example, how do you come about this? I mean, you're seeing right now that some people are hacking into other people's computers to use their power to be able to mined these cryptocurrencies. These are the associated factors that scholars have to keep in mind

00:01:39--> 00:02:13

what's going to happen when we say Hello, this is what will it will lead to, it will lead to people continue to use huge amount of energy that can run cities, for example, is that ethical? Is that right? It will lead to people being focused on a zero sum game when it comes to profiting as long as I make money by investing in it and everyone else loses. So there are a wide issues as this thing's accountable. Can I invest in it? Is it like gold when you invest in it? Or is it like paper money meaning that it's something which I have in my possession as my own personal man wealth, there's a card upon it and hand in hand. And for example, other issues one coin was touted as a cryptocurrency

00:02:13--> 00:02:43

that Muslims should invest in and immediately I said it was a and I said it publicly that it was a pyramid scheme, and it should be avoided and people were so angry and you're against the Muslims and you're always saying haram and you don't know anything, you're ignorant bla bla bla, usually abuse. And now the founders of one coin, the rival to Bitcoin have been prosecuted because of exactly that fact that it was a scam and a pyramid scheme. Folks, you need to be careful to trust your scholars and you to respect the fact that they're being cautious and taking their time this is a blessing, not a negative. As for the ruling on Bitcoin that's coming up in the next video in sha Allah