Cryptocurrency in the light of Islamic Finance
Cryptocurrency and Islamic finance go hand in hand, wanna know how? Cryptocurrency is a decentralized system of finance where the holder is the whole and sole governor of his money. It is a coming of age financial technology or fintech that allows you to store your money in the form of a digital asset. This crypto is a currency that can be purchased from fiat currency in the form of digital coins or tokens. But how is it connected to Islamic finance?
Islamic financial laws are principles known as Sharia laws that are followed by many people across the world irrespective of their culture. These laws teach you the true meaning of investment that is approved in the eyes of almighty and Islamic scholars. In this blog, we will put light on the relation of cryptocurrency with Islamic finance and its legality.
Salient relation between cryptocurrency and Sharia law
Cryptocurrency or digital currency was coined after the global financial crisis of 2008 that revealed the drawbacks of the traditional centralized form of finance or brick-and-mortar bank. The crisis led to the urgency of decentralized finance in the form of cryptocurrency that enables you to be the sole enquirer of your funds. As far as Islamic finance is concerned, it has a strong relationship with cryptocurrency.
In Islamic finance, paying interest and additional fees is highly illicit and unsacred in the eyes of Islam. Cryptocurrency doesn’t ask for interest as well and the investment is end-to-end encrypted with the help of blockchain that is protected with the help of cryptography. This is a major factor that binds crypto with Islamic law as both of them abide by the rule of zero interest.
Even though there are many coins and altcoins in the market, but only Caizcoin is the cryptocurrency that is approved by Islamic scholars with the fatwa certificate.
Introduction of an Islamic-compliant cryptocurrency
Caiz, as the name suggests, means approved or ‘permissible’. Caizcoin possesses an Islamic blockchain that works according to Sharia laws. Islamic compliant coin is the financial solution that is not only secure, efficient, and automated, but also pious as it is approved by the sacred law. Global money transfers are also quick and cryptographically protected.
Besides the previously mentioned factors, Caizcoin is a cryptocurrency that is compliant with Islamic financial principles and is built on the roots of trust, justice, honesty, safety, transparency, and compassion.
Positive aspects of Sharia-specific cryptocurrency
No matter if you belong to a culture or religion other than Islam, Islamic-compliant cryptocurrencies will be open to everyone. It will offer an ecosystem of trust and security due to its decentralization. Because of its Islamic compliancy, almost every Muslim will be comfortable in financing through this cryptocurrency.
It will work on providing a global financial solution for everyone who focuses on investing under these holy principles. They will get a medium to save and transact without the fear of their funds being governed by centralized banks. Apart from this, Sharia laws are not just limited to Muslims, but non-Muslims are also more than welcomed to invest according to these principles.
Overall, it is beneficial for everyone to finance through cryptocurrency that abides by the pious laws of Islamic finance. Therefore, cryptocurrency in the light of the Islamic financial system is a blessing for every investor globally.
💬 Join Us!
Caizcoin Official Website: https://caizcoin.com/
Twitter: https://twitter.com/caizcoin
Telegram: https://t.me/caizcoin_official
Instagram: https://www.instagram.com/caizcoin_official/
