Why Crypto Adoption Among Muslims Remains Low — And How Caiz Is Breaking It
From retail to institutions, regulators, and the general public, blockchain-powered cryptocurrency has been gaining interest and adoption lately. It has emerged as a powerful financial tool, transforming how we think about money in our everyday lives — from savings and payments to remittances and accessing credit. With cryptocurrency, anyone, anywhere, can easily send and receive money with just a click, access credit, or shop online. But why hasn’t it reached an estimated 2 billion people yet?
When we at Caiz looked deeper, we discovered something specific. To our surprise, nearly 800 million Muslims worldwide face limited access to financial services, with women making up a large portion of this underserved group. And when we looked closer, we identified three key reasons for this gap — religious, educational, and financial concerns.
In this article, we’ll dive straight into each of these challenges and explore the potential solutions.
Sharia Compliance Concerns:
In Islam, financial activities are governed by specific principles known as Sharia law, and one of the most significant barriers to the adoption of cryptocurrencies among Muslims is the uncertainty about their compliance with Sharia law. Islamic finance follows key ethical principles — Interest (Riba), excessive uncertainty (Gharar), and gambling (Maysir) are prohibited because they lead to unfair financial systems.
- Riba: The key principle that’s prohibited in Islamic finance is Riba, meaning excess, usury, or addition. While it reflects an increase, it unjustly hurts one of the two sides because, in the case of interest, the other party has to pay it irrespective of their situation, leading to an unjust and unfair financial situation. Islam, on the contrary, promotes justice and equal distribution of income. Furthermore, interest is not considered a valid form of earning, as it doesn’t depend on whether the capital was actually utilised or not. One example of this interest-driven manipulation can be seen in the global financial crisis of 2008 and 2009.
- Gharar: Gharar essentially means excessive uncertainty or deceit, leading to injustice and instability in transactions. These include transactions where outcomes are highly uncertain, allowing one party to exploit the other. The testimony to this is the fact that over 12,000 cryptocurrencies became defunct between 2013 and 2015, disappearing soon after their launch, highlighting the uncertainty and excessive risk in the crypto market.
- Maisir: Maisir or Maysir, commonly known as gambling, is strictly prohibited in Sharia as it involves wealth generated through chance or luck rather than earned wealth or productive activity. Islam promotes commercial risk-taking for financial transactions to be valid, particularly where effort, skill, or knowledge plays a crucial role in the outcome. Gambling, on the other hand, is purely based on luck with no productive effort or value creation involved. It’s a zero-sum game that often leads to economic instability, social inequality, and other harmful consequences.
In all these practices, one thing is common: the income doesn’t come from genuinely productive means but rather from speculative or imaginary sources. On the other hand, Sharia principles only encourage earnings that provide real, tangible value to the community.
Remember those 2 billion unbanked people we talked about earlier? This group isn’t just made up of Muslims — there’s also a whole bunch of socially responsible investors out there looking for sharia-compliant and ethical financial solutions. And here’s the kicker: The global market for these Islamic financial products is expected to hit around $8.97 trillion by 2023, which clearly shows just how big the demand is.
But Is There a Solution?
While conventional financial institutions failed to serve the global population due to barriers such as lack of digitization, poor infrastructure, high-interest fees, excessive documentation, and mistrust, crypto solves almost all of these problems and empowers everyone to be part of the global economy. However, the speculative nature of cryptocurrencies and high risks hinder many from participating in the ecosystem. Additionally, the lack of clear regulations leaves many unsure whether investing in or using cryptocurrencies is Jaiz (permissible) or not Jaiz (forbidden).
Caiz Brings the Sharia-Compliant Crypto
Now that we understand the key differences that determine whether financial products are permissible or not, let’s explain how we at Caiz is solving these challenges.
Simply put:
- Our ecosystem is all about real-world assets, not hype or speculation like so many other cryptocurrencies out there.
- We keep things fair and just — our lending and earnings are completely free from Riba (Interest).
- Our Stablecoins bring stability to the table, making real-time remittance super easy and affordable with near-zero fees, so everyone gets fair access to financial solutions.
Essentially, at Caiz, we’re building something different — an ethical financial ecosystem that brings together verified Sharia scholars and powerful blockchain technology. It’s a thoughtful mix: a centralized model to ensure every transaction meets Sharia principles and a decentralized model that guarantees transparency and trust. This approach helps us stay true to Islamic and ethical financial values while embracing the benefits of modern crypto finance, all certified by Sharia Supervisory Committees.
To bring real change, we know we can’t do it alone. Our key approach has always been collaboration with stakeholders. At Caiz, we’re building meaningful connections with corporates, banks, institutions, and even lawmakers to create a trusted, compliant, and accessible financial platform that the 2 billion unbanked people truly need.
Recently, our team engaged at two major events: CoinDesk Consensus in Hong Kong and the Middle East Banking and AI Summit. At Consensus, we sat down with blockchain leaders to discuss how ethical crypto can reshape financial access. At the Middle East Banking event, our vision for a Jaiz-friendly future caught the attention of major banking partners and conventional financial institutions.
Lack of Awareness and Understanding
Besides Sharia compliance, another big challenge to cryptocurrency adoption among Muslims is the general lack of awareness and understanding of how digital currencies work.
Let’s be real — cryptocurrencies, blockchain technology, and decentralized finance (DeFi) can feel pretty complicated. And for many Muslims, it’s all still unfamiliar territory. There are also plenty of misconceptions out there, with some people seeing crypto as nothing more than a risky, speculative tool without truly understanding its potential benefits.
And we get it education is key to making a real difference. That’s why, at Caiz, we’re working on educational campaigns and workshops designed to boost awareness and understanding of cryptocurrencies, especially from a Sharia-compliant perspective. Our goal is to help people make informed decisions about whether crypto aligns with their ethical values.
Financial Concerns and Volatility Barrier
We get why so many people, especially those who value financial security and stability, feel hesitant about crypto. The high volatility of most cryptocurrencies can feel like a gamble — and since Maysir (gambling) is strictly off-limits in Islam, that’s a major concern. The fear of financial loss, along with all the uncertainty surrounding the future of digital assets, makes a lot of Muslims understandably cautious about invest in crypto.
That’s why we focus on stability and sustainability. Our approach is all about bringing real utility that stays stable and sustainable for the long term. While the broader crypto market can be unpredictable, what we’re building within the Caiz ecosystem stays true to ethical investment practices and real value creation, with a lot less speculation. It’s about providing a financial pathway that feels secure, reliable, and genuinely aligned with our ethics and principles.
Conclusion: A Path Forward for Greater Inclusion
We understand that the 2 billion unbanked people represent a huge gap in the current financial system, and we believe ethical financial products could be a game changer for true financial inclusion. Knowing this challenge, we take it as our personal responsibility to break down the barriers that have kept so many people away. At Caiz, we’re building a space where underserved communities can feel genuinely confident about getting involved — where modern crypto solutions align with their principles and values. Our mission? To empower millions to embrace cryptocurrencies as a tool for financial empowerment, innovation, and inclusion, all while staying true to what matters most to them.
You can learn more about us and see how Caiz is building a truly Jaiz-friendly financial system:
Website: https://caiz.com
Linkedin:https://www.linkedin.com/company/caizcoin/mycompany/
Telegram: https://t.me/caizcoin_official
Instagram: https://www.instagram.com/caizcoin/
