Category: Business Matters
Fatwa#: 40774
Asked Country: United Kingdom

Answered Date: Jul 16,2018

Title: Is moral coin Shari’ah compliant?

Question

Assalaamu alaikum ww, 

 

I previously asked regarding the question of making a crypto currency based on product trade with mlm system etc. I thought i didn't receive a reply but while searching for something else i seen it come up on the website and more info was requested.

 

We've already developed the coin and website. www.moralcoin.io all info is available on the website. First of all can you please let us know if our implementation is correct as development of a new crypto coin. 2. If the commission based system is correct?

 

Jazakallahu khaira 

Answer

In the Name of Allaah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

 

We prefer you send us a summarized version of the model. We will try to understand the model and will advise further.

 

And Allaah Ta’aala Knows Best

Muhammed Al-Ameen Bin Moulana Ismail Akoo

 

Student, Darul Iftaa

Newcastle; KZN, South Africa

 

Checked and Approved by,
Mufti Ebrahim Desai.

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