Fatwa: # 40855
Category: Business Matters
Country: United Kingdom
Date: 23rd September 2018


Our company has a crypto currency product called Moral Coin


Assalaamu alaikum ww, 

Our company has a crypto currency product called Moral Coin created from the ethereum  blockchain. 
These coins are sold to members. The members can sell on the coins at base price or keep it for high profits as prices increase or get listed on public exchanges.
Currently to build our network of members we have built a network marketing structure. 
1. Direct referral commission 10%. Anyone referrers a member to our company he recieves 10% of the sale. 
2. Network commission. 
Each member as two legs(teams) each week the total sales volume of each team is calculated and a commision of 10% of the lesser sales volume is allocated for the the member. 
E.g. Team A sales volume €5000   Team B Sales volume €7000 
€500 commision allocated.
3. Uni level commission. 
1st level 10%, 2nd level 10%, 3rd level 15%, 4th level 20%. 
Uni level commission means whatever each referral earns from the network commission the referrer recieve 10% from the company. (As a reward to help their referrals make sales)
E.g my refferral earned €1000 from Network commission this week, i recieve €100 as a reward. 
This goes upto 4 levels. 
Moral Coin privatisation.
Currently moral coin is a private coin and it's price is calculated according to circulation and company development. We utilise the funds to build our own independent  blockchain, Chain stores such as grocery stores and coffee shops, property developments and e commerce. In order to give a solid product based backing to our coin and it's price stability and to avoide high volatility.
Moral Coin will be listed on public exchanges once we have the infrastructure of chain stores etc ready. A rough prediction is of three to four years.
We would like to know the rulings or alterations and suggestions on both aspects. The Coin as well as the commission structure.


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

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

Dear Brother,

Moral coin and other forms of cryptocurrencies could be regarded as accepted modes of currencies. Apart from the fiqhi classification of electronic currencies, ‘urf (accepted norm) is also an important consideration in issuing a ruling. Electronic currencies are in the infant stages. Hence, the issue of ‘urf is also being observed for further consideration.

You may refer to #38905 for more information about the Darul Iftaa’s stance on electronic currencies.

And Allah Ta’āla Knows Best

Tareque Ahmed

Student Darul Iftaa
New York, USA

Checked and Approved by,
Mufti Ebrahim Desai.

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