An old Islamic online financial organization in Germany that advises Muslims on halal investments has just published a rating paper for various investments, labeling them as Halal (green), Haram (red), and in between (check/uncertain, orange). Alongside many traditional investments, they have also listed "crypto-assets (Bitcoin, Ethereum, etc.)" with an orange rating and justified it with "volatility, no uniform Fiqh consensus". The fact that they lumped Bitcoin together with shitcoins into one category already shows that they have no idea what they're talking about. And listing "volatility," which is present in every fiat currency (mostly downwards due to inflation), and the lack of "Fiqh consensus", which simply stems from the fact that many scholars who judge it have no knowledge of the underlying technology or economic facts, only confirms this impression. I could say "I'm tired of this shit" now, but I'll just say "Everyone buys Bitcoin (and financial freedom) at the price they deserve". And: Thank your uneducated Faqih, who in 2025 is still clueless about Bitcoin, later. image

Replies (13)

The volatility point is so damn annoying. They're so stuck in fiat that anything that doesn't track its "price" is automatically deemed as volatile. And lumping bitcoin with crypto is just expected. Although I've noticed that some scholars will say "Bitcoin and crypto", which implies that they probably implicitly acknowledge the there's a difference between the two
Yes, it's likely due to the misconception that fiat is stable. As if everything the government does is inherently stable. Palace scholars.
Are any religious scholars open to public debate, or at least discussion? I think whoever tries orange pilling them would have to be very respectful. Or are there ever opportunities to converse privately, like having a coffee?
Exactly. What's particularly missing, or has always been missing, is a moral compass to properly evaluate what you've learned, old or new. If maximizing profits is your sole objective, you're in trouble.