Grand Mufti of Egypt Dr. Shawky Allam announced the Shariah ruling on cryptocurrencies, “Bitcoin”.
During the “Let them understand” program broadcast on the “dmc” satellite channel, the mufti of Egypt said that the word “cryptocurrency” was not known to the Chamber before, and that is why he turned to experts after 60. hour search, that these currencies are a wide field for the financing of terrorism, Especially in this period, there is no law that governs it and there is no one to control the issuance of the currency.
The Mufti of Egypt noted that perhaps this idea has started to be enforced in some countries and that is why we are prevented from dealing with it.
In another context, Allam explained that depositing money in banks and receiving interest from them does not fall into the scope of usury, pointing out that this is a modern way of depositing money.
He added that it is permissible to deposit money in banks and take profit from them, explaining that: “We stand not with names, but with meanings and contents, and no one in the universe dares to analyze what God has forbidden. through research, we found that they were non-existent, modern transactions where the terms and conditions of cash transactions were applied.
An Egyptian mufti pointed out that fatwas declaring the bank’s operations to be usury led citizens to turn to a person known as a “restorer”, explaining that a number of fatwas seized their money under the pretext of hiring him. disregarding accurate understanding of reality and sound judgment.
And he continued: “The bank does not take a loan from a citizen, this is money, whether you borrow money from a bank employee or not, he will say that we are investing this money or keeping it for him. “The bank does not need a loan, and the scope of usury is in debt and loans.”