A London mosque may become the first in the world to accept bitcoin donations, and this is all because an Islamic scholar declared the cryptocurrency permissible under Sharia Law.
The Shacklewell Lane Mosque in Hackney is hoping to raise at least £10,000 in cryptocurrency donations over Ramadan, through both bitcoin and ethereum.
Last month, Muhammad Abu-Bakar of Blossom Finance in Indonesia explored the functionality of bitcoin and other cryptocurrencies to determine whether they fit with Islam’s strict definitions of money.
In recent past, several recent fatawah were issued by prominent Muslim scholars, offering incomplete or contradictory opinions on the topic.
The conclusion of his study was that bitcoin is permissible in principle as it is accepted by a wide variety of global merchants.