What is meant by forbidden currencies?
Forbidden currencies are currencies or means of payment that contain transactions that violate the provisions of Islamic law, such as usury, uncertainty, gambling, or fraud. Islam emphasizes that financial transactions should be based on justice, clarity, and not oppressing people or consuming their wealth unjustly.
Reasons for the prohibition of some currencies
There are several reasons that may render a currency forbidden or questionable in its ruling, the most important of which are:
1. Usury:
If the currency or transaction is linked to usurious interests or lending at a fixed interest rate, it is considered forbidden because usury is one of the major sins in Islam.
2. Uncertainty and ignorance:
When the currency is of unclear origin or highly volatile, resembling gambling, some scholars may see that dealing with it involves significant uncertainty.
3. Fraud or lack of real value:
Some currencies may be created with the aim of fraud or raising funds without a real project, and this is considered as consuming people's wealth unjustly.
4. Use in forbidden activities:
If the currency is often used in illegal or forbidden transactions, dealing with it may be prohibited.
Digital currencies and their ruling
Digital currencies like Bitcoin and others have become a major topic of discussion among scholars. Some see it permissible to deal with them if they are free from fraud and usury, while others believe they are not permissible due to high volatility and risk and the lack of a guarantor. Therefore, many scholars advise caution before investing in them.
The Muslim's position
A Muslim should seek what is lawful in their financial transactions and avoid any currency or investment that contains elements of suspicion or injustice to others. It is also preferable to consult specialized scholars before entering into new financial transactions.
Conclusion
The issue of forbidden currencies is a contemporary matter that requires a precise understanding of Sharia rulings and the reality of modern economics. The essence in Islam is to protect people's wealth and achieve justice in transactions, so a Muslim must choose lawful means of earning and investment and avoid anything that has an element of prohibition.