Dalston, a London mosque is the first in United Kingdom to accept bitcoin donations after a Islamic Scholar declared cryptocurrency legitimate under Sharia law. The clerics of the mosque have taken the decision to accept another popular cryptocurrency Ethereum to get repaired out at the mosque in Shacklewell Lane.
It announced to raise at least $10,000 cryptocurrency in donations for Ramadan through currencies like Bitcoin and Ethereum. Muslims are requesting to pay 2.5 percent of their wealth during 30-day festival as a part of Zakat. The annual donation is obligation for all the Muslims over the world.
The official Hackney Gazette says that they are trying to appeal to a wider audience with new currency, it is big in the Islamic world and have set up a platform for affluent Muslims to encourage and contribute to the welfare of society.
Recently, Mohammad Abu-Bakar of Blossom Finance in Indonesia probed the performance of Bitcoin and other cryptocurrencies. It is useful to determine whether these currencies fit with Islam’s strict interpretation of money.
CEO of Blossom Finance
CEO of Blossom Finance says that several recent fatawah have issued by outstanding Muslim Scholars provided incomplete or contrary opinions on the topic. The confusion have been clearing with the guidelines that endorses by solid research. However it benefits both laypeople and practitioners of Islamic finance.
The founder of Blockchain startup Combo Innovation helped to advise mosque on setting up the bitcoin wallet for enhanicng donations. The Bitcoin wallet address is utilizes by the mosque to gain cryptocurrency and receive the donations worth £100 at prices.
The Donations contributed on mosque’s website is transfers on the bank’s crypto-currency hard wallet. These donations will be trading for stunning currency exchange like LocalBitcoin UK.
Different aspects of Cryptocurrency
Mr Singh says that “If Muslim make quarter of world’s population and hold 1pc of Bitcoin or £1.04bn and £26 million for Zakat contributions”. It is the actual figure of the contribution. There are few mosques or Muslims charities who receive Zakat in form of crypto currency.
Zayd al Khair has given several opinions on the emerging currency from Islamic scholars all over the world. He says that Bitcoin is a new phenomenon and scholars are apart. Few clerics have taken a practical approach and others have encircled it. The team has also taken a position to enhance the usage of digital currencies.