{"id":171757,"date":"2023-03-03T15:26:52","date_gmt":"2023-03-03T15:26:52","guid":{"rendered":"https:\/\/precoinnews.com\/?p=171757"},"modified":"2023-03-03T15:26:52","modified_gmt":"2023-03-03T15:26:52","slug":"haram-or-halal-new-program-decides-which-cryptos-are-usable-for-muslims","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/haram-or-halal-new-program-decides-which-cryptos-are-usable-for-muslims\/","title":{"rendered":"Haram or Halal? New Program Decides Which Cryptos Are Usable for Muslims"},"content":{"rendered":"

Does a cryptocurrency fall into the haram or halal category? This is a question many Islamic followers have been trying to figure out as they\u2019re intrigued by crypto, yet they\u2019re worried if it will somehow go against their religious beliefs.<\/p>\n

Which Assets are Halal?<\/h2>\n

In regions such as Saudi Arabia, cryptocurrency is constantly undergoing tests to see if it is Sharia compliant. Many believe it to be no different than gambling, which goes against Islamic law. There are also concerns surrounding interest payments and economic speculation.<\/p>\n

Now, an Arab computer science researcher named Shahad Z. Al-Khalifa \u2013 who\u2019s studying at the King Saud University\u2019s College of Computer and Information Sciences \u2013 has unveiled a new report designed to figure situations like this out. The paper is titled, \u201cCrypto Halal: An Intelligent Decision System for Identifying Halal and Haram Cryptocurrencies,\u201d and it\u2019s presently open-source and available to anyone willing to read it. The paper says:<\/p>\n

\n

From the Islamic finance perspective, cryptocurrencies have raised many issues among Islamic scholars regarding its compatibility with Sharia\u2026 \u064e particularly if it satisfies the Islamic requirement for a currency such as intrinsic value. It has become necessary for Islamic finance to adapt to modern changes and assist in providing products and services to Muslims that are compliant with Sharia.<\/p>\n<\/blockquote>\n

The whole purpose of the paper is to decide which assets out there fall in the halal category \u2013 and are therefore usable according to Islamic law \u2013 or haram, meaning they\u2019re forbidden and can\u2019t be utilized. Right now, the paper has identified about 56 currencies that are halal, which another 50 are harmful. The major assets of the world \u2013 including bitcoin, Ethereum, and Dogecoin \u2013 all fall into the former category, while assets like Shiba Inu token, Alpha, and PancakeSwap cannot be used.<\/p>\n

The paper further states:<\/p>\n

\n

To date, there are no published datasets that contain the classification of cryptocurrencies as halal or haram. High priority indicates features that have only haram cryptocurrencies, and low priority indicates features consisting of both halal and haram cryptocurrencies. This separation will assist in determining the cryptocurrency\u2019s degree of compliance with Sharia. For example, if [most of] the high-priority features in the cryptocurrency are satisfied, then it is more likely to be haram with an outcome of \u2018probably haram.\u2019 Otherwise, it is more likely to be halal with an outcome of \u2018probably halal.\u2019<\/p>\n<\/blockquote>\n

The system of Crypto Halal is quite simple. One enters the name of a crypto, and unless it\u2019s already been researched and classified, the system will examine its properties and decide which category it falls into.<\/p>\n

Deciding Which Ones Are OK<\/h2>\n

The paper concludes with:<\/p>\n

\n

[W]e have found that 45 out of 50 haram cryptocurrencies\u2019 projects use decentralized finance (defi) and liquidity pools, whereas none of the halal cryptocurrencies participate in lending & borrowing services, leverage, margin, [or] prediction market.<\/p>\n<\/blockquote>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Does a cryptocurrency fall into the haram<\/p>\n","protected":false},"author":3,"featured_media":171756,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nHaram or Halal? New Program Decides Which Cryptos Are Usable for Muslims - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/haram-or-halal-new-program-decides-which-cryptos-are-usable-for-muslims\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Haram or Halal? New Program Decides Which Cryptos Are Usable for Muslims - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Does a cryptocurrency fall into the haram\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/haram-or-halal-new-program-decides-which-cryptos-are-usable-for-muslims\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-03T15:26:52+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/03\/Haram-or-Halal-New-Program-Decides-Which-Cryptos-Are-Usable-for-Muslims.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/haram-or-halal-new-program-decides-which-cryptos-are-usable-for-muslims\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/haram-or-halal-new-program-decides-which-cryptos-are-usable-for-muslims\/\",\"name\":\"Haram or Halal? New Program Decides Which Cryptos Are Usable for Muslims - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2023-03-03T15:26:52+00:00\",\"dateModified\":\"2023-03-03T15:26:52+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/crypto\/haram-or-halal-new-program-decides-which-cryptos-are-usable-for-muslims\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/crypto\/haram-or-halal-new-program-decides-which-cryptos-are-usable-for-muslims\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/haram-or-halal-new-program-decides-which-cryptos-are-usable-for-muslims\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto\",\"item\":\"https:\/\/precoinnews.com\/category\/crypto\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Haram or Halal? New Program Decides Which Cryptos Are Usable for Muslims\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Haram or Halal? New Program Decides Which Cryptos Are Usable for Muslims - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/crypto\/haram-or-halal-new-program-decides-which-cryptos-are-usable-for-muslims\/","og_locale":"en_US","og_type":"article","og_title":"Haram or Halal? New Program Decides Which Cryptos Are Usable for Muslims - Pre Coin News","og_description":"Does a cryptocurrency fall into the haram","og_url":"https:\/\/precoinnews.com\/crypto\/haram-or-halal-new-program-decides-which-cryptos-are-usable-for-muslims\/","og_site_name":"Pre Coin News","article_published_time":"2023-03-03T15:26:52+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/03\/Haram-or-Halal-New-Program-Decides-Which-Cryptos-Are-Usable-for-Muslims.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/crypto\/haram-or-halal-new-program-decides-which-cryptos-are-usable-for-muslims\/","url":"https:\/\/precoinnews.com\/crypto\/haram-or-halal-new-program-decides-which-cryptos-are-usable-for-muslims\/","name":"Haram or Halal? New Program Decides Which Cryptos Are Usable for Muslims - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2023-03-03T15:26:52+00:00","dateModified":"2023-03-03T15:26:52+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/crypto\/haram-or-halal-new-program-decides-which-cryptos-are-usable-for-muslims\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/crypto\/haram-or-halal-new-program-decides-which-cryptos-are-usable-for-muslims\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/crypto\/haram-or-halal-new-program-decides-which-cryptos-are-usable-for-muslims\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Crypto","item":"https:\/\/precoinnews.com\/category\/crypto\/"},{"@type":"ListItem","position":3,"name":"Haram or Halal? New Program Decides Which Cryptos Are Usable for Muslims"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/171757"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=171757"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/171757\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/171756"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=171757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=171757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=171757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}