FatwaPerlisTransactions & Finance
Fatwa Bitcoin
Is Bitcoin recognised as property, and is it permissible to use it for transactions and trading?
Short answer
The Perlis State Fatwa Committee ruled that Bitcoin is validly recognised as a digital asset with the value of property, but does not yet meet the criteria of a currency, so the rules of sarf do not apply.
A reference, not a fatwa. First sentence of the summary below — read the original fatwa and consult your state authority before acting.
- Authority
- Perlis State Mufti Department
- Status
- Fatwa committee decision
- Series
- Himpunan Fatwa Negeri Perlis
- Topic
- Transactions & Finance
No evidence of gazettement in the source — this is not a gazetted fatwa.
Summary
The Perlis State Fatwa Committee ruled that Bitcoin is validly recognised as a digital asset with the value of property, but does not yet meet the criteria of a currency, so the rules of sarf do not apply. Transacting, storing and trading with it is permissible, provided users understand how it works and its risks in order to avoid gharar. Zakat of 2.5 percent is obligatory if its value exceeds 85 grams of gold and it has been owned for a full year. It may become forbidden if the government bans it or if one joins a get-rich-quick scheme promising fixed or high returns.
Written in our own words from the original fatwa — check the source before acting on it.
Harus bertransaksi dengan Bitcoin sebagai perantara pembayaran, pemindahan wang, aset simpanan dan berdagang dengannya.
Read the full fatwa on the Perlis website (new tab)
How to cite
Cite the original fatwa and its authority. Rujuk Fatwa is only where you found it.
Perlis State Mufti Department. “Fatwa Bitcoin”, date not stated. https://muftiperlis.gov.my/index.php/himpunan-fatwa-negeri/95-fatwa-bitcoin. Found via Rujuk Fatwa: https://rujukfatwa.com/en/fatwa/bitcoin-ruling-perlis-state-fatwa/