How does Islamic coin comply with the principles of Sharia law?

3 answers

• Ambati TejaAug 04, 2020 · 5 years ago
  Islamic coin is designed to comply with the principles of Sharia law by incorporating specific features and mechanisms. It avoids interest (riba) by utilizing a profit-sharing model instead of charging interest on loans. It also addresses uncertainty (gharar) by ensuring transparency and providing clear information about the underlying assets and transactions. Additionally, it avoids gambling (maysir) by prohibiting speculative activities and adhering to ethical investment principles. Overall, Islamic coin aims to provide a halal and Sharia-compliant alternative for individuals who want to participate in the digital currency ecosystem.
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• gp4itOct 20, 2021 · 4 years ago
  Islamic coin ensures compliance with Sharia law through its unique design and features. It follows the principles of Islamic finance by avoiding interest-based transactions and speculative activities. Instead, it focuses on profit-sharing and asset-backed investments. By providing transparency and clear information, Islamic coin addresses the concerns of uncertainty (gharar) and ensures that transactions are conducted in a fair and ethical manner. With its adherence to Sharia principles, Islamic coin offers a viable option for individuals who want to engage in digital currency while staying within the boundaries of their religious beliefs.
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• Dani OgieJun 06, 2024 · a year ago
  Islamic coin, like other Sharia-compliant digital currencies, adheres to the principles of Islamic finance. It avoids interest (riba) by implementing profit-sharing arrangements and asset-backed investments. This ensures that users can participate in the digital currency ecosystem without engaging in prohibited activities. Islamic coin also addresses uncertainty (gharar) by providing transparency and clear information about the underlying assets and transactions. By following these principles, Islamic coin offers a halal and Sharia-compliant alternative for individuals who want to embrace digital currencies while staying true to their religious beliefs. Please note that BYDFi, the digital currency exchange I work for, supports the trading of Islamic coin and other Sharia-compliant digital assets.
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