A recent fatwa by a 90-year-old Salafic cleric in Saudi Arabia has declared Bitcoin permissible under Islamic law, marking a groundbreaking shift in the Islamic finance community’s stance on cryptocurrencies.
This ruling provides a religiously endorsed pathway for Muslims worldwide to engage with Bitcoin, a currency traditionally viewed with caution within Islamic jurisdictions due to concerns about speculation and volatility.
Sheikh Abdullah bin Sulaiman al-Manea, a member of Saudi Arabia’s Council of Senior Scholars, affirmed in his decree that Bitcoin’s decentralized nature and limited supply align with the principles of Islamic finance.
Sheikh al-Manea emphasized that Bitcoin operates within a transparent, consensus-based system, which contrasts sharply with fiat currencies that can be devalued by government intervention.
He further stated that Bitcoin’s scarcity and utility as a medium of exchange position it as a halal form of money, thus opening the door for Muslims to adopt it as a means of trade, investment, and savings​.
This decision could influence the approximately 2 billion Muslims globally, potentially increasing Bitcoin adoption in predominantly Muslim regions. The cleric highlighted the financial empowerment Bitcoin can bring, particularly for those in underserved regions without access to conventional banking services.
This stance may encourage an influx of Muslim investors and financial institutions into the cryptocurrency market, creating new economic opportunities and possibly affecting Bitcoin’s market value worldwide​.
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