Cryptocurrency Becomes Acceptable as Zakat in UK Mosque Masjid Ramadan
The mosque made an announcement about accepting cryptocurrencies like Bitcoin and Ethereum, becoming the first in the UK to do so.
Cryptocurrencies became a fad some months ago and now to encourage the usage among the Muslim population, a mosque in East London, Masjid Ramadan, or Shacklewell Lane Mosque has started accepting bitcoins as a way of donation. The mosque made an announcement on Monday, May 21 about accepting cryptocurrencies like Bitcoin and Ethereum, becoming the first in the UK to do so. These donations can be made as zakat, the annual 2.5 percent tithe that is mandatory on for Muslims who have a minimum amount of wealth.
Other than the zakat contributions, the mosque will also accept the regular donations for charity in the form of cryptocurrencies. The mosque is registered to UK Turkish Islamic Trust and hopes to collect a good amount of charity in the holy month of Ramadan. The mosque's chairman, Erkin Guney, 51, said the money raised would go towards carrying out essential repairs at the mosque. They will also assist poor Muslim families with funeral costs, and feeding and offer shelter to those in need in the local area. He told, “It’s new money. It’s moving with the times. It’s no different from transferring money from the bank." They aim to reach at least the 10,000 pound mark in this season. The funeral costs in the country are also very expensive so they will assist the people who cannot afford it. How does the Cryptocurrency 'Bitcoin' work? How to Buy & Check the Rates of Virtual Digital Currency
The technology start-up is helping the mosque in receiving, storing and sell cryptocurrency safely. While the use of cryptocurrency is getting wide the leaders have questioned if it is halal. The Mufti of Egypt, has opposed to the use of these virtual currencies, pointing to the lack of regulation and anonymity of users. Zayd al Khair, the religious advisor of the mosque, however, was open to the idea of the new adaption. “Cryptocurrency is new, but its usage is growing. In these circumstances, someone needs to lead. We’ve started this ground-breaking campaign. If it’s successful, I am sure many more mosques and [Islamic] charities will embrace crypto-currencies too. Any money or currency is neither halal – permissible – nor haram – impermissible." People can make their donations on the mosque's website using the QR code. The donation will then be transferred to the bank's cryptocurrency wallet.
(The above story first appeared on LatestLY on May 24, 2018 03:13 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).