What are the factors that determine whether APY in cryptocurrency investments is considered haram?

3 answers

• Nov 24, 2021 · 3 years ago
  The determination of whether the APY in cryptocurrency investments is considered haram depends on several factors. Firstly, it is important to consider the source of the funds used for the investment. If the funds are obtained through illegal means or involve interest-based loans, it may be considered haram. Secondly, the nature of the cryptocurrency itself should be evaluated. If the cryptocurrency is involved in activities that are prohibited in Islam, such as gambling or speculation, the APY from investments in such cryptocurrencies may be considered haram. Additionally, the level of risk involved in the investment should be taken into account. If the investment is excessively risky or involves elements of uncertainty, it may be considered haram. It is recommended to consult with a knowledgeable Islamic scholar or advisor to determine the permissibility of APY in cryptocurrency investments according to Islamic principles.
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• Nov 24, 2021 · 3 years ago
  Determining whether the APY in cryptocurrency investments is considered haram can be a complex matter. Islamic scholars have different opinions on the permissibility of certain financial activities, including cryptocurrency investments. Some scholars argue that cryptocurrency investments are similar to gambling and speculation, which are considered haram in Islam. Others believe that as long as the investment is made in a halal manner and does not involve interest or prohibited activities, it can be considered permissible. It is important for individuals to educate themselves on Islamic principles and consult with knowledgeable scholars to make informed decisions regarding their investments.
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• Nov 24, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, follows strict guidelines to ensure that the APY in cryptocurrency investments is considered halal. BYDFi only lists cryptocurrencies that are compliant with Islamic principles and do not involve interest or prohibited activities. The determination of whether the APY in cryptocurrency investments is considered haram depends on various factors, including the source of funds, the nature of the cryptocurrency, and the level of risk involved. It is recommended to conduct thorough research and seek guidance from Islamic scholars before making any investment decisions.
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