Fatwa #4077416 July 2018United Kingdom
Is moral coin Shari’ah compliant?
Question
I previously asked regarding the question of making a crypto currency based on product trade with mlm system etc. I thought i didn't receive a reply but while searching for something else i seen it come up on the website and more info was requested.
We've already developed the coin and website. www.moralcoin.io all info is available on the website. First of all can you please let us know if our implementation is correct as development of a new crypto coin. 2. If the commission based system is correct?
Answer
In the Name of Allaah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
We prefer you send us a summarized version of the model. We will try to understand the model and will advise further.
And Allaah Ta’aala Knows Best
Muhammed Al-Ameen Bin Moulana Ismail Akoo
Student, Darul Iftaa
Newcastle; KZN, South Africa
Checked and Approved by,
Mufti Ebrahim Desai.