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The Bitcoin Standard Podcast

182. The Islamic Case for Bitcoin

Aug 22, 2023
Guests Harris Irfan, Safdar Alam, and Tarek El-Diwany discuss the Islamic perspective on Bitcoin, its compatibility with Islamic finance, and the flaws of the current financial system. They explore the concepts of riba, uncertainty, equity transactions, and the potential of Bitcoin to become a global monetary system aligned with Islamic finance.
01:36:02

Podcast summary created with Snipd AI

Quick takeaways

  • The compatibility of Bitcoin with the principles of Islamic finance is discussed, with some scholars arguing that Bitcoin can be considered as a form of ownership or a digital asset.
  • The properties of Bitcoin as a non-physical asset align with the objectives of Islamic finance, such as stability and justice, making it a suitable form of money.

Deep dives

Bitcoin's Compatibility with Islamic Finance

Islamic finance scholars discuss the compatibility of Bitcoin with the principles of Islamic finance. They examine whether Bitcoin can be considered as a form of ownership or a digital asset. While some scholars argue for the inclusion of only gold and silver as money, others take a more liberal view, stating that any system that promotes justice, transparency, and low cost can be considered as money. Bitcoin, being a non-physical asset, can perform the same functions as gold or silver, and its properties align with the objectives of Islamic finance, such as stability and justice.

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