Cryptocurrencies: differing religious views and great financial caution
AmanaFi team · Updated · 1 min read
Cryptocurrencies attract contrasting religious views, from conditional permission to prohibition, and their volatility is extreme. If you are interested, financial caution matters as much as the compliance question.
Why views differ
The discussions revolve around several points.
- The status: currency, commodity or digital asset.
- Gharar: uncertainty and speculation on highly variable prices.
- The purpose: use as a means of payment or mere speculation.
- Fraud risks and the absence of guarantee.
The financial risks
Prices can swing sharply in a short time, platforms have collapsed and scams are frequent. Capital can be largely lost, with no recourse.
If you are tempted
Never put in money for a near need or an emergency fund. Devote only a very small share you would accept losing, and consult a qualified person for the compliance opinion that applies to your case. AmanaFi does not recommend these assets.
Frequently asked
Is a quick crypto gain a sign of compliance?
No. A quick gain says nothing about compliance and guarantees nothing for what follows. Beware of promises of high returns.
Put it into practice with AmanaFi
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