So Islamic finance isn’t just for Muslims. It’s a financial system based on principles and ethics that can be summarised in a few key points:
- no interest-based lending (this is the most important one)
- promotes risk and reward sharing
- no gambling and measured speculation (ie derivatives like options and futures are impermissible)
- promotes ethical dealing
Fiat money is evidently credit-based and sometimes there aren’t many non-dilutive non-interest bearing solutions for financing which puts a lot of Muslims at a disadvantage. That said, Bitcoin is something that they can get behind. It’s better than any fiat magic money currency created with every loan issued.
So my question is: does anyone here work on the intersection of Bitcoin and Islamic Finance? Or any of you interested by what the two could look like in tandem?
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