Future of ’halal coin’ rests in hands of institutions, say Malaysia’s Islamic finance experts
KUALA LUMPUR - A Shariah-compliant cryptocurrency that allows Muslims to pay for halal goods and services across borders would be desirable but for now it remains a hypothetical ambition as scholars and financial authorities grapple with it, according to experts canvassed by Salaam Gateway.
For a so-called “halal coin” to work, it must span both Shariah law and conventional and Islamic banking, says the head of the advisory perhaps most closely linked to the concept. Only once there is analogue banking buy-in could it enter the mainstream.
“The acceptability of a digital halal coin goes beyond Shariah,” Suhaida Mahpot, chief executive of Amanie Advisors in Kuala Lumpur, told Salaam Gateway.
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