Malaysia’s leading Shariah scholars support halal cryptocurrency but say Islamic finance ecosystem needs to catch up
KUALA LUMPUR - Malaysia’s leading Shariah advisors continue to believe a halal coin is on the cards, just as long as financial technology entrepreneurs maintain their appetite for it and the Islamic finance ecosystem comes to understand it enough to regulate it.
The idea of a Shariah-compliant cryptocurrency is not a new one, and some start-ups have been developing their own forms of halal currencies or tokens. For instance, UAE-based Halal Chain uses blockchain technology to track the provenance of halal products and has issued a coin as a means of payment.
“From a Shariah perspective, I believe this is the best ever form of currency,” Dr Mohd Daud Bakar, chairman of the Shariah Advisory Council of Bank Negara Malaysia, the central bank, told Salaam Gateway.
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