Muslim countries will create halal coin given time and awareness: expert

According to a finance expert operating in Malasia, a halal coin is a matter of time and cryptocurrency isn’t rejected by people but the idea of it is generally rejected by authorities.

The advisory firm that goes by the name of Amanie Advisors from which Suhaida Mahpot hails as the CEO, is where Suhaida has worked for the past eleven (11) years.

The firm keeps all its dealings in compliance with the Shariah. According to Mahpot, People just don’t know much about cryptocurrency that’s why they’re reluctant to adopt this new means of transaction.

Malaysia’s Amanah Saham Bumiputera (ASB) and Amanah Saham Nasional (ASN) were the investment options that are rather controversial in the region, were compared with cryptocurrency.

ASB was founded in 1990 and in 2012 labeled as ‘Harus’ that the faith neither promotes the use of nor does it reject its use. Previously, there were two major stances towards ASB, Mahpot noted, with one suggesting that ASB was Harus, and another ultimately rejecting it as haram.

However, the Selangor Fatwa Committee restored the status of ASB and ASN by allowing investments to be made. They were banned on the grounds of being inducted with ‘riba’- usury funds.

United Arab Emirates (UAE) and Saudi Arabia are working together to make a cryptocurrency. A relative announcement was also made in 2018 by the ADAB Solutions project that was based in the UAE. The ADAB Solutions project aims to make a crypto exchange that goes by the Shariah law.