IslamicFinance.de

Prominent Muslim scholars and financial advisors released a white paper declaring Ethereum halal. Ethereum’s compliance with Sharia law has been contemplated for some time. Because of most cryptocurrencies are likely securities, the semblance to interest provokes a stir among those in Islamic finance. Instead, Ether represents a “utility token” and functions as a currency that powers Ethereum. Now, a white paper from Oman-based Amanie Islamic Finance & Shariah Advisor highlights that Ether does indeed adhere to Sharia law. Although the opinion is not final by any means, it still holds weight among devout Muslims. The ruling is similar to comments made by the chairman of the U.S. Securities Exchange Commission in March, which affirmed that Ethereum is closer akin to a commodity than a security.