IslamicFinance.de

The International Islamic Trade Finance Corporation has signed an agreement to support the provision of a food relief program for the most vulnerable people in Kyrgyzstan during the outbreak of the new coronavirus (COVID-19). The support will provide immediate relief to around 2,000 families who are most affected by the health and economic consequences of the pandemic. The humanitarian intervention will be implemented by ITFC's partner institution, Micro Credit Company M Bulak of Kyrgyzstan.

The Grand Mufti of Egypt has explicitly prohibited trading in Bitcoin, explaining that it is forbidden in Islamic Sharia for the risks it holds, and its been used to fund terrorists. A Fatwa has been issued that the virtual currency should not be used to make financial transactions because it has no monetary cover by the Central Bank of Egypt (CBE). Mufti Allam remarked that Bitcoins undermine the legal system, as companies can evade taxes and not disclose their profits due to the fact that Bitcoins are untraceable. Furthermore, companies turn their attention to crypto currencies as it allows them to launder money or finance terrorist activities and engage in other fraudulent behaviors. The Mufti concluded that Bitcoin does not have a physical form and leads to fraud, therefore prohibited its use as it leads to more corruption.