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Comprehensive Halal Crypto List to Help You Invest

Looking for a comprehensive halal crypto list? In this blog post, we'll cover all the ins and outs of halal crypto investing to help you make informed decisions.

Lois Zaytsaw by Lois Zaytsaw
6 July 2023
in Cryptocurrency
Reading Time: 41 mins read
0
Halal Crypto List 2023

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If you’re looking for a comprehensive halal crypto list, look no further! In this blog post, we’ll cover all the ins and outs of halal crypto investing to help you make informed decisions. We’ll discuss what halal crypto is, how it works, and some of the top options available. With this information in hand, you’ll be ready to invest in halal cryptos confidently!

What Is Halal Crypto? What is Required for a Crypto to be Considered Halal?

Crypto that honors the standards and principles of shariah is known as Halal cryptocurrency. A digital currency must comply with certain conditions set by Islamic law to be classified as halal. The main criteria for halal crypto include the following:

    1. Transparency and Regulation: To ensure a fair, transparent, and regulated cryptocurrency trading market, all parties must abide by clear rules of engagement.

    1. No Interest-based Transactions: Islam prohibits crypto from being used in any interest-based transactions, like borrowing or lending with interest. Therefore, it is essential that this restriction be observed and honored.

    1. No Uncertainty or Speculation: To be permissible in Islam, crypto transactions must not involve any uncertainty or speculation – as such activities are forbidden.

Moreover, to be classified as halal cryptocurrency, it not only has to meet the criteria above but also abides by shariah’s core principles, namely economic equity and fairness, prevention of exploitation and abuse, along with responsible and ethical practices.

 

Comprehensive Halal Crypto List to Help You Invest

Halal Crypto List 2023

    1. Bitcoin (BTC): Dr. Ziyaad Mahomed has proclaimed that Islamic law does not need currencies to possess actual value; rather, it is a social contract that bestows worth upon money for day-to-day utilization. Bearing this in mind, the Muslim community may deem bitcoin as an acceptable form of currency if there is widespread agreement amongst them.

    1. Ethereum (ETH): From a Sharia point of view, there is nothing wrong with buying and selling ETH and using the Ethereum network to make Sharia-compliant applications in the Web 3.0 world. Of course, Riba should be avoided. It is important to note that not everything that is termed “interest” would be Riba.

    1. Binance Coin (BNB): Buying BNB is considered halal for Muslim investors. Because it is transparent, it is not something by illegal means and has functionality in the real world.

    1. Ripple (XRP): The XRP cryptocurrency by Ripple is considered Halal for Muslims due to its on-demand liquidity solution, xRapid. This distinct feature allows financial institutions to use it as a bridge currency without violating the Shariah guidelines. Therefore, those who follow the Islamic faith are permitted to invest in, trade, and stake XRP coins.

    1. Cardano (ADA): Buying, trading, and staking Cardano is halal. This is because staking does not involve any form of speculation or gambling, which are both prohibited in Islamic law. Instead, stakers are simply providing their cryptocurrency ADA coins to support the network and earn rewards for doing so. Therefore, as long as you are not participating in any prohibited activities, staking Cardano is perfectly halal.

 

Cryptocurrency NameTickerHalal or Not
BitcoinBTCHalal
EthereumETHHalal
Binance CoinBNBHalal
CardanoADAHalal
TetherUSDTHalal
SolanaSOLHalal
XRPXRPHalal
PolkadotDOTHalal
DogecoinDOGEHalal
AvalancheAVAXHalal
PolygonMATICHalal
1Inch1InchHaram
AaveAaveHaram
LitecoinLTCHalal
AlgorandALGOHalal
CelsiusCELHaram
TezosXTZHalal
Shiba InuSHIBHalal
Internet ComputerICPHaram
  

Alpaca Finance

ALPACA

Haram

Alpha Finance Lab

ALPHA

Haram

Anchor Protocol

ANC

Haram

Ankr

ANKR

Haram

APY Finance

APY

Haram

Auger

REP

Haram

Badger DAO

BADGER

Haram

Bakery Token

BAKE

Haram

BarnBridge

BOND

Haram

Bella Protocol

BEL

Haram

Beta Finance

BETA

Haram

Bitcoin Gold

BTG

Haram

BitDAO

BIT

Haram

Bridge Mutual

BMI

Haram

bZx Protocol

BZRX

Haram

Celsius

CEL

Haram

Coin98

C98

Haram

Compound

COMP

Haram

Convex Finance

CVX

Haram

Cream Finance

CREAM

Haram

Curve Dao Token

CRV

Haram

DeFiChain

DFI

Haram

DeXe

DEXE

Haram

Dexlab

DXL

Haram

DFL Money

YFII

Haram

Dforce

DF

Haram

DuckDaoDime

DDIM

Haram

dYdX

DYDX

Haram

Enzyme

MLN

Haram

Frontier

FRONT

Haram

Genesis Vision

GVT

Haram

Harvest Finance

FARM

Haram

Hegic

HEGIC

Haram

HiFi Finance

MFT

Haram

IDEX

IDEX

Haram

Injective Protocol

INJ

Haram

Just

JST

Haram

Kava Lend

HARD

Haram

Kava Swap

SWP

Haram

Kava.io

KAVA

Haram

Kyber Network Crystal

KNC

Haram

Linear

LINA

Haram

Liquity

LQTY

Haram

Loopring

LRC

Haram

Maker

MKR

Haram

Mantra DOA

OM

Haram

Mirror Protocol

MIR

Haram

Mirrored Invesco QQQ Trust

mQQQ

Haram

Mirrored United States Oil Fund

mUSO

Haram

MMOCoin

MMO

Haram

Mobox

MBOX

Haram

Nexo

NEXO

Haram

Pancakeswp

CAKE

Haram

Perpetual Protocol

PERP

Haram

PicDAO

DOUGH

Haram

Popuous

PPT

Haram

RAMP

RAMP

Haram

Raydium

RAY

Haram

Reef

REEF

Haram

Ren

REN

Haram

Ribbon Finance

RBN

Haram

SafeMoon

SAFEMOON

Haram

Sharpe Platform Token

SHP

Haram

Shiba Inu

SHIB

Haram

SpiritSwap

SPIRIT

Haram

Stafi

FIS

Haram

Sun

SUN

Haram

Sushi

SUSHI

Haram

Swerve

SWRV

Haram

Swissborg

CHSB

Haram

Synthetix

SNX

Haram

Terra

LUNA

Haram

TheForce Trade

FOC

Haram

TROY

TROY

Haram

TrueFi

TRU

Haram

Uma

UMA

Haram

UniLend

UFT

Haram

Venus

XVS

Haram

Viberate

VIB

Haram

Voyager

VGX

Haram

Wemix

WEMIX

Haram

Woo Network

WOO

Haram

Yearn.Finance

YFI

Haram

 

 

You may be interested in:

    1. Is Shorting Crypto Halal In Islam?

    1. What Is Bitcoin Mining? Is It Halal Or Haram?

    1. Is Crypto Leverage Trading Halal?

    1. What Is APY And Is APY In Crypto Halal?

    1. Is Day Trading Crypto Halal?

    1. Is Crypto Staking Halal?

    1. Is Crypto Futures Trading Halal?

    1. Comprehensive Halal Crypto List to Help You Invest

Guidebook to Digital currencies Compatible with Shariah: Guaranteeing Halal Ventures

Among this broad Shariah-compliance checklist of cryptologic forms of money , each advanced resource has gone through thorough scrutiny in line with Islamic standards to outline whether it is deemed Halal (Allowed) or Haram (forbidden). This time around , endorsed by stringent researchers , or Muftis, ensures that all coins adjust to the severe rules. On the other hand , it is important to recognize that our decisions are brought in subjugation, obtained from techniques utilized by specialists more qualified than ourselves.

Our expectation is that this complete aid helps Muslim merchants and financial backers keep up with Shariah consstence. 

 

Laying out Halal Consistence for Digital currencies

In the wide digital currency universe , it is therefore essential to analyze these computerized resources for Shariah consistence before Muslim financial backers consider them. Our approach applies broadly known evaluating methodlogy over these resources , and you will find these actions used in the examination of every digital money recorded:

  • Authenticity Screening – Check of the crypto resource as an authentic undertaking, not a cheat.
  • Project Screening – Check of the Shariah consistency of the task.
  • Financials Screening – Confirmation of Shariah monetary consistence if it’s a value based token.
  • Token Screening – Grasping the Shariah consistence of the token.
  • Marking Screening – Grasping the Shariah consistence of the marking component

Given the­ lack of a consistent stance among Islamic rese­archers on digital currency , our perspectives may evolve base­d on aditional guidelines provided. We­ will certainly update our list to incorporate the­se changes.

Rules for Halal and Haram Digital Currency

While Islamic scholars worldwide­ engage in discusions and conversations re­garding blockchain innovation and crypto trading , several key factors he­lp determine the­ Halal status of a currency. These factors include­ verifying if the currency is backe­d by a tangible asset , assessing its primary purpose­ (speculation or for actual goods and services) and e­nsuring compliance with Islamic banking and finance principles.

For example, there is an fierce continous debate concerning Bitcoin. Some researchers argue that Bitcoin is considered Haram due to the fact that it has a speculative nature and it lacks tangible asset backing. On the other hand , some believe it falls under the category of Halal since it is eligible to be used for purchasing labor and goods without involving interest (riba) in Islamic finance. Ultimately , the decision to invest in cryptocurencies rests with each Muslim investor after conducting thorough research and seeking guidance from a certified Islamic scholar. Our Halal cryptocurrency list serves as a valuable reference for further inquiries.

The Halal Status of All Digital Forms of Money

It is important to note that not all cryptocurencies comply with Islamic regulations. Some crypto projects are designed and managed by entities that do not adhere to Islamic principles , which may involve activities such as usury (riba) or potentialy engage in prohibited transactions related to pork or alcohol through smart contracts in the future. Therefore, conducting thorough research becomes essential before engaging in cryptocurency management to ensure its compliance with Halal standards.

The Passability of Crypto Loaning

The rise of digital curency exchanges and de­centralized finance (De­Fi) protocols has sparked a contentious debate regarding the Halal status of crypto lending. In 2021, numerous Islamic financial institutions began offering crypto lending services , yet its compliance with Islamic law remains a subject of disagrement. Some scholars consider it Haram due to its speculative nature and resemblance to gambling, while others deem it permisible when conducted on a regulated and transparent platform. Ultimately , the decision rests upon each individual’s interpretation of Islamic principles.

Betting and Vulnerability: The Islamic Point of view

Betting is prohibited in Islam due to its association with uncertainty and vulnerability. The outcome of gambling is unpredictable , posing significant risks and making it a hazardous endeavor. Such practices are considered Haram according to Shariah law , as they encourage individuals to put their money at stake without proper consideration. Recognizing the importance of risk management in various areas , including trading, Islam advises Muslims to carefully asses all potential risks whe­n establishing a crypto portfolio.

Muslims who are investing in Halal digital curencies should avoid engaging in margin trading, lending with interest, or endorsing Haram coins. It is advisable to adhere to the principles of Shariah-compliant stocks and apply a similar screening approach to prevent involvement with prohibited coins. We encourage fee­dback and questions from Muslim investors as we strive to enhance their understanding and knowledge in financial matters.

Paying Zakat on Digital currency Property

Zakat, the generous contribution expecte­d from Muslims , extends its aplication to digital money posessions as well. This means that even digital curencies can be subject to Zakat , which is the act of giving a portion of one’s wealth to those in need. While there is ongoing debate about whether digital currencies qualify as assets for Zakat purposes , they are generaly regarded as investments and therefore­ subject to similar rules.

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Lois Zaytsaw

Lois Zaytsaw

Content Editor, News Meet Lois, a dynamic Crypto, Blockchain, and Finance Writer/Journalist based in the bustling metropolis of New York City. With a passion for technology and a keen understanding of finance, Lois has been covering the latest developments in the world of cryptocurrency and blockchain for several years. Her insightful articles have been featured in numerous leading publications, including The Wall Street Journal, Bloomberg, and CryptoBriefing. Lois' fascination with blockchain and cryptocurrency began during her time as a student at university, where she studied economics and computer science. She was drawn to the disruptive potential of blockchain technology to revolutionize the traditional financial industry, and since then, she has been following the latest trends and innovations in the space.

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