Cryptocurrency is not always considered to be halal for the Islam. The decision by a UK mosque to accept Bitcoin and Ethereum donations is an oddity in this regard. So far, the move has proven to be very lucrative. Nearly 14,000 GBP has been raised in the past few weeks.
UK Mosque Embraces Cryptocurrency
One mosque in East London decided to embrace cryptocurrency donations The decision was made in March, and the congregation assumed this was a big joke. Under Islamic guidelines, many religious leaders question if Bitcoin is halal. It is a speculative form of value and can be argued that it does not conform to the Islamic faith’s guidelines. As such, this decision strikes many people as controversial.
Accepting Bitcoin and Ethereum has been lucrative, though. Shacklewell Lane Mosque received nearly 14,000 GBP worth of cryptocurrency in a month. This is four times as much compared to traditional cash donations. It is evident cryptocurrency is being spent as a currency in this part of London. Especially among members of the Islamic faith, Bitcoin and Ethereum are relatively popular.
This overwhelming support takes everyone by surprise. Such cryptocurrency support was totally unexpected. Raising so much money during Ramadan is a powerful message. There is a good reason why this mosque accepts cryptocurrency donations. The mosque has decided to allow Bitcoin and Ethereum to be used for donations only.
Erkin Guney, the mosque’s chairman, said:
Many people at the mosque were initially skeptical about us accepting this new money, but the fact we received four times more in cryptocurrency donations shows how important it is to be open to these new digital currencies.
When the donations started to flow in, we were blown away. We received four times more in cryptocurrency donations than in cash from our local worshippers during Ramadan, and we are still receiving cryptocurrency Sadaqah [donations]. It is amazing!
Using the Money Wisely
Even with the Ramadan over, the donations are still coming in. This further confirms cryptocurrency support was the smart business decision. For the venue, cryptocurrency is halal in this regard. The money will be used for repairs at the mosque and assisting poor Muslim families.
One particular cryptocurrency donation stands out. It was made for an amount of 5,200 GBP. It is unclear if this was done in Bitcoin, Ethereum, or a combination of both. Without this generous donation, the total amount raised would still be over twice as high as cash transactions.
Shacklewell Lane Mosque sets an intriguing precedent. Their acceptance of Bitcoin and Ethereum is noteworthy for many reasons. Initial skepticism toward these currencies has all but evaporated. Being open-minded toward new currencies is critical in all strides of life. Slowly but surely, Bitcoin continues to make its mark.
What do you think about the UK mosque giving the okay for donating cryp0tocurrency? Let us know in the comments below.
Images courtesy of Shutterstock.