Bitcoin is Sharia-friendly, says Indonesian Islamic scholar

An Islamic scholar at Indonesia-based Blossom Finance has said that the Bitcoin cryptocurrency is considered permissible, or Halal, under Islamic Sharia Law, The Independent reported.

The price of Bitcoin on Friday surged by more than $1,000 with some observers claiming that the Islamic scholar’s comments helped lift the digital currency,

Scholar Muhammad Abu-Bakar, who made the claim, “explored the functionality of bitcoin and other cryptocurrencies to determine whether they fit with Islam’s strict definitions of money,” The Independent reported.

“Several recent Fatwa issued by prominent Muslim scholars offered incomplete or contradictory opinions on the topic,” Blossom Finance CEO Matthew Martin was quoted as saying.

“With all the confusion out there, we wanted to offer clear guidance supported by solid research that benefits both laypeople and practitioners of Islamic finance,” he added.