Category: Business Matters
Fatwa#: 39399
Asked Country: United Kingdom

Answered Date: Dec 14,2017

Title: Zakat on bitcoins

Question

right now Bitcoin price is $5,700

If someone has 20 Bitcoins which hasn't been exchanged in to cash yet, will this person have to pay zakaat on this after 1 year?

Answer

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. 

The matter of Bit coin is under consideration. As a matter of precaution, Zakat will have to be paid on the market value of the Bitcoins.

For further read on bitcoins, you may refer to http://www.askimam.org/public/question_detail/39083

And Allah Ta’āla Knows Best

Anas Sharieff Qasmi.

Student Darul Iftaa

Hyderabad, India.

Checked and Approved by,
Mufti Ebrahim Desai.

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