Breaking News
0

UK’s First Crypto-Friendly Mosque Gets 14,000 Pounds in Crypto Donations

Cryptocurrency NewsJul 16, 2018 06:40AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
UK’s First Crypto-Friendly Mosque Gets 14,000 Pounds in Crypto Donations

The first UK mosque to start accepting cryptocurrency donations raked in 14,000 pounds in Bitcoin and Ether during the month of Ramadan. In contrast, regular cash donations generated a mere 3,500 pounds for Masjid Ramadan, or Shacklewell Lane Mosque, as reported by iNews.

“It’s new money. It’s moving with the times. It’s no different from transferring money from the bank,” Masjid Ramadan chairman Erkin Guney told iNews back in May, when the mosque first announced plans to accept Bitcoin and Ethereum Sadaqah (Islamic voluntary charity).

Islamic teachings oblige Muslims to make annual charity donations (known as Zakat) during the Holy Month of Ramadan. Only the poorest are exempt, with the rest having to contribute 2.5% of their personal wealth.

The Shacklewell Lane Mosque received over 24 individual crypto donations from around the world, the largest being worth 5,200 pounds. The mosque authorities managed to raise almost 40% over their original goal of 10,000 pounds, which is still four times the usual donations received during the month of Ramadan. Most of the crypto collections will go towards essential repairs at the mosque, soup kitchens and shelters, and funeral costs for low-income Muslim families.

Guney said:

“Many people at the mosque were initially skeptical about us accepting this new money…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!”

The mosque received advice on handling the crypto donations from Combo Innovation, a London-based startup with a focus on blockchain and Islamic finance.

“I hope other mosques and charities will now follow Masjid Ramadan’s lead to take advantage of this important new revenue stream,” commented Combo Innovation founder Gurmit Singh.

Whether cryptocurrencies are halal according to Islamic study is still up for debate. The Mufti of Egypt has emerged as a critic, slamming the anonymity of crypto users as well as the lack of regulations. However, Guney believes cryptocurrencies to be fully compatible with Muslim teachings.

“Any money or currency is neither halal – permissible – nor haram – impermissible. Guidance is about the value which it represents,” he told the news outlet in May.

Zayd al Khair, who advises the mosque on religious matters, added at the time:

“Cryptocurrency is new, but its usage is growing. In these circumstances, someone needs to lead. We’ve started this ground-breaking campaign. If it’s successful, I am sure many more mosques and [Islamic] charities will embrace crypto-currencies too.”


This article appeared first on Cryptovest
UK’s First Crypto-Friendly Mosque Gets 14,000 Pounds in Crypto Donations
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email