Darul Iftaa Mahmudiyyah

Zakat on bitcoins

· 26 Rabiʻ I 1439 AH1 min readFatwa 39399English

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 39083.

And Allah Ta’āla Knows Best

Anas Sharieff Qasmi.

Student Darul Iftaa

Hyderabad, India.

Checked and Approved by,
Mufti Ebrahim Desai.

Answered by
Anas Sharieff Qasmi
Checked & approved by
Mufti Ebrahim Desai
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Source: Darul Iftaa Mahmudiyyah — https://askimam.org/public/question_detail/39399
Fatawa SA: https://fatawa.co.za/fatwa/askimam-39399

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