What is the Islamic Injunction on participation into and using OneCoin?
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh
The Fatwa quoted below was deliberated amongst the Scholars at Department of Darul-Iftaa (Wifaqul Ulama) and the conclusion reached after discussion was as follows:
بسم الله الرحمان الرحيم
حامدا ومصليا ومسلما
الجواب ومنه الصواب
Since it is impermissible to participate in the OneCoin scheme, we advise Muslims to stay away from it.
- (Mufti) Amjad Mohammed (HA)
- (Mufti) Bilal Issak (HA)
- (Mufti) Faisal al-Mahmudi (Canada) (HA)
- (Qadhi) Imran Sayed Falahi (HA)
- (Mufti) Mohammed Ashfaq (HA)
- (Qari) Muhammad Shoyaib Nurgat (HA)
- (Mufti) Zakaria Akudi (HA)
- (Mufti) Zubair Dudha (HA)
Disclaimer: Wifaqul Ulama provides answers as general guidelines based on known relevant matters at the time, and are not intended for use for any other purposes (legal or otherwise) without our specific written consent.
OneCoin Compensation Scheme and OneCoin Cryptocurrency
(Mufti) Amjad Mohammed (HA)
The OneCoin scheme contains fraud and deception leading to unlawful consumption of wealth which is impermissible. If potential recruits were made aware of the truth, they would be very unlikely to participate (except for the greedy and ignorant). Even if we ignore that aspect, we cannot escape the fact that when it collapses, it will cause harm to oneself and to one’s wealth which is impermissible. Additionally, by recruiting others, one causes harm to others which is also impermissible and this can continue indefinitely until collapse. This is further exacerbated by additional elements of interest, excessive uncertainty and gambling. We should not associate ourselves with such disreputable companies which cause harm.
- Maulana Suhail Patel, Bolton, UK (Author)
- Mufti Amjad Mohammed, Bradford, UK
- Mufti Faisal Niazi al-Mahmudi, Montreal, Canada
- Shaykh Yusuf Shabbir, Blackburn, UK