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
هو الموفق
حامدا ومصليا ومسلما
الجواب ومنه الصواب

Since it is impermissible to participate in the OneCoin scheme, we advise Muslims to stay away from it.

  1. (Mufti) Amjad Mohammed (HA)
  2. (Mufti) Bilal Issak (HA)
  3. (Mufti) Faisal al-Mahmudi (Canada)  (HA)
  4. (Qadhi) Imran Sayed Falahi (HA)
  5. (Mufti) Mohammed Ashfaq (HA)
  6. (Qari) Muhammad Shoyaib Nurgat (HA)
  7. (Mufti) Zakaria Akudi  (HA)
  8. (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)

What is the ruling on OneCoin? Is it permissible?

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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.

  1. Maulana Suhail Patel, Bolton, UK (Author)
  2. Mufti Amjad Mohammed, Bradford, UK
  3. Mufti Faisal Niazi al-Mahmudi, Montreal, Canada
  4. Shaykh Yusuf Shabbir, Blackburn, UK