On this page you will find resources regarding Business in Islam, from a Shi’a perspective. It includes a seminar, a free book, downloads, & more.

Scroll down for information on cryptocurrency.

Seminar & Q&A

Book – Business Ethics in Islam

Free digital download, or hardcopy for purchase

Business Ethics in Islam begins with a discussion on the relationship of human beings with this world, with their Creator, and their personal attitude towards time, money, affluence, and charity. The link between human efforts and Divine decree in seeking sustenance is explored along with the role of prayer (Du’a) and reliance on God (tawakkul) in pursuit of wealth.

Then it moves on to describe their interactions with fellow human beings while they go about pursuing material blessings: customers, employees, and business partners. Issues of truthfulness, honesty, and regard for the well-being of all, Muslims and non Muslims, is also discussed.

This is followed by an overview of the types of businesses and trades which are considered legitimate or otherwise in Islam. Issues of intoxicant drinks, animal products, and money related issues (interest [riba], bank activities, mutual funds, stock markets, and other trading instruments) is discussed.

Finally, it presents the challenges that Muslims generally face while working in the West: dress code, hijab and beard issues, religious holidays, daily and Friday prayers, office social events, etc.

ISBN 9780920675120. Copyright 2006, Al-Ma’arif Publications, All rights reserved.

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Cryptocurrency in Islam

Background Context

It is a field that has progressed well past it’s infancy stage

However, it is still a rapidly growing industry that is undergoing constant innovation

Adoption/acceptance rates within the public and governments is growing, but it is still a small percentage of the overall financial market

Different cryptocurrencies hold different characteristics when it comes to scarcity, underlying value, blockchain involvement, use cases, & more.

Some are stable and tested in the above contexts, while others aren’t.

Rulings as of April 9/21

Due to the previously mentioned context, mujtahideen are still approaching this with caution for the time being, therefore they still consider it harām.

Last night I obtained the latest opinion of Ayatullah Sistani. He states that because this field has not yet ‘settled’ into a stable financial instrument, he does not have an opinion about it either way at this time, and his muqallideen should refer to other grand marāji‘.

To my knowledge, no other grand marja‘ has declared digital currency as halāl at this time.

2 Exceptional cases:

  1. Selling or using crypto that you have mined yourself is permissible. You should sell it as soon as possible.
  2. Ayatullah Shubayri Zanjani allows being paid for halāl work with crypto, provided your gov’t considers it as legal tender.

You should try to liquidate your position as soon as possible so that you’re not in possession of something that’s deemed impermissible.

If you’ve made a profit, you may keep it.

Informational Videos

Business Ethics in Islam (Jump to 37:45 for Cryptocurrency)

‘Bitcoin & Cryptocurrencies; What is Halal Sustenance?’ (2018)