It is my understanding that Islamic finance is actually quite strict and that having the approval of an Islamic finance board like this five pillars organization is in fact kind of a big deal.
As we move forward, we will ensure that our blockchain remains Halal.
Sir i am a muslim and a true follower of islam and i am really happy that you are taking care of us and making sure that blurt is halal.
Sir , in Islam we are not allowed to take interest and i heard that here we earn interest on out blurt power.
it will be really a good help if someone muslims here can keep a track on how much interest they have earned do that they can simply return it back to the blurt platform in one way or the other.
Anyways i am really happy to meet a person like you who is talking care of a religion belief following his idea.
Thank you sir.
Lots of love from us🙂❤️.
All right let's discuss this I was talking to someone about this in discord as well and I actually intend to have a call with the scholar that certified Blurt as halal because I find the whole thing truly fascinating.
I don't think that the payments for staking amount to interest I think they're a payment for a service, namely, providing security to the network. When you stake blurt power and power up, you're actually doing is putting a vote of confidence behind your choices for witness candidates.
So I wouldn't call an interest in all because you're not getting paid for savings for an example and you're also not earning money for doing nothing based on my conversations with a friend from the UAE about Islamic finance, what he seemed to be telling me was that the prohibition on interest is really a prohibition on getting money without providing a good or service and when you power up blurt, you're definitely providing a service to the network.
Since the words sometimes bleed into each other, I'm going to look through our documentation and stuff and get rid of the word interest and make sure that it is referred to accurately as a payment.
Also at a bank, when we are paid interest, that is not newly created money whereas what your paid because you powered up on blurt, it is.
I find this a very interesting conversation and I love to go into more detail with you on it.
Yes sir i have read about staking as well , like in proof of stake i have read that coins are staked for mining new coins for the network also the value of these mined coins are not predictable , so in that case it is different from the interest.
In islam even if someone is taking a loan or even giving a loan and taking interest on that , even that is not allowed to do.
If on Blurt we are powering up Blurt as Blurt power and that means we are helping the network security and thats why we are receiving some rewards then it is halal.
I have been studying about my religion for about more than 15 years and i am still learning about it daily.
My teacher is Qualified scholar from the number one university i.e Dara uloom deoband.
Let us discuss in deep at discord maybe so that i can explain everything to him and ask if what we are doing is halal or not.
I will also be looking forward to a healthy conversation.
let us find a solution together for this problem.
Looking forward to your response , Thank You Sir.
I like this very much. I look forward to speaking with you on your teacher because I think that we are compliant and certainly yeah I think there's a lot of value in answering this question. Plus I enjoy learning more about Islamic finance!
yes sir , i talked to my teacher about staking and explained to him about what is staking and he told me that it is halal.
He said if we are earning something and leaving it to blurt power it means that it is helping the blurt platform and the earned blurt by us are with the blurt only indirectly.
So if blurt is rewarding 3% because we are helping them with our blurt power for mining new coins or improving the network.
That 3% is halal as well.
Also my teacher told me that if you haven't power down blurt power than it can be considered as like you haven't withdrawn your earnings and it is still with blurt so than it is ok if you are getting 3% and that too because of work that is performed using blurt power.
So he already has shown me a thumbs up for staking.
He has said that if i want i can consult him again anytime , regarding anything.
Thank You Sir.
شكرا
Hey, quick question if properly formatted, shouldn't that Arabic text start at the right side of the screen?
Thank you
sir you are right . if you will continue to write a whole sentence than you will see the first word you wrote will start moving towards the right side of the screen.
While in English the word remains at the left and new words appears on the right.
In Arabic or Urdu new words appear at the left.
It is how it works on computers and other smart device.
In real Life you have to start writing the sentence from the left.
You can check this post where i have written in Urdu and though i start writing from the left side of the screen but anyone who knows urdu will read it from the right side.
Urdu Post.
Maybe you can learn the language someday.
أهلا بك ( Means welcome in arabic.)
شكرا (Means thank you in arabic , you spell it as Shukran).
You are thinking so much about Islam and community 🤲 unbelievable
Proud of you sir
No doubt it's halal. Blurt is people's digital asset. Thanks for sharing the truth.
That will be great for me and also for many users sir. There are many users on blurt who are muslims and they strictly maintain the rules and regulations of islam. So if blurt maintain of all the rules to be it legal as islamic point of view, many muslim users will be enthusiastic.
Well I think that there will likely be many uses of the platform that end up very clearly "haram".
Just like on any street in the world any day someone might do something that violates Islamic rules. In that sense, I would say that blurt is more akin to a street or a public place. We cannot control what our users choose to do with that's actually a very important guiding design goal for us.
We don't want to stop anyone from doing anything with blurt at any time or saying anything on the blurt platform whether or not that complies with Islamic law.
I haven't yet spoken to the scholar who did the certification but I believe that the certification was based on the economic system.
I guess basically blurt has been decreed to be free of usury, and I am deeply pleased by that.
You are right. But blurt should monitorize so that no one can heart others. If users are too free, it will make voilence. It is not only for islamic rules but also other consequence.
I don't think it's possible to have an open economy on blurt and an open set of technologies and at the same time monitor content.
with that said, I do think that we can make the economy compliant with Islamic standards and I like that idea a lot.
blurt the blockchain should imho be 100% agnostic (i.e. indifferent, neutral, blind as is lady justice) towards politics, religion, sects, economic systems, wealth, opinions etc. no censorship, no censors. HOWEVER: expressing opinions - yes! heated discussing - yes! expressing agreement - yes! expressing dis-agreement-yes! etc
That's correct. Blurt would lose all purpose and value if it were to adopt censorship.