Digital Crypto-Currencies Symposium
Jeddah, Kingdom of Saudi Arabia
Monday 03 Rabi Al-Akhir 1443H / 8 November 2021G
International Islamic Fiqh Academy (IIFA)
-Organization of Islamic Cooperation (OIC)-
in cooperation with
Department of Islamic Affairs and Charitable Activities, Dubai
United Arab Emirates
In the Name of Allah, The Entirely Merciful, The Especially Merciful
Praise be to Allah, By Whose Grace good deeds are attained, and blessings and peace be upon who was sent as a mercy to the worlds, our master Mohammad, his family and all his companions.
Thanks to Allah the Almighty, the Secretariat General of the International Islamic Fiqh Academy (IIFA) of the Organization of Islamic Cooperation (OIC) organized, in cooperation with the Department of Islamic Affairs and Charitable Activities in Dubai, United Arab Emirates, on Monday 03 Rabi al-Akhir 1443 (08 November 2021) in Jeddah, Kingdom of Saudi Arabia, at the Radisson Blu Hotel Salama, a scientific symposium entitled: “Digital Crypto-Currencies”, in response to the Academy resolution no. 237 (24/8) concerning electronic currencies, issued at the twenty-fourth session in Dubai, United Arab Emirates, between 7-9 Rabi al-Awal 1441H (4-6 November 2019). This resolution included a recommendation from the Council of the Academy calling for further research and studies on issues that affect the Shariah rulings on crypto-currencies, the most important of which are:
- Definition of crypto-currencies: origins and types (stable and central).
- Overview of the most important and dominant digital currencies in the currency market.
- Issuance, circulation, and dissemination of crypto-currencies.
- Reality of bitcoin and its assessment compared to other crypto-currencies in terms of market and exchange values.
- Currency protocol, blockchain and their connections to cryptocurrencies.
- Fiqh characterization of crypto-currencies with clarifications on the following:
- Extent to which these currencies are considered a commodity or a benefit (price and valuator).
- Extent to which digital currencies are a real-valued property and a tradable item.
On this basis, the Secretariat General of the Academy, in partnership with the Department of Islamic Affairs and Charitable Activities in Dubai, issued a call for papers from prominent economists and Shariah scholars in order to prepare a set of scientific research that study, analyze, and examine the above issues.
By the grace of Allah, the total number of research papers submitted for this purpose reached fifteen (15) papers from scientific, economic, and Fiqh perspectives. The symposium aimed at discussing and commenting on these research papers in order to draft the recommendations to be presented to the next meeting of the Council of the Academy.
The symposium agenda included an opening session and three scientific sessions. It opened with a recitation of the Noble Qur’an by Sheikh Abdullah Al-Tamimi, followed by the opening speech of the symposium by H.E. Sheikh Dr. Saleh bin Abdullah bin Humaid, President of the Academy.
H.E. Prof. Koutoub Moustapha Sano, Secretary General of the Academy, delivered the keynote address and His Excellency Dr. Hamad bin Sheikh Ahmed Al Shaibani, Director General of the Department of Islamic Affairs and Charitable Activities in Dubai, also addressed the audience.
During the symposium’s three sessions, researchers presented a summary of their research and recommendations in the first and second sessions, and the third session was devoted to the interventions and comments from participants on the research papers presented.
After in-depth discussions on Fiqh and economic aspects relating to crypto-currencies in terms of concept and ruling, the participants suggested several recommendations to the Secretariat General of the Academy.
In view of the large number and diversity of recommendations and the eagerness to reformulate them in a more precise and comprehensive manner, the Secretariat General of the Academy decided to postpone the announcement of the symposium’s recommendations until their revision and editing are completed and sent to the participants for their opinions and approval before their adoption and submission to the Council of the Academy.
Accordingly, the Secretariat General of the Academy requested the participants to kindly send their comments within a time limit for receiving the amendments, knowing that absence of comment on the revised version will be considered by the Secretariat General of the Academy as tacit approval of the proposed recommendations, pursuant to the maxim: “No statement is attributed to the silent, but it is actually an endorsement when a statement is needed.” Thus, the Secretariat General of the Academy promised to send the draft recommendations within a week from now.
At the end of this statement, the symposium expresses its sincere thanks and recognition to the host state, Kingdom of Saudi Arabia, as king, government, and people, for the support, appreciation, care, and facilities provided to the Secretariat General which contributed to the swift preparation of this symposium.
The symposium also expresses its thanks to the Academy, represented by its President, H.E. Sheikh Dr. Saleh bin Abdullah bin Humaid, and its Secretary General, H.E. Prof. Koutoub Moustapha Sano, and to the Department of Islamic Affairs and Charitable Activities in Dubai, represented by H.E. Dr. Hamad bin Sheikh Ahmed Al Shaibani, for their distinguished collaboration in holding this symposium.
The Secretariat General of the Academy also expresses its thanks and appreciation to the eminent scholars, researchers, and participants for their outstanding scientific contributions, as well as to the speakers, commentators, and the various media, with special thanks to our brothers and sisters who have gone through hardships to reach this symposium. Our special thanks are also due to the hotel management and secretariat for their appraised efforts in facilitating this event.
Finally, the Secretariat General apologizes for any shortcomings regarding the services provided during this event.
Indeed, Allah is the Source of Success.
And may Allah the Almighty’s blessings and peace be upon our master Mohammad, his family, and all his companions.