How Bitcoin Supports Muslims And The Quran – Bitcoin Magazine

This is an opinion editorial by Muslim Bitcoiner, the host of the “Muslim Bitcoiner Podcast” and a contributor for Bitcoin Magazine.

Before diving into the topic of Bitcoin, it’s important to explore what the sin of “riba” actually is, and how it’s entrenched in the current global monetary system. Riba is an Arabic word which most commonly refers to “usury, or charging an amount of interest on a loan.” However, riba encapsulates more than just profiting from a loan, it also can mean exchanging of the same type of item in unequal amounts. There are different types of riba, but for the purpose of this essay, we’ll focus on that aspect of riba that includes profiting through the act of lending, without putting in any kind of work.