One London-based mosque starts accepting crypto contributions

Posted 25 May, 2018

A mosque in London is said to be the first Islamic organization in the country to accept donations in cryptos. This move has been enabled by the theology study that was carried out last week and showed that cryptocurrency does not conflict with Sharia Law. 

Independent reports that the Shacklewell Lane Mosque in Hackney intends to collect at least GBP 10,000 donations in terms of BTC and ETH. "We are trying to appeal to a wider audience with the new money," a mosque representative commented to media.

For reference, Muslims are reportedly recommended to allocate 2.5% of their funds as an Islamic annual tax during Ramadan.

The estimates show that if the Muslims give at least 1% of the current market price for bitcoin, the mosque will manage to generate some $1.4 billion. “It is likely the actual figure is much higher. Currently, hardly any mosques or Islamic charities accept Zakat in cryptocurrency. They are potentially losing out on millions of pounds," commented the founder of Combo Innovation, who assisted the mosque in launching new service.

 According to the available data, the contributions are slow so far. The mosque received just one donation equal to GBP 100 so far.

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25 May, 2018 13:22

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