There is a new cryptocurrency launched with some profit scheme named OneCoin OneLife. Can you please give your guidance either investment in OneLife scheme is halal or haram?
-
Welcome to Islam SE the Q&A site about Islam. We are not a typical an internet forum. I strongly recommend you to take our 2 min. tour and visit our help center to learn more about this site and the stack exchange model. We need more details in order to answer this question. Why do you think it wouldn't be halal?– KiliseCommented Jun 19, 2017 at 13:17
-
About Ponzi schemes: There is an answer about there here - the conclusion in the answer is: "Ponzi schemes are haraam since they are the commercial equivalents of perpetual motion machines, and they work on the assumption of unending returns."– KiliseCommented Jun 19, 2017 at 13:43
Add a comment
|
1 Answer
For an in-depth Research Paper covering the Onecoin ponzi scam and massive criminal fraud, written by Muslim scholars, please see: https://nawadir.org/2016/12/01/is-onecoin-permissible/. From this fatwa:
The OneCoin scheme contains fraud and deception leading to unlawful consumption of wealth which is impermissible.
Approved and endorsed by Mufti Amjad Mohammed, Mufti Faisal Niazi al-Mahmudi, Shaykh Yusuf Shabbir
