Rank Name Ticker Type Halal? Whitepaper Link Sharia Analysis Where can I buy it? IFG Holding
1 Bitcoin BTC Cryptocurrency Yes here BTC is a straightforward cryptocurrency and has been deemed permissible by many scholars (though some do disagree. See this article). It is best understood at this point as a digital asset (as opposed to a currency just yet) and as such delayed delivery/receipt of BTC is permissible. here Yes
2 Ethereum ETH Cryptocurrency Yes here Similar analysis to BTC here Yes
3 Tether USDT Stablecoin Yes here Although it's backed by interest bearing instruments, it cannot be said that the owner of USDT is the actual owner of a portion of a debt. The reserve is created with the objective of supporting the currency and network and not with the aim of transferring debts to a third party. here Yes
4 XRP XRP Cryptocurrency Yes here Similar analysis to BTC here Yes
5 Litecoin LTC Cryptocurrency Yes None Similar analysis to BTC here No
6 Bitcoin Cash BCH Cryptocurrency Yes here Similar analysis to BTC here No
7 Cardano ADA Cryptocurrency Yes here Similar analysis to BTC here Yes
8 Polkadot DOT Cryptocurrency-Adjacent Yes here The DOT token is simply an agnostic token that allows you to transact within the Polkadot ecosystem however the idea is that lots of external third parties can plug and use this ecosystem to transact. Fundamentally, the more people use this ecosystem, the greater the liquidity and demand for the DOT token. One point to bear in mind from a sharia perspective is if one ecosystem becomes overwhelmingly linked with a haram industry then there may be an issue. However right now its all too early to make such a judgement call. here Yes
9 Chainlink LINK Cryptocurrency-Adjacent Yes here Similar analysis to DOT here No
10 Binance Coin BNB Cryptocurrency Yes here Similar analysis to BTC here Yes
11 Stellar XLM Cryptocurrency-Adjacent Yes here Similar analysis to DOT here No
12 USD Coin USDC Stablecoin Yes here Similar analysis to USDT. here No
13 Wrapped Bitcoin WBTC Cryptocurrency Yes here Similar analysis to BTC here No
14 Bitcoin SV BSV Cryptocurrency Yes here Similar analysis to BTC here No
15 Monero XMR Cryptocurrency Yes here Monero is a privacy-focused coin, so you can't see source, amount destination as an outsider, which, inevitably, has seen strong uptake from criminal elements. From a sharia perspective there is nothing technically wrong with holding a coin that others use for criminal enterprises, however from a taqwa perspective we would be uncomfortable adding liquidity and value to a currency that is gaining most of its traction by the degree of uptake it is getting in the criminal world. here No
16 EOS EOS Cryptocurrency Yes here Similar analysis to BTC here No
17 TRON TRX Cryptocurrency Yes here Similar analysis to BTC here No
18 NEM XEM Cryptocurrency Yes here Similar analysis to BTC here No
19 Tezos XTZ Cryptocurrency Yes here Similar analysis to BTC here No
20 Theta THETA Cryptocurrency Yes here THETA aims to reward users with THETA tokens for opening up their free CPU resource so that video streaming services can be provided without lag or glitches etc. The underlying issue is that last-mile-delivery on video streaming is poor and THETA can help provide the computational resource to help solve that. This is all fine. Where it gets a little bit greyer is THETA being used within the video ecosystem itself. Ultimately my view is that this is fine too, but one to keep an eye on, in case THETA suddenly has mass adoption by illicit streaming sites etc. here Yes
21 Neo NEO Cryptocurrency Yes here Similar analysis to BTC here No
22 VeChain VET Cryptocurrency Yes here Similar analysis to BTC here No
23 Crypto.com Coin CRO Cryptocurrency Yes here CRO broadly has a similar analysis as that applied to BTC. here No
24 Uniswap UNI DeFi Yes here UNI is a token for a project that essentially doubles up as a broker-less crypto exchange platform. Think coinbase, but automated and without a central clearing authority. So far so good. But the issue here is that UNI structure relies on people to contribute in their coins and get paid a fee for this into the system to provide liquidity. Exchanging using Uniswap itself is fine. But that is not the question here. The question is whether UNI itself is inextricably structured to be used in a way that ends up being sharia-non-compliant. The key issue is the contribution of coins to provide liquidity. Either we view this as some form of lending out or we see it as taking an equity-like position or revenue-sharing position that someone. On the basis that fundamentally each contract does not diminish with each exchange rather it is balanced out with the new coin that is entered in we consider uniswap to be using a form of revenue-sharing or taking mini-equity-like positions in each Exchange Contract. here No
25 Aave AAVE DeFi No here AAVE is a lending ecosystem designed to help holders of cryptocurrency lend their coins out for a higher return. The crucial thing here is that a cryptocurrency is borrowed and then more of that cryptocurrency is returned. That is straightforwardly riba and not permissible. AAVE itself is not a haram asset per se, but our cautious view is that it is so inextricably linked up in its very origination as something that gets value from lending activity, that it is not something to support by even holding AAVE. here No
26 Synthetix SNX DeFi No here The entire basis for SNX is to enable the Synthetix ecosystem which is a derivatives trading system. Derivatives are not permissible according to most Islamic scholars and doing it via a DeFi model doesn't fundamentally change the fiqhi analysis. here No
27 Maker MKR DeFi No here Maker operates a dual token system MKR which is a governance token. And DAI which is a token created out of loans made by the platform to the users. The interest on these loans are paid through the stability fee. This stability fee should not be confused with a maintenance fee or service fee for using the Maker Vault. It is clear that the crypto deposits are used as collateral for borrowing DAI. Hence, if the collateralization ratio drops below one hundred and fifty percent the traderÕs collateral will be liquidated to pay off their loan. The platform is used to generate interest based loans, hence creating DAI and owning MKR are not shariah compliant. here No
28 UNUS SED LEO LEO Cryptocurrency Yes here The native token of the bitfinex exchange. They reward you with discounts on their platform based on how much LEO you own. There is nothing problematic with these kinds of rewards for holding such a utility token. here No
29 Dai DAI Stablecoin Yes here While the creation of DAI might have some discussion over it, it is fundamentally a cryptocurrency and there isn't anything obviously problematic about using it. The Dai Savings Rate however is a separate concept that we have not commented on here. here No
30 Dash DASH Cryptocurrency Yes here Similar analysis to Monero here No
31 Cosmos ATOM Cryptocurrency Yes here A nice simple vanilla crypto token with staking and governance rights - nothing problematic here. here No
32 Celsius CEL DeFi No here The entire purpose of CEL tokens is to allow people to lend USD or other cryptocurrencies and for others to borrow that on interest. While technically, like for most of the interest-based lending crypto projects, it is possible to hold the token without earning interest or donating it, the entire premise of the project is interest-based lending. Best avoided. here No
33 Dogecoin DOGE Cryptocurrency Yes here Similar analysis to BTC. here No
34 Zcash ZEC Cryptocurrency Yes here Similar analysis to Monero here No
35 Binance USD BUSD Cryptocurrency Yes here It is fully backed by USD. No fiqhi issues with that. here No
36 IOTA MIOTA Cryptocurrency Yes here IOTA is a token used to power the technology ecosystem that IOTA have created. Nothing to suggest any issues with this. here Yes
37 Revain REV Cryptocurrency Yes here REV is the token that can be used in the REVAIN ecosystem - which is a developer reviewing platform. Nothing to suggest any issues with this. here No
38 Huobi Token HT Cryptocurrency-Adjacent Yes here HT is a token of the Huobi Mining Pool - which in turn is set up to mine different cryptocurrencies and earn money that way. here No
39 Filecoin FIL Cryptocurrency Yes here Similar analysis to BTC here No
40 yearn.finance YFI DeFi No here YFI is a token that is specifically designed to interact with a bunch of DeFIs e.g. Aave, dydx and Compound, via its ecosystem. It is building in Yield, interest-based usually, and derivative functionality. here No
41 Ethereum Classic ETC Cryptocurrency Yes here Similar analysis to BTC here No
42 FTX Token FTT DeFi No here This project is bringing leveraged, margin trading, short-selling and the general forex vibe to crypto. Gut instinct is to avoid at all costs. here No
43 Solana SOL Cryptocurrency Yes here View 1 is that although the platform and token can be used in a sharia compliant way, staking might be questionable, if not haram as it involves validating non sharia compliant transactions. View 2 is that the platform is an agnostic thing providing a ledger technology and you are being remunerated for participating in its functioning and as such there is nothing problematic about holding SOL or staking it. This is the IFG view. here No
44 Compound COMP Cryptocurrency No here Similar analysis to Aave here No
45 Zilliqa ZIL Cryptocurrency Yes here Similar analysis to BTC here No
46 Decred DCR Cryptocurrency Yes here Similar analysis to BTC here No
47 Waves WAVES Cryptocurrency-Adjacent Yes here Similar analysis to DOT here No
48 Elrond EGLD Cryptocurrency Yes here Similar analysis to BTC here No
49 Kusama KSM Cryptocurrency-Adjacent Yes here Similar analysis to DOT here No
50 SushiSwap SUSHI DeFi No None This is one where we have changed our position. While the SUSHI project is a fork of UNI, it goes much further. The SUSHI token actually remunerates the holder across all activity in the SUSHI ecosystem. This ecosystem involves lending and the staking and pooling of haram coins. Accordingly, it would be best to avoid holding SUSHI, though, pooling on it isn't an issue as long as it is with halal coins. here No
51 Hedera Hashgraph HBAR Cryptocurrency-Adjacent Yes here Similar analysis to BTC here Yes
52 Horizen ZEN Cryptocurrency Yes here Similar analysis to Monero here No
53 Verge XVG Cryptocurrency Yes here Similar analysis to Monero here No
54 Algorand ALGO Cryptocurrency Yes here Similar analysis to BTC here No
55 Avalanche AVAX Cryptocurrency-Adjacent Yes here Similar analysis to DOT here No
56 UMA UMA DeFi No here Similar analysis to SNX here No
57 Ontology ONT Cryptocurrency-Adjacent Yes here Similar analysis to DOT here No
53

Cryptocurrencies screened

20000

Investors in our Telegram Groups

$1,800,000,000

Crypto Market Cap

Further Details

Why Crypto

We think blockchain and crypto technology is going to give birth to a whole series of extremely pivotal technological developments over the coming decades. We want our community to be involved at the ground floor.

What is Crypto?

Check out our detailed crypto guide here.

Sharia Screening Methodology

The way we have approached this sharia screen was ask:

(a) is the technology underpinning the project intrinsically linked to a haram transaction? (e.g. interest-based lending);

(b) is the ecosystem that they are creating so inextricably tied up with illicit/immoral activities that it would be inappropriate to support (or profit from) such ecosystem?

(c) Are there any other technical/structural reasons why there could be concerns about this cryptocurrency?

We are aware that other scholars are now working on something more definitive, and we will very likely align our screen with those methods once they have been finalised.

How Can I Invest in Crypto?

There are two main brokers of Cryptocurrencies:

1. Coinbase

2. Binance

IFG Telegam Crypto Group

You should join our crypto community on Telegram here.

Got Questions?

You should ask on our Telegram group, check our crypto guide or ask on the IFG Forum.

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