LONDON (Reuters) – Looking for a new way to give cash to charity as a part of Ramadan? A mosque in Britain’s capital is prepared to obtain your donation – in bitcoin.
The Shacklewell Lane Mosque in Dalston, east London, has determined to settle for bitcoin and different cryptocurrencies in a bid to widen its donor base and minimize down on forex conversion charges, mosque leaders mentioned.
“For a donor that already has a bitcoin or an ethereum account, the trouble of changing cryptocurrency into say British kilos or could be fairly burdensome. The mosque successfully takes the burden on themselves,” mentioned blockchain marketing consultant Lukasz Musial, who helped the mosque arrange the know-how.
“For the donor, it’s simply the press of a button to switch to an account offered by the charity. From the mosque’s perspective, it opens a new stream of donations coming from everywhere in the world,” Musial mentioned.
Egypt’s Grand Mufti, the nation’s prime Sunni Muslim official, mentioned this yr bitcoin was not permitted in accordance to Islamic regulation, Egyptian media reported, however Shacklewell imam Abdalla Adeyemi defended the mosque’s resolution.
“Bitcoin is like another forex. It’s … accepted by a gaggle of individuals …. We ourselves will not be buying and selling. We aren’t concerned … we’re a charity,” Adeyemi advised Reuters.
The mosque says it’s one in all a handful to settle for cryptocurrencies out of tons of in London and its transfer is yielding outcomes. It says it’s on observe to double its donations this yr to greater than £10,000 ($13,300).
Muslims with the means are religiously obliged to give alms, usually calculated based mostly on Islamic texts as being 2.5 p.c of their wealth, and lots of achieve this during the holy month, a time when Muslim charities are most lively.
Reporting by Parul Gupta; Writing by Matthew Mpoke Bigg; Modifying by Alison Williams