In Islamic finance, fixed deposit accounts typically involve the payment or receipt of a predetermined amount of profit (interest) at a fixed rate over a specified period. This practice is considered to be a form of riba (usury) and is therefore not permissible (haram) in Islam.

The entire foundation of our banking system is haram.

After much thought and discussion, cryptocurrency has been determined to be halal in accordance with modern financial practices and the fundamentals of Islamic jurisprudence, or fiqh. It is well-known around the world and makes no fixed profit. There is unexpected profit and trade based on Shariah.Ulma itself needs more experience and practice. #cryptotrading #IslamicFinance