uh shake my question is uh regarding the ruling on the coin that's uh going to be released on the 1st of September in the UAE called the Islamic coin so it's a cryptocurrency that has gold backing alongside uh everyone knows the founder and has Associated Association to the UAE royal family what isak this is something I have no knowledge of generally speaking cryptocurrency and likes are not permissible due to the great huge ambiguity surrounding it and the lack of financial backing from central banks and financial institutions this is why till date the vast majority of Scholars say it is not permissible to deal with it until we see this currency in the market being dealt and accepted by central banks and the vast majority of the population on Earth and they accept it and it is stable and and and yeah no ambiguity surrounding it this becomes permissible the thing is if it is backed by gold and if it's backed by other currencies why have it in the first place what's what's the point in having another currency that is backed by gold or backed by dollar or Euro or any other currency if it's going to carry the same uh uh backing and level of Trust might as well go to the Dollar to the Euro or to uh uh the din or the Dirham why take this new gimmick just because it's uh um something new it doesn't make any sense sense so we have to wait and see who accepts it where is it um being exchang who can deal with it if it's acceptable worldwide then it is like any other currency and Allah Knows Best
