Is Lisk Halal: Is LSK Coin Halal?
In this article we do a complete shariah screening of Lisk: LSK Coin to determine if it is a halal or haram cryptocurrency. The short answer is yes, Muslims may trade and invest in LSK crypto, but please read on to find out more.
From investing, trading to staking, we’ve got your halal crypto investments covered.
What is Lisk?
Further details on Lisk website
Who Invests In Lisk?
Asymmetry Asset Management
PECUNIO Cryptocurrency Fund
The Hive Index
Is Lisk Halal: Is LSK Coin Halal? We’d Love to Hear Your Thoughts
Sharing the collective wisdom of thousands of Muslim crypto traders and investors.
Legitimacy Screening of Lisk
Founded by Max Kordek and Oliver Beddows in May 2016. Lisk, headquartered in Zug, Switzerland, raised more than 14,000 Bitcoin in funding during its initial coin offering (current value at around $280 million or close to $1 billion at BTC all time highs).
This gives us the confidence to confirm that KSM has an underlying fundamental value, that can be considered as “Mal” under Islamic rulings. Therefore, as a project it has legitimacy in terms of Shariah.
Is Lisk project aligned with Islamic values?
Yes, Lisk: LSK project does align with Islamic values as the project has a public roadmap, qualified team, and transparent management making it a compelling and well-accepted platform.. Nothing in the project is against Islamic ruling.
Financial Screening of LSK:
Financial screening ensures that the crypto asset meets the financial criteria for Shariah compliance, if it is an equity based token. Lisk is not backed by any equity, so there is no financial screening required on this coin/ token. Here we would typically look at things like debt to income ratio to ensure borrowing is limited to a tolerable level.
LSK Token Screening for Shariah Compliance
The LSK token is the name of our utility token. It is used on Lisk to pay transaction fees on the network. LSK is widely supported by exchanges and third-party wallets, but the most recommended place to store LSK is in Lisk, available on desktop and mobile.
Is Staking LSK Coin Halal?
Yes, staking Lisk: LSK is Halal. The staking method used by this blockchain project is permissable and in line with Islamic law.
Active delegates receive rewards for popularizing the system. Lisk uses the delegated proof of stake (DPoS) mechanism for security, and cryptocurrency staking does not entail any forbidden elements.
What Does The Muslim Crypto Community Think of LSK?
Crypto Halal Office for Monitoring and Sharia auditing on cryptocurrency markets thinks Lisk: LSK is a Halal digital asset based on its Shariah complaince screening.
Sharlife considers Lisk: LSK as a halal cryptocurrency based on the five areas assessed for Shariah complaince screening.
If you know of other academic or scholarly views on this, please add in comments and we will update accordingly. Alternatively, you may want to join our community of Muslims crypto investors and traders, to share, learn and profit from halal digital assets.
Is Lisk Halal: Is LSK Coin Halal?
Yes, Lisk: LSK coin is Halal as is a project that has been maintained since 2016, allowing developers to build Dapps on its blockchain. It is one of the earlier layer 1 protocols and has nothing in the project that contradicts Islamic rulings so Muslims may trade and invest in LSK.
We hope you found this useful. Please view our Halal Crypto List to find suitable digital asset investments, without compromising your Islamic faith.