, head of Islamic finance and Middle East practices for the London-based law firm Simmons and Simmons, has worked in Islamic finance for 20 years, advising banks on how to craft financial products that adhere to sharia.
That creates a situation where spiritual leaders who may not fully understand cryptocurrency are making proclamations about it that are then followed by others. “For the average man on the street, it might be a big ‘I won’t do this anymore.’ It’s a warning they will rely on without understanding the nuances,” Khan says.Still, some majority-Muslim countries, such as the United Arab Emirates and Saudi Arabia, are looking at creating their own digital currencies.
“On the whole, there’s a divide between older generations and younger generations, and crypto is seen as a leveler, an equalizer, a fresh opportunity for a reset,” he says. “That is no different in the Muslim world.”