A UK based Mosque that has positioned itself as open to cryptocurrencies has managed to raise a stunning amount of money for charity through donations during the month of Ramadan. Of course, donations poured in via both FIAT currency and cryptocurrency however, according to reports, £14,000.00 worth of donations came through cryptocurrency, with only £3,500.00 coming through FIAT. If nothing else, this proves the sheer demand for cryptocurrency and moreover proves its use as a viable asset for charity donations.
According to Cryptovest:
“Islamic teachings oblige Muslims to make annual charity donations (known as Zakat) during the Holy Month of Ramadan. Only the poorest are exempt, with the rest having to contribute 2.5% of their personal wealth. The Shacklewell Lane Mosque received over 24 individual crypto donations from around the world, the largest being worth 5,200 pounds. The mosque authorities managed to raise almost 40% over their original goal of 10,000 pounds, which is still four times the usual donations received during the month of Ramadan. Most of the crypto collections will go towards essential repairs at the mosque, soup kitchens and shelters, and funeral costs for low-income Muslim families.”
Moreover, according to Cryptovest, the chairman of Masjid Ramadan, Erkin Guney has said:
“Many people at the mosque were initially skeptical about us accepting this new money…When the donations started to flow in, we were blown away. We received four times more in cryptocurrency donations than in cash from our local worshippers during Ramadan, and we are still receiving cryptocurrency Sadaqah [donations]. It is amazing!”
See more for yourself, here.
All things considered, this is actually a stunning occurrence. The amount of money raised is absolutely vast. I am a strong believer that cryptocurrency is going to prove very important for charity in the future, this is an example of that idea in practice. Within Islam specifically, this will no doubt inspire more UK based Mosques to follow on and begin to accept cryptocurrency donations, given that in this instance, it has proved a worthy sentiment.