A UK Mosque announced it will accept donations in bitcoin and ethereum for this year’s Ramadan period, reported a local news outlet on May 22.
The Shacklewell Lane Mosque in Dalston team up with Combo Innovation, which was founded by Gurmit Singh, to know how to receive, store and sell crypto-currency in a secure way.
The annual donation during the 30-day Muslim festival known as Zakah happens every year in memory of the poorest Muslims. The Muslims have to give 2.5% of their wealth during this period.
The mosque aims to collect £10,000 in cryptocurrency donations during the Ramadan.
The chairman of the board of trustees, Erkin Guney mentioned,
“We are hoping to bring the attention to the Muslim world we need support. I’ve grown up around here and I have watched the community grow and the challenges it’s faced with – it’s a struggle, with housing, food, the cost of funerals and government changes. We are trying to appeal to a wider audience with the new money. It’s big in the Islamic world, and we have set up a platform for wealthier Muslims outside our community to support and donate to our mosque.”
Singh also believes it will bring much more money to the mosque by accepting bitcoin and ethereum.
“If Muslims, who make up a quarter of the world’s population, hold just 1pc of Bitcoins – or £1.04bn – then £26 million in Zakat contributions is due. It’s likely the actual figure is much higher. Currently, hardly any mosques or Islamic charities accept Zakat in crypto-currency. They are potentially losing out on millions of pounds.”