Malaysia has made history by recognizing cryptocurrency as eligible for zakat, the obligatory Islamic charity. The Federal Territories Islamic Religious Council announced the decision to align zakat practices with the digital era. Cryptocurrency, a rapidly growing sector in Malaysia, involves 54.2% of the country’s investors, mostly aged 18–34, holding assets worth 16 billion ringgit. Officials see this as a potential new zakat source, particularly for young Muslims. The move reflects Malaysia’s effort to adapt Islamic finance to modern economic trends.
Malaysia, a Muslim-majority country in Southeast Asia, has become the first nation in the world to include digital currency cryptocurrency under the purview of zakat. This news was reported by the New Straits Times.
The ‘1 Nojor’ media platform is now live in beta, inviting users to explore and provide feedback as we continue to refine the experience.
