Based on the search results, here is a list of cryptocurrencies available on Luno, separated into Shariah-compliant (Halal) and non-compliant (Haram) categories. The official Halal designation is specific to Luno Malaysia, as determined by the Securities Commission Malaysia's Shariah Advisory Council (SAC).
The following cryptocurrencies have been officially recognized as Shariah-compliant by the Shariah Advisory Council of the Securities Commission Malaysia for trading on Luno in Malaysia:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Solana (SOL)
- Cardano (ADA)
- Polygon (MATIC)
- Stellar (XLM)
- Uniswap (UNI)
- Polkadot (DOT)
Shariah-Compliant Staking Services
In addition to trading, Luno offers specific staking services that have been independently certified as Shariah-compliant in Malaysia:- Ethereum (ETH) Staking: Certified by Amanie Advisors6,7,8.
- Solana (SOL) Staking: Certified by Sharlife Sdn. Bhd.
- Cardano (ADA) Staking: Certified by Sharlife Sdn. Bhd.
Non-Compliant (Haram) Crypto Assets
The provided search results do not contain an official list of cryptocurrencies that are explicitly deemed Haram by the Securities Commission Malaysia. The principle for determining if an asset is Haram is if it involves elements prohibited by Islamic law, such as riba (interest), maysir (gambling), gharar (excessive uncertainty), or supports haram industries like alcohol or gambling.Therefore, any cryptocurrency available on Luno that is not on the official Shariah-compliant list above should be considered non-compliant (Haram) for Muslim investors in Malaysia. This includes any newer listings or assets not yet evaluated by the SAC.
Important Notes for Indonesia and South Africa
There is no single, universally accepted international Shariah body that provides a definitive global list of halal and haram cryptocurrencies. The permissibility of crypto assets is determined by national or regional religious authorities, and their rulings can differ significantly. This is especially true for Indonesia and South Africa, which have different regulatory and religious landscapes compared to Malaysia.
Below is a breakdown of the available information for Indonesia and South Africa, based on the principles and rulings from relevant authorities.
Indonesia
In Indonesia, the primary religious authority is the Majelis Ulama Indonesia (MUI), or the Indonesian Ulema Council. Their ruling is the most influential for Muslim investors in the country.
Official Ruling: Haram
Reasoning for the Haram Ruling:
- Gharar (Excessive Uncertainty): The high volatility and speculative nature of cryptocurrency prices are seen as containing excessive uncertainty, which is prohibited in Islam.
- Maysir (Gambling/Speculation): The MUI views crypto trading as more akin to gambling than to ethical investment, as it is often driven by speculation rather than underlying utility or real-world use.
- Lack of Official Status as Currency: Cryptocurrencies are not recognized as legal tender in Indonesia. The MUI's fatwa stems partly from the view that an asset used as currency must have a clear value and state backing, which crypto lacks.
List of Crypto on Luno Indonesia and Their Status:
Given the official MUI fatwa, all cryptocurrencies available for trading on Luno in Indonesia are considered haram for Muslim investors following this guidance. This includes, but is not limited to:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Solana (SOL)
- Cardano (ADA)
- And all other assets listed on the Luno Indonesia platform.
Important Caveat: Despite the MUI's haram ruling, crypto trading is regulated in Indonesia under the Commodity Futures Trading Regulatory Agency (Bappebti). This creates a situation where the activity is legally permitted but religiously forbidden for Muslims according to the primary national authority.
South Africa
There is no single, government-sanctioned national Shariah authority in South Africa that issues binding fatwas on financial products for the entire Muslim community. Instead, guidance comes from a combination of local Islamic scholars, Shariah advisory firms, and the principles followed by Islamic financial institutions in the region.
Official Ruling: No National Consensus (Generally Halal with Conditions)
Unlike Indonesia, there is no overarching South African body that has declared crypto haram. The prevailing view among many South African Islamic scholars and institutions is more nuanced and generally aligns with the principles that led to the halal designation in Malaysia.
Reasoning for a Potentially Halal View:
The analysis for determining if a crypto is halal in South Africa would follow a similar framework to other jurisdictions:
- Assessment of Riba, Maysir, and Gharar: The asset itself should not be inherently interest-based, overly speculative, or uncertain.
- Utility and Governance: Projects with clear, real-world utility and transparent governance are viewed more favorably.
- Screening by Third-Party Firms: South African Muslims often rely on the work of international Shariah advisory firms. For example, platforms like Saraf Screening and Crypto Ummah provide detailed analysis and ratings on crypto assets, classifying them as halal, doubtful, or haram based on their business models, tokenomics, and use cases.
List of Crypto on Luno South Africa and Their Potential Status:
Since there is no official "haram" list, we can categorize assets on Luno South Africa based on the general scholarly consensus and analysis from international advisory bodies.
Generally Considered Halal (with conditions):
These assets are widely recognized for their utility, transparency, and acceptance by scholars who find crypto permissible.
- Bitcoin (BTC): Often seen as digital gold and a permissible store of value.
- Ethereum (ETH): Recognized for its utility as a smart contract platform. Its staking mechanism is also viewed as potentially compliant, resembling a service fee (Ijarah) rather than interest (Riba).
- Litecoin (LTC): Viewed as a legitimate payment currency, similar to Bitcoin.
- Stellar (XLM): Favored for its focus on cross-border payments and financial inclusion.
- Polygon (MATIC): Seen as halal due to its utility in scaling public services and other non-haram applications.
- Cardano (ADA): Its methodical, research-based development is viewed favorably.
- Solana (SOL): Recognized for its high-performance blockchain utility.
Potentially Haram or Doubtful:
These assets would be flagged for reasons that conflict with Shariah principles.
- Privacy Coins (e.g., Monero, Zcash): If listed, these are often considered haram due to their potential use in illicit activities, which violates the principle of avoiding haram.
- Meme Coins (e.g., Dogecoin, Shiba Inu): If listed, these are typically classified as doubtful or haram because they often lack real utility and are driven almost purely by speculation (maysir).
- Tokens from Projects with Haram Involvement: Any token whose primary use case is to facilitate gambling, alcohol sales, or other prohibited industries would be haram.
- Tokens with Explicitly Riba-Based Models: Assets designed to offer fixed interest-like returns through lending protocols would be haram.
Disclaimer for South African Users: The final determination rests with the individual and their chosen trusted scholar or Shariah advisor. It is highly recommended to consult with local South African Islamic finance experts or use the screening services mentioned before investing.
Summary Table
| Country | Governing Authority | General Ruling on Crypto | Key Rationale | Status of Assets on Luno |
|---|---|---|---|---|
| Indonesia | Majelis Ulama Indonesia (MUI) | Haram | Gharar (uncertainty) and Maysir (speculation) are too high. | All assets are considered haram. |
| South Africa | No single national body. Relies on local scholars & international advisory firms. | Generally Halal (with conditions) | Permissibility is assessed on a case-by-case basis based on utility, governance, and avoidance of haram elements. | A mix. Major utility coins like BTC and ETH are generally considered halal. Meme coins, privacy coins, and those linked to haram industries are considered doubtful or haram. |
In summary, for users in Malaysia, the list above provides a clear guide to Halal assets. For users in Indonesia and South Africa, the Halal status is not defined by the provided information and requires local consultation.
Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. Always perform your research and consult a professional before making trading or investment decisions.
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