Bitcoin and Ripple (XRP) are two of the most well-known cryptocurrencies, but they serve different purposes and operate on distinct technologies. While both are digital assets, their roles in the financial ecosystem are significantly different. This article explores the key contrasts between Bitcoin and Ripple, highlighting their unique characteristics and use cases.

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 1. Purpose and Use Cases

– **Bitcoin (BTC)**: Bitcoin was created as a decentralized digital currency, designed to act as a store of value and a medium of exchange without the need for intermediaries like banks. Its primary goal is to function as a peer-to-peer alternative to traditional currencies.

– **Ripple (XRP)**: Ripple is primarily a payment settlement and remittance system that aims to provide fast, low-cost international money transfers. XRP, the cryptocurrency used on the Ripple network, serves as a bridge currency to facilitate cross-border transactions between different fiat currencies. Ripple’s main objective is to improve the efficiency of the traditional banking system.

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 2. Technology and Structure

– **Bitcoin**: Utilizes a **proof-of-work (PoW)** consensus mechanism, where miners compete to solve cryptographic puzzles to validate transactions and secure the network. This process is slower and energy-intensive.

– **Ripple**: Operates on a **consensus ledger**, which is faster and more energy-efficient. Unlike Bitcoin, Ripple does not rely on mining. Instead, a network of trusted validators confirms transactions in just a few seconds.

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3. Transaction Speed

– **Bitcoin**: Transactions typically take around 10 minutes or more to confirm due to the mining process and block validation.

– **Ripple**: Transactions are settled in **3-5 seconds**, making Ripple a far superior option for fast international payments.

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4. Supply and Distribution

– **Bitcoin**: Bitcoin has a capped supply of **21 million BTC**, and new coins are created through mining. This process will continue until all Bitcoin is mined, estimated to happen around the year 2140.

– **Ripple**: XRP was pre-mined with a total supply of **100 billion tokens**. Ripple Labs, the company behind Ripple, controls the distribution and release of XRP into the market.

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5. Decentralization

– **Bitcoin**: Bitcoin is fully decentralized, with no central authority controlling it. It operates through a global network of miners and nodes, and its value comes from its community and market demand.

– **Ripple**: While Ripple’s transaction validation process is decentralized, **Ripple Labs** retains significant control over the release of XRP and plays a central role in its ecosystem. This makes Ripple more centralized compared to Bitcoin.

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6. Target Users

– **Bitcoin**: Bitcoin is primarily targeted at individuals looking for a decentralized, secure way to store and transfer value outside of government control.

– **Ripple**: Ripple is focused on **financial institutions** and banks, aiming to improve the efficiency of cross-border payments and settlements.

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7. Adoption and Use

– **Bitcoin**: Bitcoin has widespread adoption as a digital currency and store of value. It is accepted by a growing number of merchants and is often referred to as “digital gold.”

– **Ripple**: Ripple is predominantly used by banks and financial institutions for cross-border payment settlements. It is not commonly used by individual consumers for everyday transactions.

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 8. Energy Usage

– **Bitcoin**: Due to the energy-intensive mining process, Bitcoin consumes a significant amount of energy, which has raised environmental concerns.

– **Ripple**: Ripple consumes much less energy as it does not rely on mining, making it a more sustainable solution for financial transactions.

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9. Price Volatility

– **Bitcoin**: As a speculative asset, Bitcoin is known for its high levels of price volatility, influenced by market demand and investor sentiment.

– **Ripple**: XRP tends to be less volatile than Bitcoin, as it is focused on being a stable asset for use in financial transactions and partnerships with large institutions.

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Conclusion

**Bitcoin** is a decentralized cryptocurrency primarily designed as a store of value and a medium of exchange. It aims to disrupt the traditional financial system by offering an alternative to fiat currencies.

**Ripple (XRP)**, on the other hand, is a centralized solution for improving cross-border payment systems, aiming to work with the financial industry rather than disrupt it. Ripple’s primary focus is on fast, cost-effective international transfers.

While both Bitcoin and Ripple are leading names in the cryptocurrency space, they cater to different audiences and serve distinct purposes. Bitcoin seeks to revolutionize personal finance by providing individuals with a decentralized alternative, whereas Ripple aims to enhance and modernize the global banking system.

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This detailed comparison highlights how Bitcoin and Ripple occupy different spaces in the evolving world of digital currencies, each with its unique strengths and focus areas.

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Imam Al-Ghazali رحمه الله eloquently stated in his magnum opus, Iḥyāʾ ʿulūm al-dīn: “Allah Subhanahu wa Ta’ala has created dinars and dirhams as just arbiters between all commodities, that all wealth may be measured through them.” This profound hikma underscores the intrinsic value and stability provided by currencies based on the Sunnah.

[Source: Volume 4, Book 34, “Kitab Adab al-Kasb wal-Ma’ash”]

Qur’anic Foundations for Gold and Silver Currency

The Holy Qur’an, in its divine wisdom, explicitly mentions the use of gold and silver as mediums of exchange and measures of value. Allah Subhanahu wa Ta’ala says in Surah Al-Tawbah:

“…And there are those who hoard gold and silver and spend it not in the way of Allah. Announce unto them a most grievous penalty.” [9:34]

This ayah not only acknowledges gold and silver as forms of wealth but also emphasizes their importance in economic transactions and charity. Furthermore, in Surah Al-Kahf, Allah mentions:

“…So send one of you with this silver coin of yours to the city…” [18:19]

This verse from the story of the People of the Cave explicitly mentions the use of silver coins (wariq) for purchasing food, demonstrating the Quranic recognition of precious metals as currency.

Additionally, the concept of paying Zakat in gold and silver is rooted in the Qur’an and Sunnah. The Prophet Muhammad ﷺ said:

“There is no Sadaqah (Zakat) on less than five Awsuq, or less than five camels, or less than five Awaq.” [Sahih al-Bukhari]

Here, ‘Awaq’ (plural of uqiyah) refers to a specific weight measure in Islamic jurisprudence. An uqiyah is equivalent to 40 dirhams, and 5 awaq is equal to 200 dirhams of silver. This hadith establishes the nisab (minimum amount) for Zakat on silver, further solidifying the Islamic basis for using precious metals as currency and a measure of wealth.

The Sunnah of Gold and Silver in Islamic History

During the Khilafah of Umar ibn Al-Khattab رضي الله عنه, the dar al-Islam witnessed the minting of gold dinars and silver dirhams, establishing the foundations of halal trade and commerce. These currencies were not merely worldly symbols, but embodiments of adl (justice) and amanah (trust). Unlike the gharar-laden fiat currencies or digital alternatives, gold and silver possess qimah haqiqiyyah (intrinsic value), protected from the riba and maysir that plague modern economic systems.

The Virtues of Physical Gold and Silver

1. Qimah Dhātiyyah (Intrinsic Value): Gold and silver are universally recognized for their inherent worth, unlike paper money which can be printed at will by the tawaghit (oppressive rulers).
2. Protection from Riba: Historically, gold and silver have been effective shields against the haram of inflation, preserving the ummah’s wealth.
3. Istiqbal Mali (Financial Independence): Ownership of physical gold and silver provides Muslims with a measure of financial autonomy, freeing them from the shackles of riba-based banking systems.
4. Compliance with Shariah: The use of gold dinars and silver dirhams aligns with the maqasid al-Shariah, promoting adl and qist in muamalat.

The Dangers of Central Bank Digital Currencies (CBDCs)

CBDCs, while technologically advanced, present several risks that could undermine the maslahah (public interest) and infringe upon personal financial autonomy:

1. Centralised Tahakkum (Control): CBDCs are controlled by central banks, potentially leading to zulm (oppression) and violation of privacy.
2. Economic Manipulation: The ease of creating and controlling digital currencies may lead to economic fitna, impacting inflation rates unpredictably.
3. Vulnerability to Cyber Threats: Digital currencies are susceptible to modern forms of sariqa (theft) through cyberattacks.

A Call to Action for the Ummah

It is crucial for Muslims worldwide to consider the maslahah of reverting to the use of physical gold dinars and silver dirhams. These currencies, sanctioned by the Qur’an and Sunnah, offer not only economic stability but also resonate with the akhlaq and religious principles that underpin Islamic finance.

As we navigate the complexities of the modern financial nizam, let us draw inspiration from the hikma of Imam Al-Ghazali رحمه الله and the practices established during the Khilafah of Umar رضي الله عنه. By embracing gold and silver, we can safeguard our rizq, uphold our deen, and contribute to a just and stable economic future for the Ummah.

In conclusion, let us move forward with baseera (insight) and hikma, ensuring that our mu’amalat reflects the enduring principles of adl, amanah, and integrity as prescribed by our deen and exemplified in the use of gold and silver currency.

Wallahualam.

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What is the PGII?

The PGII is a collaborative effort by the G7 nations to mobilise substantial financial resources for infrastructure projects in low- and middle-income countries. The initiative emphasises sustainability, transparency, and high standards in investment, aiming to foster economic growth and development in these regions. With commitments potentially amounting to hundreds of billions of dollars, the PGII seeks to offer a viable alternative to the Chinese BRI, which has been a key component of China’s global strategy over the past decade.

Impact on China’s Belt and Road Initiative

China’s BRI has been instrumental in expanding its economic and geopolitical reach through large-scale infrastructure projects across Asia, Africa, and Latin America. However, the initiative has faced criticism for creating debt dependency, lacking transparency, and sometimes delivering subpar project outcomes. The PGII, by offering competitive and transparent financing, addresses these issues, providing recipient countries with an attractive alternative.

1. **Economic Competition**: The PGII introduces robust competition to the BRI. With substantial financial backing from the G7, countries seeking infrastructure development now have an alternative to Chinese investment, which could slow China’s economic expansion in key regions.

2. **Geopolitical Influence**: The PGII signifies a strategic effort by the G7 to strengthen ties with developing nations. This could diminish China’s growing geopolitical influence by creating a counterbalance through Western-led investments, fostering a more multipolar approach to global development.

3. **Standards and Transparency**: Emphasising high standards and transparency, the PGII addresses a critical point of contention with the BRI. This focus on ethical investment practices could sway countries to favour PGII projects over BRI ones, impacting China’s role in international development.

Implications for BRICS

The PGII could also influence the internal dynamics of the BRICS nations (Brazil, Russia, India, China, and South Africa). Countries such as India, which have strategic reservations about China’s dominance, might find the PGII a beneficial counterbalance, potentially altering economic alignments within the group. This could lead to a more diversified economic strategy among BRICS nations, mitigating China’s dominant influence.

Conclusion

The Partnership for Global Infrastructure and Investment is a transformative initiative in global infrastructure development, providing a substantial counterweight to China’s Belt and Road Initiative. By focusing on sustainability, transparency, and high standards, the G7 aims to reshape the landscape of global investment, offering developing countries credible alternatives to Chinese financing. As this initiative unfolds, it will be crucial to observe its impact on global economic and geopolitical dynamics, particularly in relation to China’s strategic ambitions and the BRICS coalition.

For further details, please refer to the [White House fact sheet] 
on the PGII.

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Morocco did try to see the crescent moon on Sunday.

Islamic countries rely on various methods to determine the first day of the holy month of Ramadan and the two Eid celebrations. Most significantly, they refer to the saying of the Prophet Muhammad; “Fast when you see it (the crescent moon) and break the fast when you see it.”

Accordingly, some nations like Morocco base their calendar on actually sighting the crescent moon with the naked eye. Others, like Brunei and Oman use telescopes for moon observations. Countries including Turkey and Tunisia depend primarily on astronomical calculations.

A third group, including Malaysia and Indonesia, employ both sighting and calculations in tandem. Meanwhile, the majority of countries follow the official moon sighting declaration from Saudi Arabia.

Through years of practice, Morocco has honed a reliable methodology for observing and validating moon sightings, earning global renown for its precision. The kingdom deploys a network of specialized committees and cross-checks visual sightings against astronomical computations to leave no margin for error.

270 observation points across Morocco

The Moroccan approach relies on two main methods for moon sighting.

Morocco’s moon sighting process actively engages clerics, astronomers, and armed forces units in a coordinated effort. On the 28th day of each lunar month, the Ministry of Endowments and Islamic Affairs puts out a call for monitoring the moon on the 29th day.

The Ministry of Endowments and Islamic Affairs contacts 270 official observation points across the country, asking designated Muslim legal experts, judges, and ministry officials to visually identify the crescent moon.

These trained observers carefully scan the sky and then fill out detailed forms recording the moon’s specifications. The official watchers must note whether they clearly spotted the crescent with the naked eye or not.

Separately, assigned teams from Morocco’s armed forces also conduct sightings and submit their findings. Inputs stream into the Ministry’s central commission, which analyzes them to conclusively confirm or negate that month’s moon sighting. Once all results are cross-checked, the ministry’s central committee makes the final announcement.

With over 2300 people participating across 278 official sighting committees, the data is extensive.

Cross-checking with astronomical calculations

Morocco does not rely solely on visual sightings, even with 278 official monitoring committees across the kingdom. The results are meticulously cross-checked against the latest astronomical calculations of the moon’s size, brightness, and position.

If both empirical sightings and computational models align in either confirming or negating the emergence of the Shawwal crescent, Moroccans can rest assured that their Ramadan date will be accurately fixed.

Centuries of indigenous expertise

Morocco’s prowess in moon sighting draws from centuries of indigenous expertise, rather than modern technology alone.

According to Ali El Amaroui – one of the experts who calculates the lunar calendar – the parameters used can be traced back to 15th-century scholars from Andalusia and the Arab world whose extensive observations allowed them to precisely define the conditions needed for a definite sighting. These methods are still taught at the famous Qarawiyyin University in Fez.

The crescent is only clearly visible to the naked eye if it remains above the western horizon for over 48 minutes after sunset and has an angular separation from the sun of over 10 degrees. Morocco applies strict international benchmarks such as these before confirming a moon sighting.

In contrast, “some countries declare sightings based on reported naked eye views lasting barely a minute with a separation from the sun of less than 5 degrees,” says El Amraoui, making errors more likely.

Global recognition

After some 20 years of effort, Morocco has achieved global recognition for its reliable methods. Given its proximity, European Muslim communities would do well to follow Morocco’s lead on key dates like the start of Ramadan rather than relying on sightings from farther east, El Amaroui suggests.

The end of Ramadan 2015 highlighted how Morocco’s moon sighting prowess minimizes errors. Much of the Muslim world celebrated Eid-al-Fitr on Friday after claiming the Shawwal crescent was spotted on Thursday evening.

However, Morocco and Oman announced that the moon had not been visible that night. They completed 30 days of the preceding Ramadan month and declared Saturday as Eid instead. Shortly afterward, Tunisia’s Grand Mufti admitted a “mistake in sighting” had occurred.

The Moroccan Ministry of Endowments issues a statement on Ramadan

Every year, Morocco’s Ministry of Endowments and Islamic Affairs publishes an official statement about the start of the holy month of Ramadan. In its announcement, the Ministry also urges caution in spreading news prematurely, particularly media outlets eager to scoop the story.

An official notification from the Ministry is required to formally declare the start of Ramadan.

Of course, variations in the start and end of lunar months will persist between countries as long as different criteria are used. But Morocco’s system leaves little room for doubt.

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The joint program, unveiled by the WGC and DMCC, seeks to address key challenges facing the gold sector while unlocking new opportunities for growth and development. At the forefront of their agenda is the promotion of responsible gold sourcing and production practices. By supporting initiatives that prioritize environmental stewardship, fair labor practices, and the fight against illegal mining activities, the program aims to ensure that gold is sourced and produced in a socially and environmentally responsible manner.

In addition to sustainability, the program will focus on driving innovation and technological advancements within the industry. Research and development initiatives will be supported to enhance extraction and refining processes, as well as explore new applications for gold in various industries. By fostering innovation, the program aims to enhance the efficiency and competitiveness of the gold sector while opening up new avenues for growth and diversification.

Transparency and integrity are also key priorities of the program, with efforts aimed at enhancing the visibility and traceability of gold throughout the supply chain. Measures will be implemented to combat fraud, money laundering, and other illicit activities associated with the gold trade. By promoting transparency and integrity, the program aims to instill confidence in consumers and investors alike, ensuring that gold remains a trusted and reliable asset class.

The partnership between the WGC and DMCC underscores the importance of collaboration in driving positive change within the gold industry. By leveraging their respective strengths and resources, these two leading organizations aim to create a more sustainable, transparent, and innovative gold sector that delivers value for all stakeholders.

As the program unfolds, stakeholders across the gold industry can anticipate a wide range of initiatives and activities aimed at promoting responsible sourcing, driving innovation, and enhancing transparency. By embracing these principles and working together towards common goals, the WGC and DMCC are laying the foundation for a brighter and more sustainable future for the gold industry.

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In a groundbreaking series of experiments, scientists have uncovered previously unknown secrets of gold, shedding light on its properties and potential applications. These discoveries mark a significant milestone in the study of this precious metal and open doors to exciting new possibilities.

Exploring the Depths: The experiments delved deep into the molecular structure and behavior of gold, revealing intricate details that had remained hidden for centuries. Researchers employed state-of-the-art techniques and innovative methodologies to unravel the mysteries surrounding this revered element.

Revealing Hidden Properties: One of the most astonishing revelations from the experiments was the discovery of unique properties inherent to gold. Scientists uncovered unexpected behaviors and interactions at the atomic level, challenging conventional wisdom and reshaping our understanding of this noble metal.

Unlocking Potential Applications: The newfound insights into gold’s properties have vast implications across various fields, from materials science to medicine. Researchers are exploring innovative applications, such as advanced nanomaterials, biomedical devices, and catalysis, harnessing the unique characteristics revealed by the experiments.

Implications for Industry: The discoveries have significant implications for the gold industry, offering potential avenues for enhanced extraction, processing, and utilization of this valuable resource. By leveraging the newfound knowledge, companies can optimize their operations and explore novel approaches to gold-related technologies.

Looking Ahead: As scientists continue to delve deeper into the secrets of gold, the possibilities are limitless. Future research endeavors promise to unveil even more intriguing aspects of this precious metal, paving the way for groundbreaking advancements and transformative innovations.

Conclusion: The series of groundbreaking experiments have illuminated previously hidden facets of gold, unlocking new realms of knowledge and possibilities. From unveiling hidden properties to exploring potential applications, these discoveries herald a new era of understanding and innovation in the realm of precious metals. As researchers continue their quest for knowledge, the secrets of gold are poised to captivate and inspire future generations of scientists and innovators.

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Introduction:

In recent times, the economic landscape has witnessed a significant shift as Chinese investors turn to gold amid uncertainties in property and stock markets. The trend, once confined to the East, is now making its way to Western markets, signaling a growing preference for the age-old precious metal as a safe haven for wealth preservation.

The Chinese Paradigm:

China, long regarded as the world’s largest consumer of gold, has traditionally seen gold as a symbol of wealth and prosperity. However, the recent surge in gold investments goes beyond cultural symbolism. As property and stock markets experience fluctuations, Chinese investors are turning to gold to safeguard their assets and hedge against economic uncertainties.

Property Market Turbulence:

The Chinese property market, known for its rapid growth in recent years, is now facing challenges, with concerns about overheating and potential bubbles. In response, investors are diversifying their portfolios by allocating a portion of their wealth to gold. Unlike property, which requires ongoing maintenance and is subject to market volatility, gold offers a tangible and enduring store of value.

Stock Market Volatility:

Simultaneously, the Chinese stock market has experienced fluctuations, prompting investors to seek alternatives. Gold’s historical resilience during times of economic turbulence makes it an attractive option for those looking to preserve capital and minimize risk.

The Western Influence:

While traditionally associated with Eastern investment strategies, the trend of turning to gold is gradually making its presence felt in Western markets. As global economic uncertainties persist and market dynamics evolve, Western investors are taking note of gold’s role as a reliable asset class that can serve as a hedge against inflation, currency devaluation, and market volatility.

Factors Driving Western Interest:

1. Diversification Strategy:
   • Western investors are recognizing the importance of diversification beyond conventional assets like stocks and real estate. Gold, with its low correlation to traditional investments, is gaining prominence as a crucial component of a well-balanced portfolio.
2. Inflation Hedge:
   • Concerns about inflationary pressures are prompting investors to explore assets that historically retain value during inflationary periods. Gold has a proven track record as an effective hedge against inflation.
3. Global Economic Uncertainties:
   • Ongoing geopolitical tensions, the impact of the COVID-19 pandemic, and uncertainties surrounding interest rates are contributing to a sense of caution among Western investors. Gold’s status as a safe-haven asset is becoming increasingly attractive in this context.

Conclusion:

The surge in gold investments among Chinese investors reflects a broader global trend as the precious metal gains prominence in Western portfolios. As economic uncertainties persist, gold’s role as a reliable store of value and a hedge against market volatility is likely to see continued appreciation. Investors worldwide are recognizing the timeless appeal of gold as a strategic asset that stands the test of time.

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Amidst growing concerns about the reserve ratios of financial institutions like the Federal Deposit Insurance Corporation (FDIC) in the USA and the Financial Services Compensation Scheme (FSCS) in the UK, individuals are exploring robust alternatives to safeguard their generational wealth. Amanah.gold emerges as a comprehensive solution, offering a secure platform where you can not only buy and sell gold but also vault and tokenize your precious metal assets. Amanah.gold continues to stand out as a comprehensive solution, offering not only a secure platform for buying, selling, and vaulting gold assets but also a unique feature that allows clients to have their precious metal securely shipped anywhere in the world.

Amanah.gold’s state-of-the-art vault, safeguarded by the Dubai Police, ensures the utmost security for physical gold holdings. This high-security facility in the UAE reflects the company’s commitment to providing a trustworthy environment for investors seeking to protect their generational wealth.

One notable advantage Amanah.gold offers is the flexibility for clients to have their gold securely shipped to them at any time and anywhere globally. This feature adds a practical dimension to gold ownership, allowing individuals to physically possess their gold assets whenever they desire, regardless of their location.

This global accessibility aligns seamlessly with Amanah.gold’s mission to empower individuals in navigating the uncertain financial landscape. It provides clients with the assurance that their gold holdings are not only securely stored but can also be delivered to their doorstep, offering a tangible connection to their wealth.

Whether for personal possession, strategic relocation, or diversification of assets across different geographical locations, Amanah.gold’s secure delivery service caters to the varied needs and preferences of its clients. This distinctive offering reinforces the company’s commitment to providing a comprehensive and client-centric approach to wealth preservation.

In conclusion, Amanah.gold continues to redefine the standards of gold investment by combining technological innovation, state-of-the-art security, and global accessibility. With the added convenience of secure gold delivery anywhere in the world, Amanah.gold solidifies its position as a trusted partner for individuals seeking to safeguard and manage their generational wealth in an ever-changing financial landscape.

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Introduction:

In a significant development under the governance of the Islamic Emirate of Afghanistan, Acting Minister of Industry and Trade, Nooruddin Azizi, declared the abolition of all usury systems in the country. This announcement reflects the commitment of the Islamic Emirate to uphold the principles of the Islamic system through lawful and ethical means.

Abolishing Usury Systems:

Acting Minister Nooruddin Azizi emphasized the eradication of usury systems, a move aligned with Islamic financial principles. Usury, commonly known as “riba” in Islamic finance, refers to the charging or payment of interest, which is prohibited in Islam. The decision to abolish usury reflects the Islamic Emirate’s dedication to establishing an economic system that adheres to Islamic values and principles.

Commitment to the Islamic System:

The Acting Minister reiterated the commitment of the Islamic Emirate to fulfill all requirements of the Islamic system through lawful methods. This commitment extends to various aspects of governance, including economic policies that prioritize fairness, justice, and adherence to Islamic financial principles.

Islamic Finance Principles:

Islamic finance principles are rooted in Sharia law, aiming to create an economic system that promotes ethical and equitable practices. The prohibition of usury is a fundamental tenet of Islamic finance, promoting economic justice and preventing exploitation. Instead of traditional interest-based systems, Islamic finance encourages profit-sharing, risk-sharing, and ethical investment practices.

Global Implications:

The decision to abolish usury systems in Afghanistan holds broader implications for the global financial landscape. It showcases the Islamic Emirate’s dedication to establishing an economic model that prioritizes ethical considerations over profit motives. This move aligns with the growing global interest in ethical and sustainable finance, with Islamic finance principles offering an alternative framework that emphasizes social responsibility.

Conclusion:

The announcement by Acting Minister Nooruddin Azizi marks a significant step by the Islamic Emirate of Afghanistan towards implementing Islamic finance principles and abolishing usury systems. As the country seeks to rebuild and establish its governance, this move reflects a commitment to an economic system rooted in justice, fairness, and adherence to Islamic values. The global community will be keenly observing how these principles shape Afghanistan’s economic landscape in the coming years.

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