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Combo Innovation helps UK mosque become first to raise money in crypto-currency

Jun 30, 2018

Combo Innovation is delighted to have supported Masjid Ramadan in making history as the first British mosque to accept crypto-currency donations and to smash its £10,000 Zakat target.


As part of this pioneering project, we advised and assisted the mosque, based in Hackney, East London, on how to receive, store and sell crypto-currency safely. By the end of the 30-day Ramadan campaign, the mosque had raised a total of £17,443, of which £13,983 were Zakat and Sadaqah donations in Bitcoin and Ethereum.

 

They received a total of 24 crypto donations, 17 in Bitcoin and 7 in Ethereum. The single largest crypto-currency donation was 14.99 Ethereum for Sadaqah, worth more than £5,200. Global media coverage about the 'Zakat campaign' led to interest from as far afield as Indonesia.

 

Masjid Ramadan liquidated its crypto-currency donations promptly not to fall foul of Islam's speculation rule, which prevents the trading of such assets. Using reputable currency exchanges like LocalBitcoin.com and LocalEthereum.com, the mosque transacted with those wanting to buy its Bitcoins and Ethereum in exchange for Sterling, and the sums were deposited directly into the mosque's bank account.

 

Erkin Guney, chairman of the mosque's Board of Trustees, expressed his delight at the outcome of the Ramadan campaign: "Many people at the mosque were initially sceptical about us accepting this new money, but the fact we received four times more in crypto-currency donations shows how important it is to be open to these new digital currencies. These donations will make a huge difference to our mosque and charitable works."

 

The donations are earmarked for three principal areas: carrying out essential repairs at the mosque, assisting poor Muslim families with funeral costs, and feeding and offering shelter to those in need in the local area.

 

Combo Innovation founder and CEO Gurmit Singh, founder of, a London-based Islamic finance blockchain technology start-up who, said: "We are very pleased with the response to Masjid Ramadan' s Crypto Zakat and Sadaqah initiative and how it has complimented their conventional methods of raising funds, whilst remaining within Islamic doctrine. I hope other mosques and charities will now follow Masjid Ramadan's lead to take advantage of this important new revenue stream."

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