HaramCoinsSky falls under “DeFi stablecoin system”. The assessment below weighs its real use against the core prohibitions of riba, gharar and maysir.
01What it is
The rebranded governance token of the MakerDAO system, which issues a stablecoin and pays a savings rate.
02Why this assessment
Successor to Maker; the savings rate is an interest payment.
03The Islamic-finance lens
Any fixed or guaranteed return tied to Sky, for example interest-bearing lending or so-called savings products, resembles riba (interest), which Islam prohibits. Simply owning or spending Sky without such a mechanism does not, by itself, involve riba.
04Key considerations
05How to approach it
Practical takeaway: Sky raises serious concerns. A cautious Muslim may prefer to avoid it entirely; at the very least, avoid speculation, leverage, and any interest-bearing use, and do not commit money you are relying on.
06Frequently asked questions
Is Sky halal or haram?
Raises serious concerns. Successor to Maker; the savings rate is an interest payment.
Does trading Sky involve riba?
Simply owning or swapping Sky does not involve riba, but interest-bearing products or leveraged trading do.
Is buying Sky considered gambling (maysir)?
Buying Sky purely to bet on short-term price swings resembles maysir (gambling). Holding it for genuine, long-term ownership of a useful asset is viewed far more favorably.
07Related assessments
This website is an educational resource, not a religious edict (fatwa). Qualified scholars differ on cryptocurrencies; the assessments here are based on widely-recognised principles of Islamic finance and are provided for learning only. Always consult a qualified scholar before making any decision, and remember that nothing here is financial advice.