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Is UMA (UMA) halal?

Prohibited

2 conditions out of six fail.

Automatic classification based on CoinMarketCap tags and the contract scan, without investigation: the verdict covers only what this data establishes.

Open the evidence file

The asset

Project classified as “derivatives” by CoinMarketCap tags Issuer: Token on Ethereum.

UMA (UMA) is a cryptocurrency and operates on the Ethereum platform. UMA has a current supply of 131,485,355.09865461 with 92,762,865.97349955 in circulation. The last known price of UMA is 0.40986478 USD and is down -9.44 over the last 24 hours. It is currently trading on 333 active market(s) with $26,217,341.63 traded over the last 24 hours. More information can be found at https://umaproject.org/.

Why this verdict

  1. Permissible purpose : not met. The project's main purpose falls under: derivatives (CoinMarketCap tags). Rule A.8: an impermissible purpose fails the condition. Automatic classification based on the data, not investigated.
  2. No riba : to be verified or tolerated case. Not investigated: automatic pre-screening does not read this point.
  3. No gambling : not met. According to its tags, the project is based on bets or contracts on price differences.
  4. No excessive gharar : to be verified or tolerated case. Not investigated: automatic pre-screening does not read this point.
  5. Real ownership : to be verified or tolerated case. Not investigated: automatic pre-screening does not read this point.
  6. No fraud or manipulation : to be verified or tolerated case. Not investigated: automatic pre-screening does not read this point.

What could not be verified

Sources read

Other cryptos analyzed

General information: neither investment advice nor a fatwa. Verdict calculated by published rules, from financial statements read automatically and not reviewed by a human. Read the methodology