Solana

Solana is a busy working network and SOL has clear uses, but official religious bodies disagree on whether cryptocurrency is property (mal).

Mal is property that Islamic law recognises as having value and that can be owned and traded. Solana clearly works: by 16 September 2026 it had processed about 549 billion transactions, and in August 2026 it set a record of 216 million non-vote transactions in one day. SOL is needed to pay transaction fees, to stake for consensus and to pay storage deposits (rent). Malaysia's Securities Commission Shariah Advisory Council (2020), for assets under its supervision, treats digital currency without an underlying asset as goods ('urudh) that may be traded on registered exchanges.

SOL is not a gambling token, but its trading is dominated by futures and much on-chain trading is memecoin speculation.

Maysir is gambling: winning or losing by chance rather than through productive exchange. Ordinary price swings are not maysir, and SOL has no chance-based payout of its own. The market around it is heavily speculative, though. On 16 September 2026, perpetual futures made up about 90% of SOL/USDT trading volume on Binance, Bybit and OKX (a single-day snapshot). On the network itself, pump.fun's memecoin exchange and launchpad handled about 27% of the roughly $80 billion of DEX volume over 30 days, and this is a lower bound because memecoins also trade elsewhere.

Solana carries large payment and stablecoin use, but interest-based lending and memecoin launchpads are a notable share of its activity.

This criterion looks at what the network is actually used for. Much of it is permissible: about $15.4 billion of stablecoins circulate on Solana, Visa settles USDC on it, PayPal issues PYUSD on it, and in August 2026 Western Union launched a stablecoin card and MoneyGram connected Solana apps to cash locations. Tokenised real-world assets reached about $4 billion. A notable share is disputed or impermissible: interest-based lending protocols such as Kamino Lend and Jupiter Lend held about $2.64 billion, roughly 18% of non-exchange DeFi deposits, or about 30% if liquid staking is left out.

Solana brings real payment benefits, but large-scale memecoin pump-and-dump abuse and a history of outages weigh against them.

Maslahah weighs public benefit against harm. The benefit is real: Solana is a cheap, fast settlement rail for stablecoins and is used by Visa, PayPal, Western Union and MoneyGram. The harm is also significant. A May 2025 study by the compliance firm Solidus Labs found that 98.6% of tokens on pump.fun (January 2024 to March 2025) collapsed into worthless pump-and-dump schemes and that about 93% of Raydium liquidity pools showed soft rug-pull traits, which means large losses for retail buyers; no fresher study was found.