Binance Enters Islamic Finance with Sharia Compliant Crypto Offering
The service, which includes support for BNB, ETH and SOL tokens, has been certified by Amanie Advisors, a Sharia advisory firm.
The product is presented as the first multi token staking offering that aligns with guidelines from Islamic finance, such as the prohibition of interest, avoidance of excessive uncertainty, and the requirement to invest only in halal sectors.
Binance states that the structure and operations of the product have been reviewed by Sharia scholars through a Wakala agreement, a model used in Islamic finance.
Binance CEO Richard Teng said the goal is to include more faith conscious investors in the digital economy.
'With this product we are empowering the Muslim community and Sharia focused investors to participate in one of the most exciting financial revolutions of our time,'
Teng said.
The Islamic finance market is valued at over US$4 trillion, but many Muslims have avoided decentralised finance due to concerns about compliance with religious principles.
Sharia Earn appears to be an attempt to make crypto based earning mechanisms more accessible to this demographic.
However, the move raises questions about whether cryptocurrency, which is often volatile and speculative, can be fully reconciled with Islamic finance frameworks.
While the certification from Amanie Advisors provides a level of religious endorsement, the broader acceptance of such products among scholars and regulators may vary across regions.
Sharia Earn will initially be available in countries including Afghanistan, Bangladesh, Egypt, Indonesia, Pakistan, Saudi Arabia, and the UAE.
This is Binance's first offering specifically designed for users seeking Sharia compliant financial tools, though the long term viability and acceptance of such products in the Islamic finance world remains to be seen.
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