Latest news with #AmanieAdvisors
Yahoo
4 days ago
- Business
- Yahoo
Binance taps $4T market with first-ever Sharia-compliant staking service
Binance taps $4T market with first-ever Sharia-compliant staking service originally appeared on TheStreet. In a major expansion move, Binance has introduced Sharia Earn, the world's first Sharia-compliant crypto staking service. The platform, certified by Amanie Advisors, is hoping to soothe the years-long Islamic quandary regarding the compatibility of interest-free finance and the realm of decentralized assets. The multi-token crypto staking service taps into the growing interest in halal financial products among the world's 1.9 billion Muslims. Although the Islamic finance sector is worth over $4 trillion, most of the community has been sitting on the sidelines of crypto due to the potential for riba (interest), gharar (uncertainty), and asset authenticity. Binance's Sharia Earn is a direct response to this trend. The offering enables individuals in over 30 countries, including Indonesia, Saudi Arabia, Pakistan, and Egypt, to earn returns on BNB, ETH, and SOL through staking products designed to adhere to Islamic halal rules and ethics. It operates based on the Wakala contract, a Sharia-approved contractual structure that ensures revenue generation remains halal. Richard Teng, CEO of Binance, said the launch "empowers the Muslim community and Sharia-focused investors to participate in one of the most exciting financial revolutions of our time." What makes Sharia Earn notable isn't only religious compliance — it's the institutional-grade design and tech stack behind it. Based on Binance Earn's underlying staking infrastructure, the solution utilizes an established mechanism while utilizing a clear filter for halal eligibility. It's also a test of how DeFi platforms can localize offerings without sacrificing decentralization or yield potential. As crypto adoption accelerates in the developing world, products such as Sharia Earn may be essential tools in increasing financial inclusivity, not just through technology but by respecting cultural and even spiritual frameworks that mainstream finance sometimes ignores. Binance taps $4T market with first-ever Sharia-compliant staking service first appeared on TheStreet on Jul 11, 2025 This story was originally reported by TheStreet on Jul 11, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
5 days ago
- Business
- Finextra
Binance launches Sharia Earn, an Islamic banking-aligned token
Global blockchain platform Binance has launched a Sharia-compliant multi-token in alignment with Islamic principles to promote inclusivity in crypto-trading. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The token is launching with Binance Coin, ethereum, and Solana, and has been Sharia-certified by Sharia advisory firm Amanie Advisors. Targeting the untapped $4 trillion Islamic finance market, Sharia Earn will allow Muslims to participate in the decentralised finance movement without concern for how it conflicts with Islamic banking principles. Richard Teng, CEO of Binance, stated, 'Our mission has always been to create an inclusive and transparent trading environment. With this product we're empowering the Muslim community and Sharia focused investors to participate in one of the most exciting financial revolutions of our time. This is more than a product – it's a movement toward a more principled and equitable digital economy that promotes financial freedom for all.' Sharia Earn will be available for users in the following countries: Afghanistan Algeria Bangladesh Bhutan Egypt Indonesia Iraq Jordan Kuwait Lebanon Libya Maldives Morocco Nepal Oman India Pakistan Palestinian territories Qatar, Saudi Arabia Sri Lanka Sudan Tunisia Turkey UAE Yemen Uzbekistan Kyrgyzstan Turkmenistan Azerbaijan Tajikistan In June this year, Binance announced an AI-powered app interface titled Binance UI Refined.
Fintech News ME
5 days ago
- Business
- Fintech News ME
Binance Enters Islamic Finance with Sharia Compliant Crypto Offering
Binance, one of the world's largest cryptocurrency exchanges, has launched a new product called Sharia Earn, aimed at providing crypto staking options that comply with Islamic finance principles. 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.
Business Recorder
5 days ago
- Business
- Business Recorder
Crypto for Muslims? Binance launches ‘Sharia Earn'
Binance - one of the largest cryptocurrency exchanges in the world - announced Thursday the launch of Sharia Earn - 'the first multi-token staking service that meets the principles of Islamic finance, opening new doors for halal investing globally.' The move comes a year after it formally launched its Dubai operations with full retail and institutional services. In a statement, Binance said this is 'a game-changing product in its mission to build a more inclusive financial future in line with Islamic principles' and is officially certified by Amanie Advisors, a Sharia advisory firm. Emirates, Dubai Duty Free set to allow crypto payments The product will be available to users in some 30 countries, including Pakistan, Afghanistan, Egypt, Indonesia, Palestinian territories, Saudi Arabia, UAE, Yemen, Uzbekistan, Kyrgyzstan, and Tajikistan. CEO Richard Teng said, 'Our mission has always been to create an inclusive and transparent trading environment. With this product we're empowering the Muslim community and Sharia focused investors to participate in one of the most exciting financial revolutions of our time.' Binance founder CZ appointed strategic advisor to PCC 'This is more than a product – it's a movement toward a more principled and equitable digital economy that promotes financial freedom for all.' Binance explained that the Islamic finance market is over $4 trillion, yet millions of Muslims have been left out of the decentralized finance movement due to the 'ambiguity around religious compliance.' It wants Sharia Earn to address this gap by 'offering a transparent, values driven way for the global Muslim community to earn passive income in crypto.' This is Binance's first entry into Islamic finance and a commitment to innovation that respects cultural and spiritual values. UAE fund ploughs $2bn into Binance crypto exchange Launching with Binance Coin, Ether, and Solana, the platform allows users to earn yield within the parameters of a Sharia-compliant product developed in alignment with 'faith-based principles.' Binance said that while crypto challenges traditional finance through decentralization, Islamic finance challenges it through halal guidelines – principles such as risk sharing, wealth circulation, prohibition of interest (riba) and excessive uncertainty (gharar). It stated that the product ensures that all deployed funds are channeled into ventures and assets that are halal under Islamic law. It explained that Sharia Earn is built with underlying tech from Binance Earn's existing BNB Locked Products, and ETH Staking & SOL Staking, with the mechanics of each having been reviewed by Sharia scholars and have been deemed to be fit for our Islamic users, through the purpose fit Wakala agreement - an Islamic finance contract in which one party appoints another party to act on their behalf for a specific task or series of tasks.
Time of India
5 days ago
- Business
- Time of India
Explained: Is crypto Shariah-compliant? Binance launches Islamic finance-aligned investment platform
Sharia Earn is live in 29 countries like the UAE, Saudi Arabia, Egypt, and Indonesia, bringing faith-compliant crypto investing to major Muslim markets./ Image: Binance TL;DR What: Binance has launched Sharia Earn , a crypto staking platform structured under Islamic finance principles. Why: Certified Shariah-compliant by Amanie Advisors under AAOIFI standards. How: Uses wakala contracts to avoid riba (interest), gharar (excessive uncertainty), and prohibited sectors. Where: Available in 29 countries including the UAE, Saudi Arabia, Egypt, Indonesia. Impact: Offers millions of Muslim investors access to crypto investing that aligns with their faith-based financial requirements. Crypto Meets Shariah: The Big Question On July 10, Binance, the world's largest cryptocurrency exchange by volume, unveiled Sharia Earn, a first-of-its-kind crypto investing platform tailored for Muslim investors. Now live across 29 countries, including the UAE, Saudi Arabia, Egypt, Indonesia. The launch is not just a regional experiment. It is a structured effort to align modern crypto products with the ethical and legal foundations of Islamic finance. At the heart of the offering is a long-standing question: can digital assets coexist with Shariah law? With formal certification from Amanie Advisors, a globally respected Shariah advisory firm, Binance believes they can. For many of the world's 2 billion Muslims, who have remained cautious about crypto due to religious concerns, this signals a potential shift – not just in access, but in trust. What Is Shariah Law and How Does It Shape Finance? Shariah, meaning 'the clear path,' is not merely a set of rules. It is a comprehensive moral and legal framework that guides many aspects of a Muslim's life, including economic behaviour. Under Islamic finance, profit and ethics go hand in hand. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Upto 15% Discount for Salaried Individuals ICICI Pru Life Insurance Plan Get Quote Undo Three Core Principles in Islamic Finance No Riba (Interest): Any fixed return on money lent is forbidden. Money cannot earn profit without effort or risk. No Gharar (Excessive Uncertainty): Transactions must be transparent, avoiding excessive speculation, ambiguity, or contractual asymmetry. No Haram (Prohibited Sectors): Investments cannot be linked to alcohol, gambling, pork products, adult content, or weaponry. The source of profit must be permissible. Islamic finance aims to promote fairness, social justice, and shared prosperity, ensuring wealth circulates rather than accumulating unfairly in a few hands. What Makes an Investment Shariah-Compliant? Shariah investing is essentially ethical investing with a religious lens. Beyond excluding haram industries, the structure of the financial products matters just as much. Modern Islamic finance isn't just theological theory. It has evolved into a multi-billion-dollar global industry, providing structured investment pathways for Muslims to grow wealth without compromising faith.S Shariah-compliant investing today includes: Real estate and asset-backed investments Sukuk – often called 'Islamic bonds,' these instruments do not pay interest but instead grant investors partial ownership in a tangible asset, with earnings tied to its real-world performance. Equity Funds and Mutual Funds – These are curated to exclude non-compliant sectors. For example, the Amana Growth Fund (AMAGX), launched in 1994, invests at least 80% in Shariah-compliant common stocks. As of 2017, it managed $1.7 billion in assets nearly half of it in technology companies, with a modest $250 minimum investment. Index Funds – Global benchmarks such as the S&P 500 Shariah Index filter out companies involved in prohibited activities. As of October 2017, it included 235 companies, with information technology making up 38% of its weighting. Other indexes include: S&P Global Healthcare Shariah S&P Global Infrastructure Shariah S&P Developed Large & Mid Cap Shariah S&P Developed Small Cap Shariah S&P Developed BMI Shariah Wealth redistribution is also integral. A portion of wealth, typically 2.5% annually, is paid as Zakat, akin to a charitable tax, meant to support those less fortunate. The Growth of Shariah-Compliant Funds, A Global Financial Force Though the idea of Islamic investing took root in the late 1960s, it wasn't until the early 2000s that the industry accelerated. A 2011 report by PwC showed that Shariah-compliant funds grew at an annualized rate of 26% in the first decade of the century. Between 2002 and 2003, surging petrodollar liquidity and maturing GCC capital markets gave Islamic investors both the resources and access to make their mark. By Q1 2017, global Islamic assets under management reached $70.8 billion, according to the Malaysia Islamic International Financial Center. By the end of Q1 2017, global Islamic assets under management (AUM) stood at $70.8 billion, according to the Malaysia Islamic International Financial Center. What Is Binance? Binance is the world's largest cryptocurrency exchange by trading volume, with over 280 million users globally as of 2025. It offers a wide range of financial tools , including spot and futures trading, staking, and digital wallets, and has played a major role in driving mainstream adoption of crypto. With its technical scale and institutional backing, Binance is one of the few platforms capable of launching faith-aligned financial products globally. Its latest initiative, Sharia Earn, brings halal crypto investing into the digital finance space. Introducing Sharia Earn On July 10, 2025, Binance officially launched Sharia Earn, the world's first fully Shariah-compliant multi-token crypto staking platform. Developed in collaboration with Amanie Advisors, a leading Islamic finance consultancy headed by Dr. Mohd Daud Bakar, Sharia Earn is certified under AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) standards. How Sharia Earn Works Sharia Earn offers crypto rewards through Binance's existing staking infrastructure, structured to meet Shariah-compliance standards. Key Features: Wakala Agreement: Binance acts as an agent under a wakala contract (an Islamic agency contract where users authorise Binance to manage funds on their behalf without guaranteeing fixed returns), deploying funds only into pre-screened, compliant blockchain protocols. Supported Tokens: BNB (Simple Earn Locked Products) Users earn halal rewards daily at a variable rate, paid directly to their Spot Wallets. Rewards are generated on-chain, and users retain full visibility and control. Early withdrawals are allowed but will forfeit accrued rewards. ETH & SOL (Liquid Staking) Users receive WBETH or BNSOL upon staking, which represent both the staked asset and earned halal rewards. These tokens increase in value over time, reflecting the staking rate of return. They can be redeemed anytime for ETH or SOL, including all accrued value. Rate of Return (ROR) The expected Rate of Return (ROR)* for each token is based on on-chain staking yields: For BNB, it mirrors the rate used in Simple Earn Locked Products. For ETH and SOL, the ROR is reflected in the value growth of WBETH and BNSOL. All reward mechanisms have been reviewed and approved by Sharia scholars to ensure full compliance with Islamic finance principles. *Note: In Islamic finance, "Rate of Return" (ROR) is used instead of APR to reflect halal, expected earnings from permissible activities. Is Crypto Shariah-Compliant? Whether crypto is halal in Islam depends on how it is structured and used. To be Shariah-compliant, it must avoid riba (interest), gharar (excessive uncertainty), and involvement in haram (prohibited) industries. Binance's Sharia Earn serves as a clear example of how crypto can meet these conditions. The platform uses a wakala contract, where Binance acts as an investment agent rather than a lender or borrower, ensuring returns are not fixed or guaranteed. All participating assets are screened to exclude ties to haram sectors like gambling, alcohol, or conventional finance, while the risks and returns are transparently outlined to eliminate gharar. Certified by Amanie Advisors and reviewed quarterly under AAOIFI standards, Sharia Earn shows that when properly structured, can indeed be halal. FAQs: Q: What is Sharia Earn by Binance? A Shariah-compliant crypto staking platform offering halal returns through ethical blockchain protocols. Q: How is it different from regular crypto staking? It follows Islamic finance rules, avoiding interest, excessive risk, and prohibited industries. Q: Is it certified as halal? Yes, certified by Amanie Advisors under AAOIFI guidelines. Q: What tokens are supported in Sharia Earn? Currently BNB, ETH, and SOL through Sharia-approved staking models. Q: Can I withdraw my staked crypto early? Yes, early withdrawals are allowed, but some rewards may be forfeited depending on the product.
