Algorand Wins Sharia Compliance Certificate to Enter $70 Billion Market

Algorand has been certified as sharia-compliant, the company said Monday.

- Advertisement -

The certification was provided by Bahrain-based Shariya Review Bureau (SRB) and indicates that the Algorand platform adheres to the tenants of Islamic law. It could open up the platform and its features to a global network of observant Islamic investors estimated to be worth more than $70 billion, according to a 2017 study by Malaysia International Islamic Financial Center.

“Our vision at Algorand has always been inclusivity,” Algorand CEO Steve Kokinos said in a statement. “I am excited that forward-thinking Islamic enterprises will now be able to realize new business opportunities on a platform that is congruent to their finance guidelines.”

Sharia compliance can be complex for investment vehicles of any kind. To secure approval they must not profit from activities banned under sharia law, including gambling and alcohol, or accrue interest on loans, another banned activity.

It’s unclear what hurdles Algorand jumped to win SRB’s certification, but the platform, which launched in June, plans to retain approval as it continues to develop. Every dapp built on the platform will be reviewed by the SRB for sharia compliance.

“We stand ready to support the future ambitions of the users of Algorand in the Islamic financial market,” SRB CEO Yasser S. Dahlawi said in the statement.

Bahrain image via Shutterstock

- Advertisement -

Source

Previous Articles:

- Advertisement -

Latest

Congress Debates Stablecoin Bill Amid Rising Bank and Crypto Tensions

U.S. lawmakers are moving forward with the Senate Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with debates set to resume after...

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Scottsdale Residents Lose $6M to Crypto Scams; Police Respond

Scottsdale residents have reported losing over $6 million to cryptocurrency Scams in 2024.Authorities say actual losses could be higher, as not all cases are...

Must Read

6 Best VPN Providers That Accept Monero

Privacy and anonymity are probably the most important things that we should all consider in today's internet era. Although there are a lot of...