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 News

ClickFix Attacks Surge 517% in 2025, Fake CAPTCHAs Spread Malware

ClickFix attacks using fake CAPTCHA verifications have risen by 517% in early 2025, according...

FHFA Orders Fannie, Freddie to Consider Crypto as Mortgage Collateral

The U.S. Federal Housing Finance Agency ordered Fannie Mae and Freddie Mac to consider...

Retail Investors Can Now Buy Tokenized Shares of SpaceX via Blockchain

Retail investors can now buy blockchain-based fractional shares in SpaceX through Republic. These digital tokens...

EU Commission Eases Stablecoin Stance, Calms Bank Run Concerns

The European Commission downplayed the risk of bank runs linked to stablecoins after concerns...

Iranian Hackers Launch AI-Driven Phishing Attacks on Israelis

An Iranian state-backed Hacking group targeted Israeli journalists, Cybersecurity professionals, and academics in a...

Must Read

How to Buy Dedicated Hosting With Crypto

In this article I am going to show you how to buy dedicated hosting with crypto from one of the best European hosting providers...