Bybit recently announced the launch of Shariah-compliant crypto accounts. This initiative was developed in consultation with ZICO Shariah Advisory Services, to ensure compliance with Islamic principles.
Sharia compliant crypto accounts!
The Shariah-compliant crypto accounts are designed to provide an interest-free experience in line with Islamic financial laws. The move aims to enable Muslim investors to participate in the crypto market without compromising their religious beliefs. The accounts will support 18 major cryptocurrencies, including Bitcoin and Ethereum, providing a wide range of options for users.
The development of these accounts was done in collaboration with ZICO Shariah, a Shariah consulting firm based in Kuala Lumpur, Malaysia. This collaboration ensures that all products offered strictly adhere to Shariah principles. However, it is important to note that Shariah certification does not extend to the crypto tokens themselves, but only to the accounts and associated financial products.
The difficulties of Muslim investors in the cryptocurrency market
Muslim investors face several challenges in the cryptocurrency market due to their religious beliefs. Islamic finance prohibits riba (interest), which makes it difficult to use many traditional and crypto financial products. Additionally, excessive speculation and uncertainty (gharar) are also prohibited, making some aspects of crypto trading problematic.
As a result, these investors must find Shariah-compliant solutions, which limits their options and requires extensive research to ensure compliance. The lack of suitable Islamic financial products in the crypto sector adds a layer of complexity, hampering their active and secure participation in this growing market. Therefore, These accounts comply with Sharia will certainly be viewed favorably.
The launch of Shariah-compliant crypto accounts marks a significant step forward in integrating Islamic principles into the crypto world. This initiative offers Muslim investors a unique opportunity to participate in the digital asset market while respecting their religious beliefs.
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