Bitcoin
$48,128.26+1.82%
Ethereum
$3,421.59+0.56%
XRP
$1.07+1.12%
Cardano
$2.36+0.38%
Polkadot
$34.89+6.22%
Stellar
$0.321177+0.56%
Dogecoin
$0.241205+0.66%
Chainlink
$28.29+1.92%
Uniswap
$24.39+0.68%
Polygon
$1.36-4.05%
Litecoin
$180.82+0.65%
Bitcoin Cash
$627.44+1.14%
Algorand
$2.07+8.56%
Cosmos
$40.06+19.95%
Wrapped Bitcoin
$48,184.68+1.96%
Filecoin
$84.12-1.62%
The Graph
$0.831276+1.85%
Tron
$0.105838+0.57%
Ethereum Classic
$57.03+0.74%
Aave
$354.34+0.15%
Tezos
$6.44+5.36%
EOS
$5.48+4.75%
NEO
$49.63+2.11%
Monero
$270.64+3.33%
IOTA
$1.66-3.91%
BitTorrent
$0.003941+0.72%
Bitcoin SV
$156.32+0.25%
Waves
$28.95+0.60%
Maker
$2,829.43+1.35%
Dash
$198.95+0.18%
Decred
$142.93-1.63%
Decentraland
$0.819893+0.62%
ICON
$1.92+2.18%
NEM
$0.183280+0.52%
Zcash
$138.33+3.35%
Qtum
$12.56+0.61%
NuCypher
$0.331674+3.08%
OmiseGO
$8.92+5.45%
Bitcoin Gold
$66.12+1.40%
Yearn Finance
$33,832.98+1.83%
Basic Attention Token
$0.751000+0.15%
0x
$1.11+3.04%
Paxos Standard
$1.00-0.04%
Ren
$0.968741+2.89%
Fetch.ai
$0.820264-1.20%
Bancor
$4.06+0.88%
Band Protocol
$9.28+2.34%
Siacoin
$0.018951+5.05%
Kava.io
$6.27+2.52%
Nano
$5.58+3.69%
Loopring
$0.458194-0.88%
Storj
$1.39+0.92%
Civic
$0.536826-1.97%
Lisk
$3.58+1.70%
Numeraire
$46.14+4.15%
Orchid
$0.377152+4.59%
PAX Gold
$1,768.12+0.11%
Augur
$26.41+1.40%
Aragon
$6.11+4.90%
Enzyme
$121.17+7.43%
district0x
$0.176460+3.12%
Kyber Network
$1.81-0.29%
SingularDTV
$0.001443-8.64%
Tether
$1.00+0.00%
USD Coin
$1.00-0.01%
Dai
$1.00-0.02%

Algorand Wins Sharia Compliance Certificate to Enter $70 Billion Market

A sharia certification could open up the platform to a global network of observant Islamic investors estimated to be worth more than $70 billion.

Oct 22, 2019 at 9:30 p.m. UTC
Updated Sep 13, 2021 at 11:36 a.m. UTC

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

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

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...