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Bybit recently announced the launch of Shariah compliant crypto accounts. This initiative was developed in consultation with ZICO Shariah Advisory Services to ensure adherence to Islamic principles.
Sharia Compliant Crypto Accounts!
Shariah-compliant crypto accounts are designed to provide an interest-free experience in accordance with Islamic financial laws. This initiative aims to allow Muslim investors to participate in the crypto market without compromising their religious beliefs. The accounts will support 18 major cryptocurrencies, including Bitcoin and Ethereum, giving users a wide range of options.
The development of these accounts was done in collaboration with ZICO Shariah, a Shariah consultancy based in Kuala Lumpur, Malaysia. This collaboration ensures that all products offered are strictly Shariah compliant. However, it is important to note that Shariah certification does not apply to crypto tokens themselves, but only to accounts and related financial products.
The difficulties of Muslim investors in the cryptocurrency market
Muslim investors face several difficulties in the cryptocurrency market due to their religious beliefs. Islamic finance prohibits riba (interest), making it difficult to use many traditional and crypto financial products. In addition, excessive speculation and uncertainty (gharar) are also prohibited, making certain aspects of cryptocurrency trading problematic.
As a result, these investors must find Sharia-compliant solutions, which limits their options and requires extensive research to ensure compliance. The absence of suitable Islamic financial products in the crypto sector adds a layer of complexity, preventing their active and safe participation in this growing market. This is why these Shariah-compliant accounts are sure to be rated favorably.
The launch of Shariah-compliant crypto accounts marks a significant step forward in the integration of Islamic principles into the crypto world. This initiative provides a unique opportunity for Muslim investors to participate in the digital asset market while respecting their religious beliefs.
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The world is evolving and adaptation is the best weapon to survive in this wavy universe. Essentially a crypto community manager, I am interested in anything directly or indirectly related to blockchain and its derivatives. To share my experiences and raise awareness of a field that fascinates me, there is nothing better than writing articles that are both informative and relaxing.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.