- Bybit launches the world’s first Shariah-compliant Islamic crypto trading account.
- Partnership with ZICO Shariah ensures compliance with Islamic financial principles.
In a notable move, crypto exchange platform Bybit has launched the world’s first Shariah-compliant Islamic account, catering to the growing demand for halal financial products in the cryptocurrency space. This innovative account offers services that align with Islamic financial principles, ensuring that users can trade digital assets without engaging in prohibited activities such as interest-based transactions (riba) or gambling.
World first Crypto Islamic account is now fully live on Bybit. Shariah-Compliant and Initial offerings include spot trading (limited to 75 Shariah-compliant tokens), DCA trading bot, and Spot Grid Bot.
— Ben Zhou (@benbybit) September 24, 2024
Create your Islamic Sub-account now: https://t.co/BxLk8GR2N8 pic.twitter.com/ztz2RLDweJ
Bybit’s Islamic account provides a limited offering of 75 Shariah-compliant tokens for spot trading. The platform also includes Dollar-Cost Averaging (DCA) trading bots and Spot Grid Bots. It allows users to automate their trading strategies within a halal framework. These tools are designed to help traders systematically invest without violating Shariah principles.
Moreover, the crypto exchange partnered with ZICO Shariah, a well-regarded advisory firm based in Kuala Lumpur, Malaysia, to ensure the platform’s compliance with Islamic law. ZICO Shariah provided guidance on the religious permissibility of the products. And verified that the assets and trading models met strict Shariah standards.
A Milestone?
This launch marks a milestone in the intersection of Islamic finance and the digital asset industry. As global demand for Shariah-compliant investment products grows, particularly in Muslim-majority countries like Malaysia and the UAE, Bybit’s initiative could set a new standard for halal cryptocurrency trading.
The Islamic finance industry has been expanding its reach into the crypto space, with platforms like Bybit helping bridge the gap for Muslim investors. Other companies, including HAQQ Blockchain and Biokript, have also contributed to this movement. It offers decentralized finance (DeFi) solutions within an Islamic framework. Bybit’s latest offering is expected to accelerate adoption by providing a secure, Shariah-compliant environment for Muslim crypto trader.
Highlighted News Of The Day
Green United Fails to Dismiss $18M Crypto Mining Fraud Lawsuit
