Bitcoin Goes Halal: Ruya Leads As 1st Islamic Bank To Offer Crypto Investment
Ruya, a digital bank based in the United Arab Emirates, has started offering Bitcoin and other cryptocurrency investments through its mobile app. This move makes Ruya the first Islamic bank in the world to allow direct crypto asset purchases while staying true to Islamic finance rules. Related Reading: Crypto Breakthrough: Fed Removes Key Banking Barrier—Details […]
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Navigating crypto is made more difficult for those with religious considerations and the founder of an Islamic law compliant DeFi platform has thousands of users seeking approved cryptocurrencies. Australian-based crypto platform Marhaba DeFi says there has been a strong take-up of Halal-approved cryptocurrency products on its platform, with aims to release a suite of new products which align with Islamic law by the end of 2022.Launched in 2020, the platform is focused on adhering to the rules of “Islamic finance” which refers to how businesses and individuals raise capital in accordance....
While Islamic scholars have long wrestled with the question of whether cryptocurrency is halal, what if its really fiat that isnt permissible?Islam has strict rules around finance, and it historically defines currency as commodities with intrinsic value gold, silver, or salt, among others. Waseem Mamlouk, from the DeFi platform Nimbus, argues that government-issued fiat currencies do not have any intrinsic value and may be incompatible with a careful interpretation of Sharia law. This would pose a problem for the burgeoning Islamic finance industry, which aims to produce financial returns....
Warba Bank, a Kuwait-based Islamic bank, recently became the latest corporation from the Middle East and North Africa (MENA) to enter the metaverse. The bank now occupies two sites in the metaverse, one Decentraland and another one on Sandbox.
Pioneering Digital Transformation
In what has been described as a first for an Islamic bank, the Kuwait-based Warba Bank recently said it now occupies two sites in the metaverse, one on Decentraland and another on Sandbox. The bank’s presence in the metaverse is expected to bolster its communication with the young generation.
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Warba Bank, an islamic bank headquartered in Kuwait, is the latest banking corporation from the Middle East and North Africa region to make a foray into the metaverse, a massive virtual realm centered on social interaction. In what has been heralded as a first for an Islamic lender, Warba Bank has announced that it now owns […]
Islam is the fastest growing religion in the world, according to Pew Research Center, there are about 1.6 bln Muslims in the world and they make up roughly 23 percent of the world’s population. The majority of the world’s Muslims live in Asia Pacific in countries like Indonesia and India even though traditionally areas of the Middle East and Northern Africa are traditionally associated with Islam. Fintech according to Sharia. There are unique needs of Muslims when it comes to banking and finance. The Islamic Canonical Law, popularly known as Sharia is based on the teachings of the Quran....