Bitcoin Meets Shari’ah Finance As UAE Bank Leads The Way
Ruya Bank has launched in-app Bitcoin trading, becoming the first Shari’ah-compliant bank to let customers buy and sell the cryptocurrency using a mobile banking app. Related Reading: South Korea Tightens Grip On Crypto Exchanges, Imposes Bank-Level Standards According to the bank, the move follows approval by its Shari’ah-governance board and was built with a regulated […]
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What do Bitcoin and Sharia have in common? The Bank of England. In a surprise U-turn, the UK central bank has altered its stance on Bitcoin, publishing a report in support of digital currencies which it says “may reshape the mechanisms for making secure payments.” The bank’s report also explicitly highlighted the benefits of blockchain technology, which it says holds “considerable promise.” “This has potentially profound implications for a financial system whose payments mechanism depends on bank deposits that need to be created through credit,” it continues, “Similarly, technology has....
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....
Bahrain-based crypto exchange CoinMENA acquired a major license ahead of its launch in several countries including the UAE and Saudi Arabia. CoinMENA, a soon-to-launch cryptocurrency exchange headquartered in the Kingdom of Bahrain, has obtained a license from the Central Bank of Bahrain, or CBB.The newly acquired “Crypto Assets Services Company License” allows CoinMENA to operate fully as a regulated crypto exchange and onshore platform, the company announced on Jan. 24. The CBB’s license ensures that CoinMENA meets all of the operational, technical and security requirements set by the....
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....
Blossom is a fintech company that offers Sharia complaint financial services to people in countries that are predominantly Islamic. The company successfully merges bitcoin and traditional microfinance into a single package. It is amazing how the culture, beliefs and practices vary from one region to another. A product that works in one country may not work in the neighbouring countries. Same holds good for finance also. The financial structure and practices vary depending upon the inherent cultural and religious beliefs of the population in that region. Research carried out in this regard....