Introduction to Sharia Earn
Binance, the global blockchain ecosystem behind the world’s largest cryptocurrency exchange, has launched Sharia Earn in the UAE, a groundbreaking multi-asset earning product that aligns with the principles of Islamic finance. This innovative offering opens up new doors for halal investment globally.
The Islamic Financial Market
The Islamic financial market is valued at over $4 trillion, yet millions of Muslims have been excluded from the decentralized financial movement due to ambiguity regarding religious compliance. Sharia Earn, officially certified by Amanie Advisors, a globally recognized Sharia advisory company, aims to bridge this gap.
Key Features of Sharia Earn
Sharia Earn is Binance’s first foray into Islamic financing, offering a product with Sharia-compliant EARN products for BNB, ETH, and SOL. Users can earn returns within the parameters of a Sharia-compliant EARN product, developed in accordance with Islamic principles. The platform ensures that all funds used in companies and assets are permissible (halal) under Islamic law.
Meeting of Two Financial Systems
Sharia Earn represents the convergence of two financial systems: Islamic finance and blockchain technology. While crypto challenges traditional finance through decentralization, Islamic finance does so through halal guidelines, emphasizing principles such as risk sharing, asset distribution, and the prohibition of interest (RIBA) and excessive uncertainty (Gharar).
Availability and Certification
The product, certified by Amanie Advisors, is available in selected markets, including the UAE, Afghanistan, Algeria, Bangladesh, Bhutan, Egypt, Indonesia, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Morocco, Nepal, Oman, Pakistan, Palestinian Territories, Qatar, Saudi Arabia, Sri Lanka, Sudan, Tunisia, Turkey, Yemen, Uzbekistan, Kyrgyzstan, Turkmenistan, Azerbaijan, and Tajikistan. This platform sets a new standard for halal crypto investments through transparency and halal compliance.
Underlying Technology
Sharia Earn is built on the underlying technologies of Binance Earn’s existing BNB locking products and the ETH-Staking and SOL-ATKAKE, with mechanics reviewed and deemed suitable for Muslim users by Sharia scholars for the purpose of Wakala.
