Stellar Obtained Sharia Certification


Hey Friends !!

One by one we are getting good news in crypto fields now. During yesterdays bull run we got one more good news about Stellar that it becomes first crypto protocol who succeed to obtain sharia certification for payments and asset tokenization. :)

The Stellar Development Foundation announced on Tuesday about it. The foundation announced that :
“In partnership with SRB, this certification will help grow the Stellar ecosystem in regions where financial services require compliance with Islamic financing principles. For example, Islamic financial institutions in the Gulf Collaboration Council (i.e. Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE) and parts of Southeast Asia (e.g. Indonesia and Malaysia) will now be able to integrate Stellar technology in their Sharia-compliant product and service offerings.”
The SRB (Shariyah Review Bureau) released a Sharia certification in a 16-page document, which measured the cryptocurrency and its applications against standards published by the non-profit Accounting and Auditing Organizations for Islamic Financial Institutions (AAOIFI). The SRB concluded :
“Based on provided information, SRB conducted its review on the Network’s guides, concepts and related material and did not find any provisions that are non-congruent to the principles of Shari’a. However, the users of the Network seeking to attain Shari’a compliance should take note that merely following the attached guidelines does not automatically ensure compliance to Sharia.”
Earlier this year, Islamic scholar Mufti Muhammad Abu Bakar, a Sharia compliance officer told that bitcoin is Halal (permitted) for investors since it is recognized as a legal currency in some countries and widely accepted for payment in others.

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