Sharia Earn allows you to steak cryptocurrencies BNB, ETH and SOL. The product is certified by Amanie Advisors consultants and uses a model of transferring digital assets to trust control (Vacala).
According to this model, the investor transmits Binance assets, which invests them in projects declared by the exchange with halal. The income is distributed according to previously agreed conditions, and the risks and profits are divided between the parties, which is believed to exclude interest (Riba) prohibited by Sharia and excessive uncertainty (Gharar).
Initially, the Sharia Earn platform will be available in Saudi Arabia, the UAE, Indonesia and Egypt. The total Islamic finance market in these four countries exceeds $ 4 trillion.
This is not the first time that large cryptocurrency companies are making efforts to promote their financial products in the Islamic world, in particular, the Mena region (the Middle East and North Africa). For example, the Algorand blockchain platform was certified by the Bahrain law on the correspondence bureau, and the German fintech company Caiz Development, which opened the marketing office in the UAE, announced the start of work on the creation of blockchain and cryptocurrency that meets the Muslim rules.
Earlier, the Ministry of Finance of Pakistan said that traditional Islamic values and the requirements of Sharia make it difficult to integrate cryptocurrencies into the country’s financial system.
Source: Bits
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