Investing In Crypto According To Sharia? It Is Finally Possible!

Bybit recently announced the launch of Shariah-compliant crypto accounts. This initiative was developed in consultation with ZICO Shariah Advisory Services, to ensure compliance with Islamic principles.

Shariah-Compliant Crypto Accounts!

Shariah-compliant crypto accounts are designed to offer an interest-free experience, in accordance with Islamic financial laws. This initiative aims to allow Muslim investors to participate in the crypto market without compromising their religious beliefs. The accounts will support 18 major cryptocurrencies, including bitcoin and ethereum, thus offering a wide range of options to users.

The development of these accounts was carried out in collaboration with ZICO Shariah, a Shariah advisory firm based in Kuala Lumpur, Malaysia. This collaboration ensures that all offered products strictly adhere to Shariah principles. However, it is important to note that Shariah certification does not extend to the crypto tokens themselves, but only to the accounts and associated financial products.

The Challenges Faced by Muslim Investors in the Cryptocurrency Market

Muslim investors face several challenges in the cryptocurrency market due to their religious beliefs. Islamic finance prohibits riba (interest), complicating the use of many traditional and crypto financial products. Additionally, excessive speculation and uncertainty (gharar) are also prohibited, making certain aspects of crypto trading problematic.

As a result, these investors must find Shariah-compliant solutions, which limits their options and requires thorough research to ensure compliance. The lack of suitable Islamic financial products in the crypto sector adds a layer of complexity, hindering their active and secure participation in this rapidly expanding market. That is why these Shariah-compliant accounts will certainly be well-received.

The launch of Shariah-compliant crypto accounts marks a significant step forward in integrating Islamic principles into the crypto world. This initiative offers Muslim investors a unique opportunity to participate in the digital asset market while respecting their religious convictions.