The Algorand Foundation announced that the network is certified for Sharia compliant financing.
As stated in press release on October 21, all cryptocurrency and blockchain users can now use this platform to conduct any transactions. Its including those who practice shariah-compliant transactions or economy exchange.
The Algorand Foundation is committed to fulfilling the global promise of blockchain technology. Through leveraging Algorand blockchain’s public, permissionless, and open source to build an interconnected ecosystem which provides a fair opportunity and truly borderless economy for all.
The foundation enlisted Bahrain’s Shariyah Review Bureau (SRB), licensed by the Central Bank of Bahrain, as an independent advisor. It to ensure that the network adheres to the Sharia financing procedures, with the significance of Islamic financial markets to the global economy.
“I am pleased to hear of this certification by the foundation and SRB to ensure that the network is available to be used by all,” said Steve Kokinos, CEO of Algorand. “Our vision has always been inclusivity. With the rapid growth of the Islamic financial markets, I am excited that forward-thinking Islamic enterprises will now be able to realize new business opportunities on a platform that is congruent to their finance guidelines.”
Each decentralized application builded will be evaluated and vetted to performed the Sharia compliance Financing. However, the foundation will continue retaining the expertise of SRB and is committed to remaining Sharia compliant as new innovation is rolled out on the platform for the financial markets.
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