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Blockchain: The Best Solution for Sharia Compliance in Finance

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by Giorgi Kostiuk

3 months ago


Blockchain technologies are becoming integral in discussions about transitioning financial systems to comply with Sharia law, which includes strict guidelines on financial operations.

Blockchain and Sharia Law

Excuses that complying with Sharia norms is challenging due to legacy financial systems are becoming obsolete with the advent of blockchain technologies. Mohemed AlKaff AlHashmi states that blockchain is 'the most compatible technology with Sharia's ethics and values.'

Halal Crypto Market Growth

The Islamic finance industry is already valued at $4 trillion and is expected to double in the coming years. In the Middle East and North Africa region, cryptocurrency transaction volumes accounted for 7.5% of the global figure over the past year.

The best tool to serve Sharia's ethics and values is blockchain.Mohemed AlKaff AlHashmi

Demand for Islamic Financial Products

The demand for Sharia-compliant financial products continues to grow. Founded in 2020, Marhaba Network has already attracted 40,000 users through its noncustodial Sahal Wallet, and Bybit has launched the 'Crypto Islamic account.'

As cryptocurrency gains global traction, the development of solutions for Sharia compliance, including blockchain as a primary tool for ensuring transparency and reliability in financial transactions, continues to advance.

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