Binance announced the launch of Sharia Earn, the first of its kind staking platform compliant with Islamic financial norms, aimed at Muslim investors.
Goals and Features of Sharia Earn
Sharia Earn is designed to meet the financial needs of Muslim consumers interested in ethically oriented cryptocurrency investments. The product utilizes the Binance Earn infrastructure and offers options like $BNB Simple Earn Locked Products, $ETH Liquid Staking, and $SOL Liquid Staking. This product has been approved by Amanie Advisors, confirming its compliance with fundamental principles of Islamic finance, including the prohibition of interest (riba) and excessive uncertainty (gharar).
Staking Process and Rewards
Sharia Earn users can earn halal rewards without violating religious norms. The Simple Earn Locked Product mechanism offers daily rewards on BNB staking at a variable rate. Members can exit the program at any time but will permanently sacrifice their earned rewards. In the case of Ethereum ($ETH) and Solana ($SOL), users receive WBETH and BNSOL tokens, which can be used for withdrawals and earnings at any time.
Promotions and Prizes from Binance
Binance is also hosting two promotions, giving away $100,000 worth of USDT in support of the Sharia Earn launch. These promotions include competitions with a leaderboard for active users and giveaways for new participants. To participate, the latest version of the Binance app is required.
Sharia Earn by Binance marks an important step into the world of ethical investments, allowing Muslim investors to generate income from cryptocurrency in line with their religious beliefs.
