- Bybit has debuted the first Islamic account for crypto investors who follow Shariah.
- Over 75 tokens have been introduced for investors in the initial phase.
- The exchange debuted the Islamic account in consultation with ZICO Shariah.
Bybit, the fourth-largest digital asset trading platform by spot volume, launched the first crypto Islamic account. This is a big step for other exchanges and the digital asset sector to take note, in that it allows investors who follow Sharia law, to trade in the crypto market without violating their faith.
In a post on X (formerly Twitter), Ben Zhou, the co-founder and CEO of Bybit, said the crypto exchange has rolled out the Islamic account which is Shariah-compliant. Initially, the new service will offer around 75 cryptocurrencies that comply with Sharia law.
Read also: The Rise of Bybit: The Crypto Exchange That’s Taking on the Giants
Along with these tokens, the Islamic accounts will also include the DCA trading bot and Spot Grid Bot. The service was developed in partnership with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) “to make sure it follows Shariah principles” and will be open to Muslim traders worldwide.
Ethical and Transparent Trading
Islamic accounts will prevent “the mixing of funds” and will also have a transparent fee structure, “ensuring ethical and straightforward trading that aligns with Islamic values.” It’s worth noting that “Riba” (usury or interest) is strictly prohibited under Islamic laws, so Muslim investors cannot use crypto lending platforms or protocols offering similar services.
Further, cryptocurrency investment is also often likened to gambling, which is forbidden in Islamic culture. Because of this, only a few Shariah-compliant cryptocurrencies can be traded.
Cryptocurrencies Deemed Halal
According to the Islamic Finance Guru, the top cryptocurrencies that are considered permissible or “halal” by Islamic law include Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), Cardano (ADA), Polkadot (DOT), Chainlink (LINK), and Bitcoin SV (BSV). Several other altcoins can also be seen as Shariah-compliant.
Stablecoins like USDT and USDC are interest-bearing but can be considered Shariah-compliant because if an investor simply buys and exchanges the stablecoin with another compliant token, “Riba” does not apply.
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