Stellar, an open-source platform for distributed payments, is reportedly the first distributed ledger protocol to obtain Sharia compliance certification in the money transfer and asset tokenization field, according to a Stellar blog post published July 17.
The Shariyah Review Bureau, a leading international Sharia advisory agency licensed by the Central Bank of Bahrain, has examined the capabilities and applications of Stellar and released guidance that allows for the deployment of Stellar technology in Islamic financial institutions.
With the certification, Stellar will ostensibly be able to enhance its ecosystem in regions where operation in the field of financial services requires compliance with Islamic financing principles.
This move will allow financial institutions located in the Gulf Cooperation Council and some parts of Southeast Asia to implement Stellar technology in their Sharia-compliant product and service offerings.
Last month, South Korean blockchain lab IncuBlock signed a Memorandum of Understanding with a Malaysian government advisory committee for blockchain tech development permissible under Sharia law.
According to reports out today, the Bahrain Central Bank (CBB) have approved the Stellar. org project as Sharia compliant. This means that under the guise of the CBB, Stellar can carry a Sharia certification that means the project and its entities are approved by Islamic law and that interaction between the Stellar project and the Islamic faith is not forbidden in anyway.
Having received the Sharia certification, the Stellar Foundation will be working on developing Sharia-compliant applications using the Stellar technology for Islamic financial institutions.
The post Stellar Foundation Becomes the First to Obtain Sharia Certification appeared first on CoinSpeaker.
Today, Stellar announced it has obtained a Sharia compliance certification for the Stellar technology and network. The Shariyah Review Board (SRB), a leading international Sharia advisory agency licensed by the Central Bank of Bahrain, has reviewed the.
The Stellar (XML) Development Foundation has received a Sharia Certification for Payments and Asset Tokenization, making it the first Distributed Ledger Technology (DLT) to obtain the recognition.
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