As a firm dedicated to penetrating every region and revolutionizing how business is done, the Algorand blockchain platform is now a Certified Sharia Compliant Platform. This means all Islamic based institutions can now do their business via the Algorand platform.
Through its platform, institutions will now have access to a platform that is compliant with all sharia laws.
To ensure its services are in line with the stringent sharia laws, Algorand has Shariya Review Bureau (SRB) as its advisor. Commenting on their recent developments, Steve Kokinos , Algorand CEO, had the following to say;
“I’m quite happy with the developments made by Algorand Foundation. Getting the sharia compliance certificate and forming a working relationship with the SRB will push our firm to the next level. As a firm, our goal is to reach other markets, and with the rapid growth of the Islamic financial markets, this certification has come at the right moment. Now forward-thinking Islamic based institutions have a reliable and compliant platform at their disposal.”
Other Firms in Possession of the Sharia Compliance Certificate
While Algorand is the most recent firm to get its sharia compliance certificate, Wethaq and Stellar also have a sharia compliance certificate. For Stellar, the SRB gave it a sharia compliance certificate to launch services in the money and asset tokenization sector.
On the other hand, in the case of Wethaq, the SRB granted it the power to issuance Sukuk securities, which are Islamic Financial certificates. The latter are similar to bonds and will be issued on a platform created on Corda R3‘s enterprise blockchain ecosystem. Wethaq partnered with R3 to create a platform to facilitate the issuance of the Sukuk securities.
Apart from the above, other developments depicting the presence of blockchain technology in the Middle East include the issuance of Sukuk securities by Al Hilal Bank. This is a Dubai based bank that successfully held its Sukuk securities transaction based on blockchain technology. Al Hilal Bank used blockchain technology to sell and settle a small portion of its five year Sukuk bonds. However, with Wethaq creating a dedicated platform, such transactions will be common.