Middle East cryptocurrency exchange ‘Rain’ to be Shari’a compliant
- Rain is a cryptocurrency exchange that is now Shari’a compliant (certified by Shariyah Review Bureau)
- Middle East focused exchange Rain has been operating within the regulatory sandbox of the Central Bank of Bahrain (CBB) since December 2017
- The company is targeting a 2019 launch rain.bh
Rain, a Bahrain based cryptocurrency exchange operating out of the Regulatory Sandbox, has today announced its successful Shari’a compliance certification completed by Shariyah Review Bureau (“SRB”). SRB is licensed by the Central Bank of Bahrain as a Shari’a Advisory firm authorized to issue Shari’a compliance certifications.
SRB has reviewed Rain’s brokerage service and has determined that the sale, purchase and custodian activities of Rain are in compliance with Shari’a principles.
Rain aims to deliver more value with a Shari’a compliant cryptocurrency exchange. The Shari’a certification covers a suite of three cryptocurrencies (bitcoin, ethereum, and litecoin). Rain expects to enable top-tier family offices, sophisticated investors and Islamic institutional investors to buy, sell and store cryptocurrency in a Shari’a compliant way.
Rain was founded in 2016 by four entrepreneurs Yehia Badawy, Abdullah Almoaiqel, AJ Nelson and Joseph Dallago. They shared a joint vision to create a fully Shari’a compliant exchange to provide trust for local cryptocurrency traders.
Rain’s founders said in a joint statement: “This is a major milestone in the cryptocurrency and Islamic markets. This is the implementation of Rain’s mission to provide the Middle East with a cryptocurrency exchange that meets the highest standards in terms of regulation, accessibility, security and trust. We are excited to open the Islamic markets to cryptocurrency with a Shari’a compliant exchange and a suite of cryptocurrency investment opportunities.”
Shariyah Review Bureau has been expanding its position in the world of fintech by advising clients like Stellar, X8 Currency, Ovamba and Beehive. “Our engagement with Rain is another important step to extending our position in this rapidly growing market,” said Yasser S. Dahlawi, Founder and CEO of SRB. “With more than 13 years of experience in the Shari’a certification and Shari’a audit businesses, we are confident that we will be able to further develop the Islamic crypto and exchange business systematically and help customers like Rain open new opportunities for investors.” He added, “We are looking forward to taking the next steps in our Shari’a supervisory role of Rain’s cryptocurrency exchange.”
Customers can join the official waiting list at www.rain.bh and download the mobile app in Appstore and Playstore.
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