Algorand Foundation Announces Sharia Certification for Islamic Financial Markets Inclusivity
The Algorand Foundation, the organization that oversees the Algorand blockchain platform delivering speed and scalability for frictionless finance, today announced that the network is certified for Sharia compliant financing.
The Algorand Foundation is dedicated to fulfilling the global promise of blockchain technology by leveraging the public, permissionless, and open source Algorand blockchain to create an inclusive ecosystem that provides an opportunity for everyone to harness the potential of an equitable and truly borderless economy.
Recognizing the importance that the Islamic financial markets bring to the global economy, the foundation enlisted the Shariya Review Bureau (SRB) as an independent Sharia Advisor to ensure the network complies with the critical procedures of Sharia compliant financing..
“I am pleased to hear of this certification by the Algorand Foundation and SRB to ensure that the Algorand network is available to be used by all,” said Steve Kokinos, CEO of Algorand. “Our vision at Algorand has always been inclusivity. With the rapid growth of the Islamic financial markets, I am excited that forward-thinking Islamic enterprises will now be able to realize new business opportunities on a platform that is congruent to their finance guidelines.”
Algorand’s ecosystem has been growing substantially since launching in June of 2019. With the Sharia certification, Algorand is open to Islamic institutions using the platform for economic exchange and beyond. While each decentralized application built on Algorand will need to be evaluated and vetted for Sharia compliance financing, the Algorand Foundation is retaining the expertise of SRB and is committed to remaining Sharia compliant as new innovation is rolled out on the platform for the financial markets.
Headquartered in Bahrain and licensed by the Central Bank of Bahrain, the Shariyah Review Bureau (“SRB”) has been serving the Islamic financial markets for well over 14 years. With scholars spanning 19 countries its Sharia certification and Sharia audit services are recognized globally. Apart from serving Islamic banks, Takaful firms, asset management institutions it has also been actively engaged with fin-techs like Beehive, Stellar, Raqamyah and Wethaq across variant asset classes. From certifying technologies used in P2P lending, to digitally monetizing undeveloped oil reserves, tokenizing revenue shares of digital assets in luxury hotel real-estates and approving ‘smart contracts’ under the disruptive settlement framework of a Sukuk platform. SRB has been helping entities unlock a new perspective on the future of technology using Islamic financial modalities.
“We are thrilled by technical achievement of the Algorand blockchain and a future of truly scalable and secure blockchain that will serve as a platform for Islamic financial markets to enter the newly emerging borderless economy.,” said Yasser S. Dahlawi, Founder and CEO of SRB. “We are now ready to help institutions seeking to build Islamic transactions on the network have access to expertise required for attaining Sharia compliance in their business facilities.” Yasser added, “High quality Sharia supervisory services are critical to our business and we stand ready to support the future ambitions of the users of Algorand in the Islamic financial market.”