Mubasher: The Algorand Foundation announced on Monday the certification of its blockchain platform in compliance with sharia financing, according to the organisation’s press release.
Algorand enlisted Bahrain’s Shariyah Review Bureau (SRB), licensed by the Central Bank of Bahrain, as an independent advisor to ensure that the network adheres to the sharia financing procedures, with the significance of Islamic financial markets to the global economy.
Algorand’s ecosystem is now open to Islamic institutions using the platform for economic exchange and beyond.
Every decentralised application based on Algorand will be evaluated and examined for sharia compliance financing.
“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,” SRB’s CEO and founder Yasser S. Dahlawi said.
The Algorand blockchain platform, which has been expanding notably since starting last June, would deliver speed and scalability for frictionless finance.
Algorand aims through leveraging blockchain to create an ecosystem that allows everyone to harness the potential of a borderless economy.
“With the rapid growth of the Islamic financial markets, I am excited that forward-thinking Islamic enterprises will now be able to realise new business opportunities on a platform that is congruent to their finance guidelines,” Algorand’s CEO Steve Kokinos said.