Dubai: Binance, the global blockchain ecosystem behind the world’s largest cryptocurrency exchange, has launched Sharia Earn, a game-changing product in its mission to build a more inclusive financial future in line with Islamic principles. Officially certified by Amanie Advisors, a globally recognized Sharia advisory firm, Sharia Earn is the first multi-token staking service that meets the principles of Islamic finance, opening new doors for halal investing globally.
The Islamic finance market is over $4 trillion, yet millions of Muslims have been left out of the decentralized finance movement due to the ambiguity around religious compliance. Sharia Earn addresses this gap – offering a transparent, values driven way for the global Muslim community to earn passive income in crypto.
This is Binance’s first entry into Islamic finance and a commitment to innovation that respects cultural and spiritual values. Launching with BNB, ETH, and SOL, the platform offers a Sharia-compliant earn product that allows users to earn yield within the parameters of a Sharia-compliant earn product which has been developed in alignment with faith-based principles.
Richard Teng, CEO of Binance, commented, “Our mission has always been to create an inclusive and transparent trading environment. With this product we’re empowering the Muslim community and Sharia focused investors to participate in one of the most exciting financial revolutions of our time. This is more than a product – it’s a movement toward a more principled and equitable digital economy that promotes financial freedom for all.”
Sharia Earn is where two financial systems meet – Islamic finance and blockchain technology. While crypto challenges traditional finance through decentralization, Islamic finance challenges it through halal guidelines – principles such as risk sharing, wealth circulation, prohibition of interest (riba) and excessive uncertainty (gharar).
Certified by Amanie Advisors, the product ensures that all deployed funds are channeled into ventures and assets that are halal (permissible) under Islamic law. Available in select markets to start, this platform is a new benchmark for halal crypto investing through transparency and halal compliance.
Sharia Earn will initially be available for users in the following countries: Afghanistan, Algeria, Bangladesh, Bhutan, Egypt, Indonesia, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Morocco, Nepal, Oman, India, Pakistan, Palestinian territories, Qatar, Saudi Arabia, Sri Lanka, Sudan, Tunisia, Turkey (.com), United Arab Emirates, Yemen, Uzbekistan, Kyrgyzstan, Turkmenistan, Azerbaijan, and Tajikistan.
This is built with underlying tech from Binance Earn’s existing BNB Locked Products, and ETH Staking & SOL Staking, with the mechanics of each having been reviewed by Sharia scholars and have been deemed to be fit for our Islamic users, through the purpose fit Wakala agreement.
About Binance
Binance is a leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and registered users. Binance is trusted by more than 280 million people in 100+ countries for its industry-leading security, transparency, trading engine speed, protections for investors, and unmatched portfolio of digital asset products and offerings from trading and finance to education, research, social good, payments, institutional services, and Web3 features. Binance is devoted to building an inclusive crypto ecosystem to increase the freedom of money and financial access for people around the world with crypto as the fundamental means.