Islamic cryptocurrency trading platform launched

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has launched its Islamic account, making it the first global cryptocurrency exchange to offer such a service to Muslim traders worldwide. This initiative represents a major step towards providing crypto trading that is both accessible and compliant with Islamic law, the company said, noting that the Islamic economy serves approximately 1.9 billion people worldwide, with the Islamic finance sector currently estimated to be worth US$2.3 T.

Bybit’s Islamic account offers a suite of shari'ah-compliant trading products. Developed in consultation with ZICO Shariah Advisory Services and Crypto Halal to ensure compliance with the shari'ah principles, key features include:

- Global accessibility: Available to all users, regardless of region, except in countries with legal restrictions.

- Shari'ah-compliant products: Initial offerings include spot trading (limited to 75 shari'ah-compliant tokens), DCA trading bot, and Spot Grid Bot.

- Double shari'ah certification: Crypto Halal certification, along with official shari'ah certification from ZICO Holdings.

“We are thrilled to introduce our Islamic account, which represents a major milestone in our commitment to providing inclusive and accessible trading solutions,” said Joan Han, Sales & Marketing Director at Bybit.

“By partnering with Crypto Halal and ZICO Holdings, we have ensured that our offerings align with the principles of Islamic finance, empowering Muslim traders to participate in the growing cryptocurrency market.”

Hashtag: #TheCryptoArk

XCO2 token found to be aligned with shari'ah principles

Carbon Market Exchange, which is uniting climate action and the financial industry to make international climate targets more accessible, has received validation that its XCO2 token is aligned with shari'ah principles. 

"It's a true honour to be aligned with shari'ah principles, and this vote of confidence from such a renowned advisory firm will help us make a big impact for many new clients in the region," said Carbon Market Exchange CEO Shenna Fortner.

Shariah Experts conducted groundbreaking research from the Islamic jurisprudential point of view in the field of carbon offsets and Blockchain-based tokens. All the aspects of XCO2, including its nature, issuance, redemption, usage, and underlying source were analysed before the certificate was granted as a non-fungible token (NFT).

"Carbon Market Exchange is doing amazing things for the conservation of the environment, and we are pleased to grant this certificate to ensure more clients can benefit from the good they're doing," said Shariah Experts Co-Founder & Director Dr Farrukh Habib. 

"Islam forbids wasting of resources and destroying the environment. It strongly emphasises on eco-friendly ideas and principles. The modern trends of sustainable environment and green economy are aligned with the teachings of Islam and shari'ah. Therefore, projects like Carbon Market Exchange should be welcomed by the Muslim fraternity."

XCO2 tokens are developed on the Ethereum Blockchain and the secondary scaling solution, Polygon. With the recent merge from the energy-consuming proof-of-work model to the environmentally conscious proof-of-stake model, Ethereum now has a place in the conservation movement.