- Binance targets $4 trillion Islamic finance market.
- Platform aims to increase halal crypto adoption.
- Amanie Advisors certifies compliance with AAOIFI standards.
The launch of this platform marks Binance’s significant entry into the Islamic finance sector, potentially reshaping crypto adoption among the Muslim population.
Binance, the world’s largest cryptocurrency exchange, has partnered with Amanie Advisors to ensure Sharia Earn complies with AAOIFI standards. The move targets the $4 trillion Islamic finance market and 1.9 billion Muslims globally. CEO Richard Teng sees a huge business opportunity in the sector.
“From a business perspective, there is a huge opportunity. So we’ve built the first truly Sharia-compliant products.” — Richard Teng, CEO, Binance
Bader Khalooti, Regional Growth and Operations Lead at Binance, emphasized user-driven demand for such products. BNB, ETH, and SOL are the initial tokens available for halal staking, with Binance offering USDT rewards for early participants. This innovation meets repeated user requests.
Immediate market reactions have shown interest, with stakeholders closely monitoring potential increases in staking flows. No significant regulatory challenges have been reported as of now. The platform’s scale far surpasses previous regional efforts.
Observers note the possibility of increased liquidity inflows and market activities. Past attempts had limited impact, but Binance’s global reach may significantly boost halal crypto adoption. Analysts will be watching for shifts in staked asset volumes.
As the Sharia Earn platform gains traction, its impact on crypto markets will be assessed. Potential ramifications could span financial growth and enhanced trust within Islamic economies. More assets may eventually join the platform.
