Before we get into things, let’s take a closer look at Shariah Law. Islamic law — known as Sharia — is based on the teachings of the Quran and includes regulations concerning financial activities, asserting them to be either “haram” (illegal) or “halal” (legal)
Is Bitcoin Halal?
On April 2018 An Islamic scholar has declared bitcoin permissible under Sharia Law, potentially opening up the cryptocurrency market to investment from 1.6 billion Muslims around the world.
Why is this important to Cryptocurrency?
Muslims account for 23% of the world’s population, with 1.6 billion Muslims throughout the world, mostly in Asia Pacific nations like India and Indonesia. This represents a huge population of people that adhere to Shariah Law and can have a substantial impact on cryptocurrencies like Bitcoin moving forward. In addition, many attribute the dramatic $1000 price increase in Bitcoin on April 12, 2018 to an a declaration by an Islamic scholar that Bitcoin is compliant with Sharia law.
What cryptocurrencies are Hilal?
1. Bitcoin (BTC) as of April 2018
2. Stellar (XLM) Stellar is the first distributed ledger protocol to receive Sharia compliance certification in the money transfer and asset tokenization space.
3. Algorand (ALGO) Announced Oct. 21st that is was certified for Sharia compliant financing
4. XRP (XRP) was listed on 2 Shariyah Compliant exchanges.
Rain: BTC, ETH, LTC, XRP
Ficemarket: BTC, ETH, LTC, XRP, OMG, BSV, EOS, ETC, XLM, ADAB, DASH, PAX
While there is no guarantee that all of the above cryptocurrencies are fully Shariyah compliant yet. It may be safe to assume so if two exchanges have them listed. Example: XRP