Algorand with CEO Steve Kokins obtains the Shariyah certificate following other Blockchain companies like X8 AG, Ethereum Foundation, and Stellar protocol.
The open-source software company Algorand stated that their Blockchain platform has a certificate for Shariyah-compliant financing. The company was created by the Turing award winner Silvio Micali with the goal of taking tech innovations to the economy, providing decentralization with scalability and strong security.
Algorand’s POS protocol with permisionless qualities is making sure that users meet opportunities and take the best from Blockchain technology.
On their recent PR, the software company commented that Islamic institutions will use the POS Blockchain of Algorand for economic exchange, thanks to the certificate.
The CEO of Algorand Steve Kokinos stated:
“I am pleased to hear of this certification by the Algorand Foundation and SRB to ensure that the Algorand network is available to be used by all. Our vision at Algorand has always been inclusivity. With the rapid growth of the Islamic financial markets, I am excited that forward-thinking Islamic enterprises will now be able to realize new business opportunities on a platform that is congruent to their finance guidelines.”
According to the statement, the Islamic institutions are going to seize business opportunities on the Algorand platform that meet their financial guidelines.
The Bahrain’s Shariyah Review Bureau is listed as the platform’s advisor because every dApp that is built on Algorand must meet the criteria for compliance. This is due to the fact that the company understands how the Islamic financial markets contribute to the economy and there is no place for mistakes.
Reuters UK reported back in 2018, that the Switzerland fintech firm X8 AG received the Shariyah certification for its Ethereum-based stablecoin.
The same year, the Stellar protocol became the first DLT to receive the desired certificate.
From the announcement, the company stated:
“In partnership with SRB, this certification will help grow the Stellar ecosystem in regions where financial services require compliance with Islamic financing principles.”
Ethereum Foundation also had a Shariyah breakthrough. The Islamic finance and Shariyah advisory firm Amanie Advisors announced in their blog post that they have joined hands with the Ethereum Foundation to establish the platform’s compliance with Islamic religious law (Shariah).
Another firm that had a similar announcement was the Ethereum Foundation which joined with the Shariah advisory company Amanie Advisors thus making the compliance intact with the Islamic laws.