Crypto company Stellar gets Islamic finance certification

Wednesday 18 July 2018 10:18 CET | News

Stellar, a US-based cryptocurrency company, has received certification from Islamic scholars for its blockchain platform and related cryptocurrency.

The company aims to integrate the technology into the field of sharia-compliant financial products. Moreover, the move highlights how fintechs are broadening their footprint to include growth markets in the Middle East and Southeast Asia, prompting Islamic scholars to assess the religious validity of digital currencies.

The certification covers Stellar’s blockchain and its native currency called Lumens - the 7th largest cryptocurrency with a market capitalization of USD 4.3 billion, according to Reuters. Since the beginning of 2018, the company has been exploring partnerships with financial institutions in the Gulf region and seeking sharia-compliance certification.

Stellar’s digital ledger could be used in areas beyond cross-border payments, such as asset digitization, and the company has an ongoing partnership with IBM to develop such blockchain applications.

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Keywords: Stellar, Lumens, Islamic finance certification, cryptocurrency, Middle East, blockchain, sharia compliant
Countries: World

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