California-based Stellar has become the first distributed ledger technology (DLT) firm to obtain the Islamic Sharia Certification for payments and asset tokenisation.
“Today, we advance our mission of financial access and inclusion by obtaining a Sharia compliance certification for our technology and network,” it says. “The Shariyah Review Bureau has reviewed the properties and applications of Stellar and has promulgated guidance and guidelines that enable Sharia-compliant applications of Stellar technology in Islamic financial institutions.”
It adds that, “In the next few months, members of the Stellar Development Foundation will meet with global financial institutions and engage them on how to best utilise Stellar in their Sharia-compliant financial services and products. We’re excited to add even greater diversity and inclusion into our ecosystem.”
The Islamic certification covers its blockchain tech and cryptocurrency Lumens, which is currently the seventh largest with a market capitalisation of $4.3 billion (£3.3 billion).
Stellar has been seeking partnerships with companies that facilitate remittances, including in the United Arab Emirates, Saudi Arabia and Bahrain. “It’s a huge market,” it concludes.