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In 2009, Bitcoin (BTC), the world's first blockchain network and cryptocurrency, was launched. Soon afterward, Bitcoin ushered in the era of active crypto trading and investing. Cryptocurrencies — digital assets securely exchanged and held on decentralized network platforms called blockchains — are now a major asset class within the world of finance. Many aspects of cryptocurrency and crypto trading align with the principles of Islamic finance. For instance, there's no concept of interest in blockchain-based crypto transactions. Thanks to the benefits that crypto might deliver to faith-conscious Muslim investors, halal crypto products are now gaining widespread adoption.
In this article, we cover the major concepts related to Islamic finance, blockchain and halal crypto in order to help you better understand the emerging niche of Shariah-compliant cryptocurrency investing.
Key Takeaways:
Cryptocurrencies are digital assets that are securely exchanged and stored on blockchain networks.
Blockchain-based crypto operations promote transparency and are free from interest (riba), while Shariah-compliant crypto trading products can help Muslim investors trade in accordance with the ethical principles of their faith.
Bybit is the first major crypto exchange that has launched a Shariah-compliant Islamic Account designed for Muslim investors.