Bybit, a cryptocurrency exchange, has announced an Islamic crypto account for its Muslim users. The company announced on its X account on September 24th 2024 that the world’s first Crypto Islamic account is now fully live on Bybit, offering spot trading (75 Shariah-compliant tokens), DCA trading bot, and Spot Grid Bot.
In the Islamic concept of finance, interest (riba) is prohibited. Additionally, speculation and uncertainty are also forbidden. These features make it difficult for its followers to navigate the use of crypto tokens and products. As a result, Muslim investors seek options that should fulfill religious requirements which narrows their options. The lack of Islamic financial products in the crypto market further adds to their woes which leads to their minimum or no participation in the expanding crypto market.
To cater such needs of its Muslim investors, Bybit has come up with a Shariah-compliant product which it believes will increase the Muslims participation in the crypto market. The Islamic account offers various compliant products and ensures that Muslim traders can trade in digital assets according to Islamic guidelines. The said initiative will allow Muslim investors to participate in the crypto market without any harm to their religious beliefs.
ZICO Shariah Advisory Services, a firm based in Kuala Lumpur, Malaysia. and CryptoHalal aided in the development of this product to ensure adherence to Shariah principles. This type of account will offer an interest-free experience, in line with Islamic financial laws. Initially, the account offers 18 major cryptocurrencies, including Bitcoin and Ethereum.
The move follows the exchange’s launch in Türkiye on September 23rd 2024. Offering an Islamic account to the 80 million Muslim population of the country will further strengthen the exchange. The exchange has claimed employment of advanced technologies and is offering trading pairs with the Turkish lira. It has also collaborated with local banks including Ziraat Bank and Vakıfbank to streamline banking options. Bybit also recently acquired a provisional license in Dubai, UAE on September 16th 2024.
Bybit’s entry into Muslim markets and offering tailored products reflect its forward-thinking approach and commitment to serve diverse communities. If successful, we could hope wider products aimed at more niche groups.
