Bitcoin Goes Halal: Ruya Leads As 1st Islamic Bank To Offer Crypto Investment
Ruya, a digital bank based in the United Arab Emirates, has started offering Bitcoin and other cryptocurrency investments through its mobile app. This move makes Ruya the first Islamic bank in the world to allow direct crypto asset purchases while staying true to Islamic finance rules. Related Reading: Crypto Breakthrough: Fed Removes Key Banking Barrier—Details […]
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Brazil has emerged as the first country to introduce an XRP ETF, providing its investors with a fresh means to tap into the cryptocurrency market. Related Reading: Bitcoin Goes Halal: Ruya Leads As 1st Islamic Bank To Offer Crypto Investment Hashdex Launches XRP ETF On Latin America’s Biggest Exchange Hashdex, an asset manager, listed the […]
World Liberty Financial, supported by US President Donald Trump, has entered into a Letter of Intent with the Pakistan Crypto Council to enhance cryptocurrency usage in the South Asian country, according to a report from Business Recorder on April 27. Related Reading: Bitcoin Goes Halal: Ruya Leads As 1st Islamic Bank To Offer Crypto Investment […]
Navigating crypto is made more difficult for those with religious considerations and the founder of an Islamic law compliant DeFi platform has thousands of users seeking approved cryptocurrencies. Australian-based crypto platform Marhaba DeFi says there has been a strong take-up of Halal-approved cryptocurrency products on its platform, with aims to release a suite of new products which align with Islamic law by the end of 2022.Launched in 2020, the platform is focused on adhering to the rules of “Islamic finance” which refers to how businesses and individuals raise capital in accordance....
While Islamic scholars have long wrestled with the question of whether cryptocurrency is halal, what if its really fiat that isnt permissible?Islam has strict rules around finance, and it historically defines currency as commodities with intrinsic value gold, silver, or salt, among others. Waseem Mamlouk, from the DeFi platform Nimbus, argues that government-issued fiat currencies do not have any intrinsic value and may be incompatible with a careful interpretation of Sharia law. This would pose a problem for the burgeoning Islamic finance industry, which aims to produce financial returns....
Warba Bank, a Kuwait-based Islamic bank, recently became the latest corporation from the Middle East and North Africa (MENA) to enter the metaverse. The bank now occupies two sites in the metaverse, one Decentraland and another one on Sandbox.
Pioneering Digital Transformation
In what has been described as a first for an Islamic bank, the Kuwait-based Warba Bank recently said it now occupies two sites in the metaverse, one on Decentraland and another on Sandbox. The bank’s presence in the metaverse is expected to bolster its communication with the young generation.
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