- Ensures that all products strictly comply with Islamic finance principles in collaboration with ZICO Shariah Advisory Services Sdn. Bhd. and CryptoHalal.
Bybit, recognised as the world’s second-largest cryptocurrency exchange by trading volume, has launched its Islamic Account.
The initiative marks a significant advancement in the realm of cryptocurrency trading, as Bybit becomes the first global exchange to offer an Islamic Account tailored specifically for Muslim traders.
The innovative service not only responds to the needs of a growing demographic but also sets a precedent for inclusivity within the digital asset market.
The Islamic Account provides a comprehensive suite of Shariah-compliant trading products, ensuring that Muslim traders can engage with cryptocurrencies while adhering to Islamic law.
The development of these accounts involved collaboration with esteemed organisations such as ZICO Shariah Advisory Services Sdn. Bhd. and CryptoHalal, ensuring that all products strictly comply with Islamic finance principles. The meticulous attention to religious requirements underscores Bybit’s commitment to creating an accessible and ethical trading environment.
The potential market for Shariah-compliant trading solutions is vast, with the Islamic economy serving approximately 1.9 billion people globally.
The Islamic finance sector, currently valued at around $2.3 trillion, is projected to see significant growth, particularly in the Middle East, Africa, and South Asia region. By introducing a Shariah-compliant trading platform, Bybit effectively capitalises on this expanding market, offering Muslim traders a trusted avenue to participate in digital asset trading.
Joan Han, Bybit’s Sales & Marketing Director, expressed enthusiasm for this milestone, stating, “We are thrilled to introduce our Islamic Account, which represents a major milestone in our commitment to providing inclusive and accessible trading solutions.”
“The sentiment reflects the exchange’s recognition of the essential role inclusivity plays in fostering a diverse trading community.”
Key features:
- Global Accessibility: Available to all users, regardless of region, except in countries with legal restrictions.
- Shariah-Compliant Product Offerings: Initial offerings include spot trading (limited to 75 Shariah-compliant tokens), DCA trading bot, and Spot Grid Bot.
- Double Shariah Certification: Crypto Halal Certification, along with official Shariah certification from ZICO Holdings, guarantees that all products meet the highest standards of Islamic law.
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