Originally published on: September 24, 2024
Bybit, a leading crypto exchange, is making waves in the cryptocurrency market with the launch of a new product tailored to meet the needs of Muslim investors. The platform recently announced the introduction of a Shariah-compliant crypto account designed to adhere to Islamic law principles.
Ben Zhou, the co-founder and CEO of Bybit, unveiled the new offering on Sept. 24, highlighting features such as spot trading of Shariah-compliant tokens, a dollar-cost averaging (DCA) bot, and a spot grid bot. This initiative aims to provide Muslim investors with the opportunity to trade in cryptocurrencies without compromising their faith.
In collaboration with Zico Shariah, a Malaysia-based advisory firm specializing in Islamic law, Bybit ensures that its Islamic account aligns with Shariah guidelines. The Islamic finance system prohibits interest-based transactions and emphasizes ethical and equitable financial dealings based on profit-and-loss sharing agreements.
Islamic finance allows investments in various assets, including cryptocurrencies, as long as they comply with Islamic principles. For crypto assets to be Shariah-compliant, they must operate on a profit-and-loss sharing system, ensuring that investors share risks, profits, and losses in a transparent manner.
The launch of Bybit’s Shariah-compliant product coincides with the exchange’s recent acquisition of a provisional license in Dubai, United Arab Emirates. This strategic move positions Bybit to cater to the region’s growing crypto market while adhering to Islamic regulations.
Bybit’s Chief Operating Officer, Helen Liu, expressed optimism about the opportunities in Dubai for crypto businesses and investors, underscoring the platform’s commitment to providing innovative and compliant solutions in the evolving cryptocurrency landscape.