July 31, 2018 375By Nathan Bentley
“We advance our mission of financial access and inclusion by obtaining a Sharia compliance certification for the Stellar technology and network. The Shariyah Review Bureau (SRB), a leading international Sharia advisory agency licensed by the Central Bank of Bahrain, has reviewed the properties and applications of Stellar and has promulgated guidance and guidelines that enable Sharia compliant applications of Stellar technology in Islamic financial institutions.”Moreover:
“Stellar is the first distributed ledger protocol to receive Sharia compliance certification in the money transfer and asset tokenisation space. Additionally, the Sharia compliance certification extends to applications and usages of lumens (XLM).”See more for yourself, here. This is exciting for XLM, as it informs people within Bahrain that this is an approved format of currency and thus, those who wish to explore cryptocurrency can now approach the industry via Stellar and via XLM. Moreover, this has worldwide implications too, as the CBB are setting a standard for many other Islamic countries to follow. The approval of XLM in Bahrain is just the start of what could be a more worldwide adoption of XLM and the Stellar project. Once again, this is another example of Stellar standing up and paving its own way into a secure future, creating new partnerships and announcements that as it stands, only Ripple and XRP could dream of. With a focus on remittance payments and cross border transactions, Sharia approval could prove to be a very big thing for Stellar indeed.