Blockchain Stellar platform received certification from the Islamic Advisory firm Shariyah Review Bureau. Why Stellar made this step, and what to expect in the future?
Apparently, the certification from Shariyah Review Bureau is part of Stellar’s strategy, which aims to enter the market of remittances. Before this happened, the company over the years trying to find partners in the Persian Gulf. As reported by Lisa Nestor (Nestor Lisa), Director of partnerships Stellar, they sought to find a company who would assist in the transfer of funds abroad from the United Arab Emirates, Saudi Arabia and Bahrain.
Shariyah Review Bureau is one of the largest players in the field of Sharia law in the middle East and is licensed by the Central Bank of Bahrain. The results of certification blockchain startup not turned out to be a surprise.
“What about blockchain technology, no questions arose. The main thing to learn is the use of cryptocurrencies, functioning on it,” — explained Deputy General Director of consulting company Mansoor Ahmed (Mansoor Ahmed).
Representatives of Islam have always had an ambivalent attitude to the field of digital currencies and technologies distributed registry that underpin them. The reason is that Islam has a clear set of rules regarding what is allowed in Finance, and what is not. The philosophy of money in religion does not allow their use for the purposes of personal enrichment and, accordingly, prohibits speculation.
So, in the beginning of the year the Egyptian office for the results of the theological and legal regulations, a so-called fatwas, Dar al-IFTA, has released a fatwa prohibiting bitcoin. As stated by Advisor to the mufti of Egypt, Magdy Ashour (Dr. Magdy Ashour): “This currency is used to directly Finance terrorists.”
At the same time the London mosque showed a different attitude to bitcoin, taking donations in bitcoin and ether at the beginning of the current year. The head of the mosque commented on this as follows:
“It was new money. They go with time. This method of donation is no different from regular Bank transfer”.
Stellar certification from Shariyah Review Bureau may close the controversial question of the cryptocurrency in Islam. The organization’s representatives believe the transfer token-Stellar (XLM) is similar to the transfer rights and this form of economic activities is acceptable for Islam.
We will remind, in June it became known that Stellar is going to buy a blockchain startup Chain. And a month earlier, the IT-giant IBM has announced a partnership with startup Veridium Labs, which will create a token on the public blockchain Stellar.
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