Silicon Valley institution plans Islamic blockchain protocol

Saudi finance ministry warns against cryptocurrencies

Bahrain’s Shariyah Review Bureau confirms the extension of Shariah compliance certification to for the Stellar Network, an open-source distributed hybrid blockchain facilitating cross-asset transfers. In the context of Islamic financial services, the network enables remittance services, payments as well as financial clearing, settlement and execution services. The certification also applies to its digital token, Lumens or XLM.

The Shariah validation for its technology would east’s expansion strategies: particularly in the countries and regions where Islamic finance is concentrated such as the GCC and Southeast Asia. Over the next few months, the San Francisco-based organization will be engaging Shariah financial institutions in the Middle East, Malaysia and Indonesia.

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