Amanie Advisors Supports Ethereum’s Compliance with Islamic Finance Law
Islamic Finance and Sharia Advisory firm Armanie Advisors have established Ethereum’s compliance with Islamic religious law.
Sharia Endorsement to Ether
One article on their website. They announced that the firm and Ethereum Foundation has a collaboration to establish the platform’s compliance with Shariah Religious law. With this collaboration, the company released a paper to illustrate Ether’s compliance with Islamic morals. The paper also Includes the Shariah endorsement of the project and the coin.
It says as with other cryptocurrencies, There are still some things to be settle when it comes to Ether’s compliance with Shariah law. And it maintains strict standards for financial activities and condemns, Specifically, usury. Amanie Advisors raised questions as to whether Muslims should mine or trade Ethereum. Even to deploy smart contracts or decentralized applications (DApps) on the platform.
Hoping to Increase Islamic participation
They also stated, that before doing this research the expectations was that if Ethereum sees Shariah-Compliant, then the Islamic community is going to be more interested to get involved. This could result in the development of Shariah-compliant smart contracts and DApps. The post says:
“ The parameters and guidelines outlined in this paper, can be a catalyst to the Islamic finance market, and wider Muslim population to participate in the space as well.”
The CEO of Amanie Advisors Suhaida Mahpot said the she expected the current reluctance to accept crypto among the Islamic Community, saying that:
“We need to educate institutions more about how digital currencies can be accepted. How the transparency from using cryptocurrency would benefit the wider society. Perhaps, this mindset will change over time.”
Last year, Stellar, was said to be the first to distributed ledger protocol to get Shariah compliance certification in the money transfer, and asset tokenization field.