Crypto for Muslims? Binance launches ‘Sharia Earn'
The move comes a year after it formally launched its Dubai operations with full retail and institutional services.
In a statement, Binance said this is 'a game-changing product in its mission to build a more inclusive financial future in line with Islamic principles' and is officially certified by Amanie Advisors, a Sharia advisory firm.
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The product will be available to users in some 30 countries, including Pakistan, Afghanistan, Egypt, Indonesia, Palestinian territories, Saudi Arabia, UAE, Yemen, Uzbekistan, Kyrgyzstan, and Tajikistan.
CEO Richard Teng said, 'Our mission has always been to create an inclusive and transparent trading environment. With this product we're empowering the Muslim community and Sharia focused investors to participate in one of the most exciting financial revolutions of our time.'
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'This is more than a product – it's a movement toward a more principled and equitable digital economy that promotes financial freedom for all.'
Binance explained that the Islamic finance market is over $4 trillion, yet millions of Muslims have been left out of the decentralized finance movement due to the 'ambiguity around religious compliance.'
It wants Sharia Earn to address this gap by 'offering a transparent, values driven way for the global Muslim community to earn passive income in crypto.'
This is Binance's first entry into Islamic finance and a commitment to innovation that respects cultural and spiritual values.
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Launching with Binance Coin, Ether, and Solana, the platform allows users to earn yield within the parameters of a Sharia-compliant product developed in alignment with 'faith-based principles.'
Binance said that while crypto challenges traditional finance through decentralization, Islamic finance challenges it through halal guidelines – principles such as risk sharing, wealth circulation, prohibition of interest (riba) and excessive uncertainty (gharar). It stated that the product ensures that all deployed funds are channeled into ventures and assets that are halal under Islamic law.
It explained that Sharia Earn is built with underlying tech from Binance Earn's existing BNB Locked Products, and ETH Staking & SOL Staking, with the mechanics of each having been reviewed by Sharia scholars and have been deemed to be fit for our Islamic users, through the purpose fit Wakala agreement - an Islamic finance contract in which one party appoints another party to act on their behalf for a specific task or series of tasks.
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