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Al Etihad
20-07-2025
- Business
- Al Etihad
Binance's Sharia Earn marks a big milestone in Islamic and crypto finance
20 July 2025 14:39 A. SREENIVASA REDDY (ABU DHABI) Binance, the world's largest cryptocurrency exchange by trading volume, has launched Sharia Earn, the world's first Shariah-compliant multi-token staking solution—marking a major milestone in expanding ethical crypto investing for the global Muslim product, now live on the Binance platform, has been certified as fully compliant with Islamic finance principles by Amanie Advisors, a globally recognised Shariah advisory certification, signed by leading Islamic finance scholar Dr. Mohd Daud Bakar, confirms that the structure of Sharia Earn adheres to key tenets of Islamic jurisprudence, including the prohibition of interest (riba), excessive uncertainty (gharar), and involvement in non-halal industries such as alcohol, gambling, and adult content. In a statement published on its website, Binance said the launch underscores its commitment to financial inclusion and innovation aligned with ethical launch marks Binance's first foray into the Islamic finance space, and it comes at a time when interest in halal investing is growing. The Islamic finance sector is estimated to exceed $4 trillion globally, yet much of the Muslim community has remained hesitant to enter the decentralised finance (DeFi) space due to concerns over Shariah Earn operates under a Wakala structure, a Shariah-compliant agency agreement, whereby Binance acts as a representative (wakeel) for users and manages their assets for the purpose of generating halal digital assets and protocols deemed compliant by Shariah scholars are included. Binance noted that all protocols are subject to rigorous screening and ongoing monitoring to ensure continued alignment with Islamic Sharia Earn supports staking in three major crypto assets: Binance Coin (BNB), Ethereum (ETH), and Solana (SOL).Users who stake ETH and SOL will receive tokenised versions—WBETH and BNSOL, respectively—whose values increase over time to reflect the staking rewards generated on-chain. These wrapped tokens can be redeemed at any time for the equivalent underlying BNB staking, users receive daily rewards deposited directly into their spot wallets. Unlike simply purchasing and holding crypto tokens, staking involves locking up these assets on the blockchain to support network operations—such as transaction validation—while earning rewards in generated through Sharia Earn are derived from halal staking activities on blockchain networks. To reflect Islamic finance norms, Binance uses the term 'Rate of Return' (ROR) instead of Annual Percentage Rate (APR) when presenting expected returns, which are benchmarked against market-based staking rates and reviewed by qualified Shariah scholars.'This is more than a product – it's a movement toward a more principled and equitable digital economy that promotes financial freedom for all,' said Richard Teng, CEO of Binance. 'With this product we're empowering the Muslim community and Shariah-focused investors to participate in one of the most exciting financial revolutions of our time.'Samer Mardini, Chief Investment Officer at a family office in Dubai, welcomed the initiative. 'It is a great and much needed innovation that finally gives Muslim investors a meaningful way to engage with the crypto space without compromising their beliefs,' he said. 'The adoption of the Wakāla (agency) structure is consistent with classical Islamic financial principles, offering a framework that facilitates halal participation in crypto-based returns.'Mardini added that while the present certification is a strong step forward, 'further endorsement from standard-setting bodies such as the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) would add significant weight and global credibility.' He noted that AAOIFI's widely recognised standards would enhance institutional confidence and help standardise Shariah-compliant crypto this sentiment, Irina Heaver, Dubai-based crypto lawyer and founder of said: 'Muslims have hesitated to enter crypto or DeFi space due to faith-related uncertainty. Binance's Sharia Earn product—backed by respected Islamic scholars—is a brilliant move that shows respect for local values while opening access to DeFi in a compliant, inclusive way.'Heaver also underlined the strategic significance of the launch for the UAE's ambitions: 'Binance, headquartered in Dubai, understands this deeply—both culturally and commercially. By launching Sharia Earn, they didn't just seize a market opportunity—they aligned with the UAE's broader vision. It's a smart, strategic move that supports ethical finance, financial inclusion, and cements Dubai's position as a global Islamic fintech hub.'According to Binance, the product is initially available in over 35 countries, including key Islamic finance markets such as the UAE, Saudi Arabia, Egypt, Pakistan, Indonesia, Turkey, and several Central and South Asian nations. The exchange also confirmed plans to extend availability to additional jurisdictions in the near said the introduction of Sharia Earn is part of a broader effort to build an inclusive, values-based digital finance ecosystem that empowers users of all faiths. 'Every component—from reward generation to asset selection—has been carefully tailored to remain compliant with Islamic principles,' the company stated.'Whether driven by faith or a desire for ethical crypto growth, Sharia Earn provides a trusted and transparent gateway into digital finance.' (Disclaimer: The article does not constitute financial advice. Readers should consult a licensed professional before making investment decisions) Source: Aletihad - Abu Dhabi
Barnama
25-05-2025
- Business
- Barnama
Failure To Resolve Financial Aspects Resulted In KDA FC Not Being Issued National Licence
ALOR SETAR, May 25 (Bernama) -- Kedah Darul Aman FC (KDA FC) has admitted that its failure to obtain a National Licence for the 2025/2026 season was due to unresolved financial compliance issues within the stipulated timeframe. KDA FC's Majority share owner Tan Sri Dr Mohd Daud Bakar, stated that the failure to secure the license, as informed by the Malaysia Football League (MFL), means KDA FC will not compete in the upcoming Super League season. "KDA FC acknowledges the outstanding arrears that have yet to be settled and will finalise the settlement method after a meeting with all affected parties. "KDA FC is also considering several other options to ensure the club remains relevant and actively involved in the national football landscape, including participation in other platforms suitable for the club's recovery and redevelopment direction," he said in a statement today. He also expressed KDA FC's gratitude to the MFL for all the cooperation and consideration provided throughout the licensing process. "I would also like to take this opportunity to openly apologize to all supporters, sponsors, players, and club staff affected by this news," he said. "As the majority owner, I take responsibility for the shortcomings and consider this a crucial lesson to re-evaluate the club's overall structure and approach," he added. Mohd Daud also described this period as the 'Sang Kenari' (The Canaries) hibernation phase, a time for self-improvement, strengthening foundations, and preparing to return better and more organized. "We believe that falling is not the end, but an opportunity to improve and rebuild a stronger foundation. Supporters will continue to be a vital pulse in this journey.
