Latest news with #ShariaEarn
Gulf Business
2 days ago
- Business
- Gulf Business
Binance's regional head on driving crypto growth and digital innovation in the Gulf
Binance has firmly established itself as a key player in the Middle East and North Africa (MENA) region. Through a mix of hyper-localisation, regulatory engagement, and innovation-first thinking, the platform has seen approximately 20 per cent growth in MENA since 2020. At the heart of this effort is Bader Al Kalooti, regional head MEASAT at Binance, who is spearheading the company's expansion across the Gulf, Africa, and beyond. In this exclusive interview, Al Kalooti breaks down how Binance is navigating diverse regional dynamics, strengthening regulation-first strategies, and unlocking the next wave of blockchain innovation. Local relevance, global scale The company's consistent growth in MENA reflects its ability to adapt to a complex, varied landscape. 'We have seen the Middle East quickly becoming an epicenter for crypto, a place where platforms and projects migrate to expand and launch their Web3 companies,' said Al Kalooti. 'Each region is different, and we can see the community adapt and attract different aspects of the industry.' He noted that Binance focuses on regulatory frameworks that enable full-service operations aligned with each country's unique economic and technological priorities. Strategic expansion: From UAE and Bahrain to Saudi and beyond Binance made headlines by becoming the first global exchange to secure a Virtual Asset Service Provider (VASP) licence in the UAE and a Category 4 licence in Bahrain. The company is now taking a similarly proactive approach in emerging crypto markets like Saudi Arabia, Egypt, and Kuwait. 'The MENA region is a significant market for Binance and the Web3 industry for several reasons,' Al Kalooti explained. 'It has a growing young population of 600 million people, with 60 per cent under the age of 30 who are tech-savvy, and 75 per cent smartphone penetration.' For high-income economies, digital assets serve as a diversification tool. For lower-GDP countries, crypto presents opportunities to bridge financial inclusion gaps. 'Remittance corridors present a significant opportunity primed for Web3 disruption, where there is around $150bn in outflows from the GCC,' he added. 'Collaboration with banks, fintechs, and government bodies is vital to ensure compliance.' Halal digital finance: Sharia-compliant innovation Binance made a breakthrough with the launch of 'When it comes to the next development in halal digital services, Sharia Earn will absolutely evolve and expand,' Al Kalooti said. 'It addresses a complex, global need… and the product has to continuously adapt to meet the expectations of diverse communities.' He noted that Binance will continue expanding token offerings and markets while adhering to Islamic finance principles. 'This is just the beginning.' Driving mass adoption through education Binance has made education a cornerstone of its regional strategy. Its Arabic-language initiative Blockchain for Everyone and collaborations with institutions like ADGM Academy aim to close knowledge gaps. 'Education is a core priority for Binance, and something we take very seriously,' Al Kalooti said. 'Even in high awareness markets there is fear of complexity, volatility, and safety due to low financial and technical literacy. Clear education through practical and real-world examples helps our users build trust.' Cybersecurity: Navigating rising threats As crypto adoption grows, so do the risks. Al Kalooti cited phishing attacks, impersonation scams, and deepfake-driven fraud as the most common cyber threats. 'Scammers love to exploit people's growing interest in crypto and the trust they have in Binance,' he warned. 'With the rise of AI and deepfake technology, these impersonations can look and sound shockingly real.' To protect users, Binance promotes vigilance and has developed tools such as Binance Verify . 'It allows users to input addresses, URLs, phone numbers, or usernames to quickly check whether they are legitimate or potentially fraudulent.' Institutional appetite rising across Gulf sectors From sovereign wealth funds and telecoms to fintechs, institutional interest in crypto is on the rise. 'We see an increase in institutional adoption across the board,' said Al Kalooti. He cited a 2023 partnership with Beyon Money in Bahrain, and a $2bn investment from Abu Dhabi-based Real-world use cases: Supply chains and healthcare Blockchain's most promising Gulf applications lie in areas like logistics and healthcare, according to Al Kalooti. 'I'm most excited about how blockchain can bring transparency and traceability to food supply chain management and pharmaceutical logistics to ensure halal compliance, reduce counterfeiting, and build trust.' In healthcare, he added, 'decentralized records can be a game changer… secure, consent-based access to medical data can make healthcare more seamless and reliable.' Ecosystem growth through partnerships Beyond regulators, Binance sees universities, VCs, and incubators as vital to scaling blockchain innovation. 'They all play different roles,' Al Kalooti said. Incubators and VCs provide the infrastructure and funding for startups, while universities help build the future talent pipeline. He cited Binance's collaboration with Gulf Colleges and Riyadh Chamber to expand blockchain education in Saudi Arabia as an example. 'The partnership focuses on workforce development… co-designing the curriculum, developing learning materials, and establishing certification programmes.' What's next: Binance and the Gulf's digital economy Looking ahead, Al Kalooti sees Binance playing a deeper role in enabling digital infrastructure across the Gulf. 'We see Binance being a key player in the Gulf's digital economy, not just as an exchange but as part of the region's financial infrastructure,' he said. 'We are focusing on institutional engagement and supporting real-world use cases like cross-border payments, digital remittances, and DeFi participation.' For Binance, it's about 'building responsibly and being part of a more connected, transparent, and future-proof financial system'.
Gulf Insider
22-07-2025
- Business
- Gulf Insider
Binance Launches Sharia-compliant Cryptocurrency Staking
Binance has launched Sharia Earn, the world's first multi-token staking service that complies with Islamic finance principles. The cryptocurrency exchange has received certification from Amanie Advisors, a recognised Sharia advisory firm, for the product. The service addresses a market gap in the $4 trillion Islamic finance sector, where millions of Muslims have been unable to participate in decentralised finance due to religious compliance concerns. Sharia Earn enables users to earn passive income from cryptocurrency investments whilst adhering to Islamic law. The platform launches with support for BNB, ETH, and SOL tokens. Users can earn yield through staking mechanisms that have been reviewed by Sharia scholars and approved under Islamic finance principles. Richard Teng, CEO of Binance, 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. This is more than a product – it's a movement toward a more principled and equitable digital economy that promotes financial freedom for all.' The service operates under Islamic finance guidelines that include risk sharing, wealth circulation, prohibition of interest (riba) and excessive uncertainty (gharar). Amanie Advisors has certified that all funds deployed through the platform are channelled into ventures and assets that are halal (permissible) under Islamic law. Binance has built the service using technology from its existing BNB Locked Products, ETH Staking and SOL Staking infrastructure. The mechanics of each staking method have been reviewed by Sharia scholars and operate through a Wakala agreement structure. Sharia Earn will initially be available in Afghanistan, Algeria, Bangladesh, Bhutan, Egypt, Indonesia, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Morocco, Nepal, Oman, India, Pakistan, Palestinian territories, Qatar, Saudi Arabia, Sri Lanka, Sudan, Tunisia, Turkey (.com), United Arab Emirates, Yemen, Uzbekistan, Kyrgyzstan, Turkmenistan, Azerbaijan, and Tajikistan. This marks Binance's first entry into Islamic finance products and represents the convergence of blockchain technology with Islamic banking principles. The platform aims to provide transparency and halal compliance for cryptocurrency investments in Muslim-majority markets. Also read: Kuwait Bans Cryptocurrency Mining
Arabian Business
21-07-2025
- Business
- Arabian Business
Binance launches world's first Sharia-compliant multi-token cryptocurrency staking platform
Binance has launched Sharia Earn, the world's first multi-token staking service that complies with Islamic finance principles. The cryptocurrency exchange has received certification from Amanie Advisors, a recognised Sharia advisory firm, for the product. The service addresses a market gap in the $4 trillion Islamic finance sector, where millions of Muslims have been unable to participate in decentralised finance due to religious compliance concerns. Binance bridges crypto and Islamic finance gap Sharia Earn enables users to earn passive income from cryptocurrency investments whilst adhering to Islamic law. The platform launches with support for BNB, ETH, and SOL tokens. Users can earn yield through staking mechanisms that have been reviewed by Sharia scholars and approved under Islamic finance principles. Richard Teng, CEO of Binance, 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. This is more than a product – it's a movement toward a more principled and equitable digital economy that promotes financial freedom for all.' The service operates under Islamic finance guidelines that include risk sharing, wealth circulation, prohibition of interest (riba) and excessive uncertainty (gharar). Amanie Advisors has certified that all funds deployed through the platform are channelled into ventures and assets that are halal (permissible) under Islamic law. Binance has built the service using technology from its existing BNB Locked Products, ETH Staking and SOL Staking infrastructure. The mechanics of each staking method have been reviewed by Sharia scholars and operate through a Wakala agreement structure. Sharia Earn will initially be available in Afghanistan, Algeria, Bangladesh, Bhutan, Egypt, Indonesia, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Morocco, Nepal, Oman, India, Pakistan, Palestinian territories, Qatar, Saudi Arabia, Sri Lanka, Sudan, Tunisia, Turkey (.com), United Arab Emirates, Yemen, Uzbekistan, Kyrgyzstan, Turkmenistan, Azerbaijan, and Tajikistan. This marks Binance's first entry into Islamic finance products and represents the convergence of blockchain technology with Islamic banking principles. The platform aims to provide transparency and halal compliance for cryptocurrency investments in Muslim-majority markets.
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
Gulf Business
14-07-2025
- Business
- Gulf Business
Binance launches Sharia-compliant crypto staking product, eyes Middle East growth
Image: Getty Images Binance has launched what it calls its 'most meaningful product yet' – Sharia Earn , a fully certified Sharia-compliant crypto staking product aimed at providing Muslim users with halal investment opportunities. The announcement was made during the Binance Square Webinar by CEO Richard Teng. The new solution allows users to earn staking rewards on selected crypto assets, starting with BNB and Solana, while complying with Islamic finance principles. It represents Binance's first step into the world of Islamic finance and is seen as a critical move to bridge the gap between digital assets and Sharia-compliant financial products. Speaking at the launch, Binance CEO Richard Teng called the moment 'defining' for both Binance and the broader crypto community. 'Today, we are very proud to introduce Sharia-compliant staking solutions for BNB and Solana designed to meet the needs of Muslim users worldwide,' said Teng. 'A truly inclusive financial system must respect the values and needs of every community, and that's the vision behind Sharia Earn.' He added, 'Islamic finance's core tenets—transparency and shared prosperity—are universal, and they are the same values that drive everything we build at Binance.' The product is live across 30 markets including South Asia, Central Asia, the Commonwealth of Independent States (CIS), Indonesia, and Turkey. Expansion into other Muslim-majority markets is already in the works. Read: Bader Al Kalooti, who heads regional operations and growth for Binance in the MENA region, highlighted that the demand for halal investing solutions has been persistent across community engagements. 'There's a clear, clear demand from the Muslim community for halal investing opportunities. It's been raised in multiple community meetups everywhere we go around the region,' said Al Kalooti. 'Crypto adoption has increased drastically across many of the Muslim-majority markets, but until now, certain yield-generating products have remained out of reach. We built Sharia Earn to change that.' The product has been certified by Amani Advisors, a globally recognised Sharia advisory firm. Each supported token under the product is reviewed, screened, and certified to ensure it aligns fully with Islamic principles. 'We maintain compliance through a structured Sharia governance framework led by Amani Advisors,' explained Al Kalooti. 'We have ongoing screening, quarterly reviews, and independent Sharia audits from Amani to ensure that we're on track.' Sharia Earn From a technical standpoint, Sharia Earn begins by supporting BNB and ETH-based tokens, with reward mechanisms built on protocols deemed halal. BNB staking rewards are distributed daily at a variable rate, typically in additional BNB, while ETH and Solana users will receive wrapped versions—WBETH and BSOL—that increase in value over time as rewards accrue. Al Kalooti noted that the selection process was 'rigorous' and underscored Binance's commitment to ensuring that all staking rewards are generated solely through halal-based transactions and activities. Beyond retail users, Binance believes the new product will attract significant interest from institutional players in Islamic finance markets. 'From a business perspective, there's also a significant opportunity—whether it's from a retail angle or from institutions,' Al Kalooti said. 'Binance has over 25 million users in key markets. Less than 3 per cent of them currently use Earn products. So that's a huge gap we plan to address with Sharia Earn.' The product aligns with Binance's broader financial inclusion strategy and comes at a time when Islamic finance is gaining traction in global fintech circles. With this launch, Binance becomes the first global crypto exchange to offer a certified Sharia-compliant staking product, signaling a larger ambition to tap into the rapidly growing Islamic finance segment, especially across the Middle East and Southeast Asia. 'This launch marks a new chapter—one where crypto meets Islamic finance, not as an exception, but as a natural evolution,' said Teng. The product has now gone live on the
