In a press release dated 21 October, the Algorand Foundation, a blockchain platform championing inclusivity, has announced that its blockchain platform is now Shariah certified for Islamic Financing.
Algorand Foundation is dedicated to the creation of a borderless economy and is working in this direction since June 2019. The step recently taken by the foundation is very likely to make it more inclusive as the Muslims form a major religious community in the world, second to Christianity.
Keeping in view the importance of the Islamic Financial Market, Algorand has enlisted the Shariyah Review Bureau (SRB) of Bahrain to serve as an advisor, in a move to ensure that the foundation’s financial undertakings are Shariah-compliant.
‘Available to be Used by All’
Steve Kokinos, CEO of the Algorand Foundation expressed his pleasure at the grant of this certification, adding that now the Algorand network would be available to everyone for use. He added that the vision that Algorand shares has always been of inclusivity:
“With the rapid growth of the Islamic financial markets, I am excited that forward-thinking Islamic enterprises will now be able to realize new business opportunities on a platform that is congruent to their finance guidelines.”
Boost to Growth
Making the financial undertakings of the Algorand Foundation Shariah-compliant is expected to further boost the growth of the foundation.
Its ecosystem has already been growing very rapidly since its inception in June 2019. With the grant of the Shariah-certification, the firm would be open to the Islamic markets as well, further accelerating its progress.
SRB: ‘Thrilled by Technical Achievement’
Yasser S. Dahlawi, Founder and CEO of SRB, has also expressed his joy at the initiative saying they were ‘thrilled by the technical achievement of the Algorand Foundation’. He also said that the step taken by the institution would help the Islamic Financial Markets in being a part of the new borderless economy.