On September 24, BlockBeats reported that Bybit, a leading cryptocurrency trading platform, has launched new products tailored to Muslim investors, ensuring compliance with Shariah law. This initiative aims to cater specifically to the needs of the Muslim community in the cryptocurrency space.
Key Features of the Sharia-Compliant Accounts:
Spot Trading of Shariah-Compliant Tokens: Investors can trade a selection of tokens that meet Islamic financial principles.
Dollar Cost Averaging (DCA) Robots: Automated tools designed to facilitate gradual investment in cryptocurrencies.
Spot Grid Robots: These bots assist in executing trades based on pre-set price ranges, enhancing trading strategies.
Bybit emphasizes that its Islamic accounts adhere strictly to religious guidelines, allowing investors to engage in trading without compromising their beliefs. The development of these products involved consultation with Zico Shariah, a Malaysian consulting firm specializing in Islamic law.
Understanding Islamic Finance:
Islamic finance operates under the principles of Shariah, which prohibits the payment or collection of interest on loans. Instead, it promotes ethical financial transactions through profit-and-loss sharing agreements, where both borrowers and lenders share the investment risks, profits, and losses.
By launching these Sharia-compliant products, Bybit is positioning itself as a pioneer in accommodating diverse financial needs within the growing cryptocurrency market.
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