Beldex is now Shariah-compliant. This is a huge step for us as it means that the Beldex Cryptocurrency Exchange complies with the rules of Islamic finance. Shariah sets the guidelines for a way of life for the followers of Islam. Thus, they govern the entirety of a person’s daily activities. This applies to everything, and a digital asset is no exception. Anything that’s prohibited by Shariah is final.
Many scholars have discussed the issuance of Shariah compliance certification to blockchain and digital asset firms. Right now, in the cryptocurrency environment, a number of crypto exchanges are trying to become Shariah-compliant. But Beldex has bagged this not-so-easy-to-obtain (unless the exchange is clear in its motives, and truly committed to providing Halal services) certification.
For a digital asset to be considered mal (something of value that is desirable and can be exchanged as a commodity), it should possess certain qualities. First and foremost, it must be Manfa’ah, a quality derived from mal. Manfa’ah is usually the attribute of a coin that arises out of its use, of being an accepted mode of payment — something that can retain a useful purpose, principally, giving its user the ability to legally enjoy another’s property. Secondly, it must provide the coin’s user with Haqq or the right to own assets and utilize it. Lastly, it must have the quality of Dayn or debt (without interest) owed by the borrower to the lender.
Cryptocurrencies are classified based on their use cases. Utility tokens, as their name suggests, are general-purpose coins to be used in our day to day lives. Some coins are backed by assets. They are known as security tokens since they get their significance from the assets that back them. A few scholars expect cryptocurrencies to be pegged to securities such as land or gold. While some other scholars are of the view that if a state bans a coin, then the coin is not Halal and does not meet the standards of a currency. Though there are many debates and contrasting views on the subject, the roadmap for reaching a general consensus is being laid. However, a majority of scholars do accept that cryptocurrencies are Halal. And one such esteemed review board has deemed that the coins on the Beldex Cryptocurrency Exchange are Halal.
A Shariah-based Cryptocurrency Exchange Platform
The Shariah advisory board that conducted a complete and thorough review of the Beldex crypto trading platform has explicitly and unanimously stated that each of the crypto coins listed adheres to the Sharia law and is safe for use in the Islamic financial spheres. The board reviewed seven currencies currently listed which constitute BTC, ETH, LTC, DASH, XMR, UDST, and BDX. Any addition to this list will be subsequently reviewed for compliance.
Islamic traders who seek to conduct their digital asset trades in accordance with the integrity of the Sharia laws can make use of this opportunity. Registrations are now open. Get ready to experience the services of the Best cryptocurrency exchanges catering to the Islamic world.
Source: https://blog.beldex.io/beldex-is-now-shariah-compliance/