Algorand Wins Sharia Compliance Certificate to Enter $70 Billion Market
Algorand has been certified as sharia-compliant, the company said Monday.
The certification was provided by Bahrain-based Shariya Review Bureau (SRB) and indicates that the Algorand platform adheres to the tenants of Islamic law. It could open up the platform and its features to a global network of observant Islamic investors estimated to be worth more than $70 billion, according to a 2017 study by Malaysia International Islamic Financial Center.
“Our vision at Algorand has always been inclusivity,” Algorand CEO Steve Kokinos said in a statement. “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.”