Stellar Becomes Sharia-Compliant to Enter The Middle Eastern Market

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Stellar Becomes Sharia-Compliant to Enter The Middle Eastern Market

Wed Jul 18, 2018 8:49 pm

Stellar is one of the cryptocurrency firms targeting the financial sector. Many people see it as a major competitor to Ripple. The firm has now received its Islamic finance certification, which is a big step forward on the road to sharia-compliance for financial products.

Stellar Becomes Sharia-Compliant

The Islamic finance sector is of great importance to any service providers. Despite its strict rules and requirements. adhering to Islamic finance guidelines is not all that easy. Companies need to put in a fair amount of effort to be compliant. For entities active in cryptocurrency and blockchain, those challenges may prove to be rather steep.

For Stellar, receiving their Sharia compliance certification is a big step forward. It allows the company to expand its presence across the Middle East and Southeast Asia. This certificate spans Stellar’s blockchain and its native Lumens (XLM) currency. Without sharia compliance, forging partnerships with companies in the Gulf region is virtually impossible. This is despite the benefits Stellar can offer in terms of remittance and money transfers.

The blockchain firm is mainly interested in a few key nations. This list includes the UAE, Saudi Arabia, and Bahrain. All three countries are home to a major market for remittances and money transfer services. Stellar’s technology can also be used in other industries and business models. Digitization of assets is another option the company is exploring at this time.

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