Bybit Launches Islamic Account, Expanding Access to Crypto Trading for Muslim Communities Worldwide
Dubai, United Arab Emirates, September 24th, 2024, Chainwire
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced the launch of its Islamic Account, making it the first global cryptocurrency exchange to offer such a service to Muslim traders worldwide. This initiative represents a major step towards providing crypto trading that is both accessible and compliant with Islamic law.
Bybit’s Islamic Account offers a comprehensive suite of Shariah-compliant trading products, providing Muslim traders with an inclusive platform to engage in the digital asset market. Developed in consultation with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) and CryptoHalal to ensure compliance with the Shariah principles, the account ensures that all products strictly adhere to Islamic finance principles.
Key Features of Bybit’s Islamic Account:
- Global Accessibility: Available to all users, regardless of region, except in countries with legal restrictions.
- Shariah-Compliant Product Offerings: Initial offerings include spot trading (limited to 75 Shariah-compliant tokens), DCA trading bot, and Spot Grid Bot.
- Double Shariah Certification: Crypto Halal Certification, along with official Shariah certification from ZICO Holdings, guarantees that all products meet the highest standards of Islamic law.
The Islamic economy serves approximately 1.9 billion people worldwide, with the Islamic finance sector currently estimated to be worth $2.3 trillion. The Middle East, Africa, and South Asia (MEASA) region is expected to contribute to the sector’s further expansion. By offering a Shariah-compliant trading platform, Bybit is entering the sector in hopes of providing Muslim traders with a trusted and reliable solution.
“We are thrilled to introduce our Islamic Account, which represents a major milestone in our commitment to providing inclusive and accessible trading solutions,” said Joan Han, Sales & Marketing Director at Bybit. “By partnering with Crypto Halal and ZICO Holdings, we have ensured that our offerings align with the principles of Islamic finance, empowering Muslim traders to participate in the growing cryptocurrency market.”
Bybit’s Islamic Account is a testament to the exchange’s dedication to diversity and inclusivity. By offering a Shariah-compliant trading environment, Bybit is breaking down barriers and aiming to create new opportunities for Muslim traders around the globe.
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