Having received the Sharia certification, the Stellar Foundation will be working on developing Sharia-compliant applications using the Stellar technology for Islamic financial institutions.
Stellar, the seventh biggest blockchain platform is now the first distributed ledger technology (DLT) to have received a formal Sharia certification.
In the official press release on Tuesday, Stellar notes that it is the first cryptocurrency project that is compliant with the Islamic regulatory requirements.
The Shariyah Review Bureau (SRB), a leading international Sharia advisory agency and a Central Bank of Bahrain licensee has reviewed the applications and properties of Stellar and has provided guidelines for making Sharia-compliant applications using the Stellar technology for Islamic financial institutions.
The official announcement from Stellar read:
“In partnership with SRB, this certification will help grow the Stellar ecosystem in regions where financial services require compliance with Islamic financing principles.

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