Key Takeaways
- The Islamic Account offers spot trading of Shariah-compliant tokens, a dollar-cost averaging (DCA) bot, and a spot grid bot.
- Crypto offered through the Islamic Account is subject to rigorous screening
Leading cryptocurrency exchange,Bybit has introduced a groundbreaking Islamic Account tailored for Muslim investors. This makes Bybit the first global exchange to offer Shariah-compliant crypto products, ensuring that Muslim traders can participate in the digital asset market without compromising their religious beliefs.
The Islamic Account, launched on September 24, offers a range of services, including spot trading of Shariah-compliant tokens, a dollar-cost averaging (DCA) bot, and a spot grid bot. Bybit collaborated with ZICO Shariah Advisory Services and CryptoHalal to ensure these products strictly adhere to the principles of Islamic finance. These services are designed to meet the specific needs of traders who must comply with Islamic law, which prohibits the payment or charging of interest and emphasizes ethical financial practices.
Bybit CEO Ben Zhou announced the launch on X, stating the platform now offers “the first-ever Crypto Islamic account.” This account gives Muslim traders worldwide the ability to engage in crypto trading while adhering to Shariah principles, which require profit-and-loss sharing rather than earning interest on loans.
To ensure compliance, cryptocurrencies offered through the Islamic Account are subject to rigorous screening and certification to align with Shariah standards.
The introduction of these Shariah-compliant products follows Bybit’s recent expansion into the United Arab Emirates (UAE), where the exchange acquired a provisional license from the Virtual Asset Regulatory Authority (VARA) in Dubai on September 16. This license will allow Bybit to operate fully in Dubai once certain conditions are met.
Bybit’s initial offerings through the Islamic Account will support 18 different cryptocurrencies, including major tokens such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). The platform aims to provide an inclusive trading environment for Muslim investors while maintaining compliance with Islamic law.
