Stellar (XLM) is the first cryptocurrency to receive Sharia compliance certification and integrate with Middle Eastern financial firms. Through its open-source network, Stellar aims to provide global access to basic value exchange services. On July 17, the Stellar network and technology announced that they are now permitted to service financial institutions that require compliance with Islamic financing principles.
After reviewing their application, the Shariyah Review Bureau approved financial applications of Stellar – marking a milestone in their mission to achieve global financial access. The Shariyah Review Bureau is a leading international Sharia advisory agency licensed by the Central Bank of Bahrain.
Through its recently obtained Sharia certification, the Stellar distributed ledgerx technology (DLT) protocol is the first to gain access to the money transfer and asset tokenization space within countries in the Middle East and Southeast Asia.