Beldex, an Estonia based fin-tech has announced that it has obtained Shariah compliance. The exchange states that a Shariah Advisory Board had conducted a thorough review of its products and services and that the review panel had concluded that Beldex complies with Sharia law.

More specifically, the fin-tech states the Shariah Panel, comprising of learned scholars had screened the cryptocurrencies listed on their exchange. The panel had found that the coins BTC (Bitcoin), ETH (Ethereum), LTC (Litecoin), USDT (Tether), XMR (Monero), DASH (Dash), listed on the exchange follows the rules of Islamic finance.

Beldex has also stated that in seeking to establish a ‘Halal Cryptocurrency Exchange(https://www.beldex.io)’, it does not allow Maysir, that is, the exchange does not allow the gambling or betting of cryptocurrencies. Adding further, it stated that Riba, which is interest levied on loans or the income gained through unlawful means shall be prohibited. This, along with the elimination of Gharar, or the uncertainty in financial dealings shall also not be a part of their exchange.

Furthermore, the exchange quotes that “Haraam Goods”, “Unethical Services” and “Financial Pyramids” shall not be a constituent of their dealings. It lists alcohol and tobacco among a few others as ‘Haraam Goods’. While the term ‘Unethical Services’ can indicate a broad spectrum of services, Beldex has said that any service that is considered unethical in Islam shall be excluded. ‘Financial pyramids’ and Ponzi schemes, on the other hand, are despised in the world of Islamic Finance and Banking.

This move by Beldex comes amid increasing interest in crypto among the Islamic nations of the Middle-East, North Africa and South-East Asia. It is interesting to note that there are nearly 1M crypto traders in Indonesia, the nation with the most number of Muslims. The demands for an Islamic crypto exchange keeps growing in these nations and Beldex has chosen to meet this demand.