Binance launched a special cryptocurrency staking for Muslims

The cryptocurrency exchange Binance announced the launch of the Sharia Earn product. It is aimed at Muslim clients who want to earn on cryptocurrencies while adhering to Sharia principles.

Sharia Earn allows staking of cryptocurrencies BNB, ETH, and SOL. The product is certified and uses a model of transferring digital assets to trust management.

According to this model, the investor transfers assets to Binance, which invests them in projects declared halal by the exchange. Income is distributed according to pre-agreed terms, and risks and profits are shared between the parties, which excludes prohibited Sharia interest and excessive uncertainty.

Initially, the Sharia Earn platform will be available in Saudi Arabia, the UAE, Indonesia, and Egypt. The combined market for 'Islamic finance' in these four countries exceeds $4 trillion.

This is not the first time that major cryptocurrency companies have made efforts to promote products in Islamic world countries.

Previously, the Ministry of Finance of Pakistan stated that traditional Islamic values and Sharia requirements complicate the integration of cryptocurrencies into the country's financial system.