Binance recently launched a new product called "Sharia Earn," which aims to provide opportunities for users to earn returns that comply with Islamic principles.
New additions in "Sharia Earn" include:
* Commitment to Islamic principles: The product has been designed in collaboration with Sharia advisors, such as "Amanie Advisors," to ensure full compliance with Islamic finance principles, such as avoiding riba (interest) and gharar (excessive uncertainty), and ensuring that investments are in halal assets.
* Agency contracts: Binance uses agency contracts, where it acts as an agent on behalf of users to manage and invest their funds in Sharia-compliant blockchain protocols.
* Supported currencies: Initially, the product supports currencies like BNB, ETH, and SOL, with reward mechanisms reviewed and approved by Sharia scholars.
* BNB (locked Simple Earn products): Users earn daily halal rewards at a variable rate, paid directly to their spot wallets.
* ETH and SOL (Liquid Staking): Users receive WBETH or BNSOL tokens when staking, which represent the staked asset and earned halal rewards. The value of these tokens increases over time to reflect the yield rate.
* Transparency: Risks and returns are clearly outlined, and all participating assets are screened to exclude any connections to prohibited sectors like gambling or alcohol.
In short, "Sharia Earn" is an important addition from Binance aimed at empowering the Muslim community and investors interested in Sharia-compliant finance to participate in the cryptocurrency market in a way that aligns with their beliefs.
You can watch an explanation about halal earnings from Binance according to Islamic Sharia: halal earnings from Binance according to Islamic Sharia#ShariaEarn
