In a move described as revolutionary, the Binance wallet announced the launch of a new product called 'Sharia Earn', which it describes as the first investment program in cryptocurrencies compliant with Islamic law. But the question arises: Is this product really Islamic? Or just a marketing attempt to attract Muslims?
✅ What does Sharia Earn offer?
The program allows investment in currencies such as BNB, ETH, and SOL.
It is based on the Wakala contract, where Binance invests the funds on behalf of the user.
It has received a Sharia compliance certificate from an entity called Amanie Advisors, which is a Malaysian consultancy specializing in financial fatwas.
❓ Is it really compliant with Sharia?
Despite the Sharia certificate, there are some observations:
1. Verification of actual implementation: Certificates do not necessarily mean that the daily execution of the product is 100% compliant with Sharia, especially since the cryptocurrency environment is complex and rapidly changing.
2. Risks of cryptocurrencies: Some scholars believe that speculation in cryptocurrencies—especially the unstable ones—lacks Sharia controls, such as clarity of the asset, capital guarantee, and avoidance of uncertainty.
3. Nature of returns: The sources of profits have not been detailed, making it difficult to assess the legitimacy of the rewards received by the investor.
💬 Summary of the article:
The Sharia Earn program is a smart step from Binance towards the Islamic market, reflecting the global platforms' desire to attract a new audience. However, the final judgment should not be based solely on a 'certificate' from one party, but on a thorough review by independent scholars, and on the extent of Binance's actual commitment to the Sharia conditions in practice, not just in theory.
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📌 Warning to Muslim investors:
If you are looking for a true 'halal' investment, make sure to:
Knowing the details of the contract and the profit mechanism.
Consultation with a trusted scholar in modern financial transactions.
And remember: not everything labeled 'Islamic' is so.
