Binance has launched Sharia Earn, a crypto staking product that follows Islamic finance rules. CEO Richard Teng announced the launch during a Binance Square Webinar. He called it the company’s most important product so far.
Sharia Earn lets users earn rewards by staking certain cryptocurrencies. It starts with BNB and Solana. The product follows Sharia law, which means it is halal for Muslim investors.
This is Binance’s first move into Islamic finance. The company wants to connect digital assets with financial products that meet Islamic standards.
Richard Teng said this launch is a big step for both Binance and the crypto industry. He explained that Sharia Earn is for Muslim users everywhere. Teng said a fair financial system should respect the needs of every community. That is the goal behind Sharia Earn.
He also said that Islamic finance values transparency and shared prosperity. These are the same values that guide Binance.
Sharia Earn is now available in 30 markets. These include South Asia, Central Asia, the Commonwealth of Independent States, Indonesia, and Turkey. Binance plans to expand to more Muslim-majority countries soon.
Bader Al Kalooti leads Binance’s operations and growth in the MENA region. He said there is strong demand for halal investment options. Many people in the Muslim community have asked for these products at events and meetings.
Crypto use has grown fast in Muslim-majority countries. However, many yield products have not been available to these users. Sharia Earn was created to fill this gap.
Amani Advisors, a well-known Sharia advisory firm, has certified the product. Each token offered through Sharia Earn is checked and approved to make sure it follows Islamic rules.
Al Kalooti said Binance uses a clear Sharia governance process. Amani Advisors reviews the product regularly and does independent audits.
Sharia Earn supports BNB and ETH-based tokens first. The rewards come from halal protocols. BNB rewards are paid daily at a changing rate, usually in more BNB. ETH and Solana users get wrapped tokens, WBETH and BSOL, which grow in value as rewards build up.
Al Kalooti said Binance uses a strict process to pick which tokens are included. All rewards come only from halal activities.
Binance expects that Sharia Earn will interest both individual and institutional investors. Al Kalooti said there is a big business opportunity.
Binance has over 25 million users in key markets. Less than 3 percent use Earn products now. Sharia Earn aims to reach this large group.
This launch fits with Binance’s goal to make finance more accessible. Islamic finance is becoming more popular in global fintech. Binance is now the first major crypto exchange to offer a certified Sharia-compliant staking product.
The company wants to grow in the Islamic finance market, especially in the Middle East and Southeast Asia.
He said this launch is the start of a new chapter. Crypto and Islamic finance can now grow together.
Sharia Earn is now live on Binance. The company will make it available in more markets soon.
