The IOTA Token Achieves Shari’a Compliance: A Milestone for the Cryptocurrency
The IOTA Token (MIOTA) has obtained Shari’a compliance certification, a significant milestone that aligns with Islamic principles. This certification was granted by the Cambridge Institute of Islamic Finance, ensuring that IOTA adheres to Shari’a requirements and legal standards, as reported by the IOTA Foundation Blog.
Shari’a Compliance: Embracing Islamic Principles
Shari’a law, rooted in the Qur’an and Hadith, governs various facets of Muslim life, encompassing moral, social, and legal codes. To align with these principles, the IOTA Ecosystem DLT Foundation, headquartered in Abu Dhabi, UAE, has taken deliberate steps to ensure its operations and products are Shari’a-compliant. This move holds particular significance in light of the increasing emphasis on compliance in the Middle East.
Key Points:
- IOTA Token (MIOTA) receives Shari’a compliance certification from the Cambridge Institute of Islamic Finance.
- The certification confirms IOTA’s adherence to Shari’a principles and legal requirements.
- The aim is to build trust and confidence in the Middle East and globally through compliance.
Shari’a Criteria and Responsibilities
Attaining Shari’a compliance entails ongoing responsibilities. These include conforming to generally accepted Shari’a principles in business practices and maintaining a Shari’a oversight function to ensure continuous compliance. A Shari’a Governance Framework (SGF) has been established for the IOTA Token, with the Cambridge Institute of Islamic Finance serving as an external Shari’a Advisor to conduct regular compliance assessments.
Fostering Global Trust
The certification of Shari’a compliance is anticipated to bolster trust and expansion for IOTA in the Middle East and on a global scale. By aligning with local regulations and ethical norms, the IOTA Ecosystem DLT Foundation is striving to cultivate long-lasting confidence among stakeholders. This achievement underscores IOTA’s dedication to adhering to regional moral and legal frameworks, thereby enhancing its reputation within the global and local ecosystems.
Hot Take: The Future of Shari’a-Compliant Cryptocurrency
As the IOTA Token secures Shari’a compliance certification, it paves the way for greater acceptance and utilization within the Islamic finance sphere. This milestone not only signifies a commitment to aligning with ethical and legal standards but also opens up opportunities for growth and innovation in the crypto market. With a focus on building trust and operating in accordance with Shari’a principles, IOTA is poised for continued success and expansion in the Middle East and beyond.
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