Beldex is now Shariah-compliant. This is a huge step for us as it means that the Beldex cryptocurrency exchange complies with the rules of Islamic finance. Shariah sets the guidelines for a way of life for the followers of Islam. Thus, they govern the entirety of a person’s daily activities. This applies to everything, and a digital asset is no exception. Anything that’s prohibited by Shariah is final. Many scholars have discussed the issuance of Shariah compliance certification to blockchain and digital asset firms. Right now, in the cryptocurrency environment, a number of crypto exchanges are trying to become Shariah-compliant.
Islamic finance differs a whole lot from conventional finance. For its believers and followers, Islam lists a set of do’s and don’ts in the Quran, to guide them in living a life of sanctity. Cryptocurrency in Islam is a domain that is less understood and scarcely explored. But that will be a thing of the past soon as Beldex becomes the first Shariah-compliant crypto exchange. Islam has a number of attributes that a currency must possess in order to be classified as an acceptable mode of payment. Beldex understands that there is still a lot of work to be done