Stellar.org becomes first Shariah compliant blockchain protocol

Stellar.org, became the first ever major blockchain protocol to achieve Shariah compliance after gaining the approval from a Bahrain Central Bank (CBB) licensed organisation.

Stellar, a nonprofit that promotes financial access and inclusion, gained the unique distinction of becoming the first major blockchain protocol to become Shariah compliant after it was recently approved by Shariah Review Bureau, an organisation licensed by the Central Bank of Bahrain.

It is expected that Stellar’s Shariah certification could help the world of blockchain and crypto-currencies become more attractive to the GCC and Middle East region.

“We advance our mission of financial access and inclusion by obtaining a Sharia compliance certification for the Stellar technology and network. The Shariyah Review Bureau (SRB), a leading international Sharia advisory agency licensed by the Central Bank of Bahrain, has reviewed the properties and applications of Stellar and has promulgated guidance and guidelines that enable Sharia compliant applications of Stellar technology in Islamic financial institutions,” Stellar stated.

“Stellar is the first distributed ledger protocol to receive Sharia compliance certification in the money transfer and asset tokenisation space. Additionally, the Sharia compliance certification extends to applications and usages of lumens (XLM),” it stated.