Bybit, the second-largest cryptocurrency exchange in the world by trading volume, has disclosed the introduction of its Islamic Account to Finbold on Tuesday, September 24.
Bybit has now become the first global exchange to provide crypto-trading services that are specifically designed for Muslim merchants in accordance with Islamic law, following the recent inauguration.
Bybit’s Islamic Account offers users access to a variety of Shariah-compliant trading products, ensuring that Muslim investors have a platform that accommodates their religious and investment requirements.
Bybit guarantees that its products are consistent with the principles of Islamic finance through its partnerships with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) and CryptoHalal.
In regions with specific legal restrictions, users can access a variety of features that pander to global Muslim traders through the new account.
The initial offerings concentrate on spot trading, which includes 75 Shariah-compliant tokens and automated trading tools (such as the DCA and Spot Grid Bots).
Bybit has also obtained two Shariah certifications from CryptoHalal and ZICO Holdings, guaranteeing that all products adhere to the strictest Islamic law.
The Islamic economy, which provides services to nearly 1.9 billion individuals worldwide, is expanding at an unprecedented pace.
The Islamic finance sector, which is primarily propelled by the Middle East, Africa, and South Asia, is estimated to be worth $2.3 trillion.
Bybit’s decision to introduce a Shariah-compliant account enables the platform to establish a presence in an additional expanding market and provide Muslim traders with a secure method of engaging with the cryptocurrency space.
Joan Han, the Sales & Marketing Director at Bybit, expressed her enthusiasm for the unveiling, stating: “We are ecstatic to announce the launch of our Islamic Account, a watershed moment in our quest to provide accessible and equitable trading options for everyone. We have guaranteed that our products are consistent with the principles of Islamic finance by collaborating with Crypto Halal and ZICO Holdings, thereby enabling Muslim traders to engage in the expanding cryptocurrency market.”
By introducing the Islamic Account, Bybit demonstrates its commitment to fostering inclusivity and diversity in the cryptocurrency industry.
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