Islamic scholars have given Stellar Islamic certification, making the cryptocurrency firm the first Sharia-certified blockchain. This means that followers of the Islam religion are officially allowed to use Stellar to make payments and for asset tokenization.
Stellar, which is based in California, released a statement about being awarded Sharia compliance certification Tuesday. In the statement, the company reiterates its mission:
The Stellar Development Foundation’s founding mission is to promote global financial access and inclusion. By building public, open-source software, we aim to enable institutions to provide reliable and low-cost financial technologies to serve all geographies, ethnicities, wealth classes, and religions.
Gaining approval from the Shariyah Review Bureau (SRB) is part of this mission. The SRB is licensed by the Central Bank of Bahrain but has international jurisdiction. According to Stellar, the SRB has reviewed the company’s properties and the blockchain’s applications and has laid out guidelines that ensure that Stellar technology will be compliant with Islamic financial institutions and transactions.
Obtaining the label “Sharia-certified blockchain” includes the use of lumens (XLM).