Bybit launches Sharia-compliant crypto accounts for Muslim investors

ChainCatcher news, according to Cointelegraph, the cryptocurrency exchange platform Bybit has announced the launch of new products compliant with Islamic law (Shariah), specifically designed to meet the needs of Muslim investors. This includes access to Shariah-compliant tokens for spot trading, dollar-cost averaging (DCA) bots, and spot grid bots.

Bybit stated that its Islamic accounts adhere to religious principles, allowing investors to trade "without contradicting" their faith. The exchange mentioned that these products were developed in consultation with Zico Shariah, a consulting firm in Malaysia specializing in Islamic law.

The Islamic financial system is based on the guiding principles of "Islamic law" or Shariah. One of its rules prohibits the payment or receipt of interest on loans, emphasizing fair and ethical financial transactions. Islamic finance does not charge interest but is based on profit and loss sharing agreements between borrowers and lenders. Borrowers and lenders share the investment risks, profits, and losses together.