News

Bybit Launches Islamic Account, Enabling Shariah-Compliant Trading

Muslim traders can now gain access to a global trading platform that is fully aligned with stringent Islamic legal standards.

Published

1 day ago

September 24, 2024

Nour Nasir

bybit launches islamic account enabling shariah compliant trading

Bybit, the world’s second-largest crypto exchange by trading volume, has unveiled its new Islamic Account, marking it as the first global cryptocurrency platform to provide Shariah-compliant services for Muslim traders. The innovative new account makes cryptocurrency trading more accessible to Islamic communities and ensures that all activity aligns with Shariah law.

The Islamic Account was created in collaboration with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) and CryptoHalal, guaranteeing that all Bybit services align with strict Islamic finance standards.

Key Aspects Of Bybit’s Islamic Account Include:

Global Availability: Accessible to users worldwide, except in regions where legal restrictions apply.
Shariah-Compliant Offerings: The platform features spot trading with 75 Shariah-compliant tokens, a DCA trading bot, and a Spot Grid Bot, all adhering to Islamic finance principles.
Double Shariah Certification: Bybit has secured certification from both Crypto Halal and ZICO Holdings, ensuring peace of mind for Muslim traders.

The Islamic economy serves nearly 1.9 billion people globally, with the Islamic finance sector alone valued at an estimated $2.3 trillion. The Middle East, Africa, and South Asia (MEASA) region is at the forefront of this growth, and Bybit’s introduction of a Shariah-compliant platform taps into this rapidly expanding market. The initiative offers Muslim traders a reliable, trustworthy solution to enter the cryptocurrency space without compromising their religious beliefs.

Also Read: Botim Launches MENA’s First-Ever “Send Now, Pay Later” Service

Joan Han, Bybit’s Sales & Marketing Director, expressed the company’s excitement, saying, “We are thrilled to introduce our Islamic Account, which represents a major milestone in our commitment to providing inclusive and accessible trading solutions. By partnering with Crypto Halal and ZICO Holdings, we have ensured that our offerings align with the principles of Islamic finance, empowering Muslim traders to participate in the growing cryptocurrency market”.

Bybit’s Islamic Account reflects the platform’s commitment to inclusivity and diversity, opening doors for Muslim traders and contributing to the global cryptocurrency market’s growth.

News

Core42 Announces Overhaul Of Compass Platform & Chat App

The raft of new features and tools will empower businesses and developers to build a wide range of GenAI applications.

Published

11 mins ago

September 25, 2024

Nour Nasir

core42 announces overhaul of compass platform and chat app

Cloud and AI infrastructure experts Core42 have overhauled their Compass platform for enhanced navigation and easier access while adding a wealth of new features, including a Compass Chat mobile app.

Earlier this year, the company launched a new inferencing platform — Compass Version 2.0 — integrating Qualcomm Cloud AI 100 Ultra inference accelerators, allowing users to leverage a suite of pre-optimized Generative AI, Embeddings, Natural Language Processing AI models, Computer Vision, and APIs.

The latest update enables developers to analyze their usage on the platform and also includes a Stable Diffusion text-to-image model for high-quality image generation, typography, and prompt responses to queries.

“The Compass platform is a testament to Core42’s pursuit of excellence and innovation in AI infrastructure. The additions of the revamped Compass platform, as well as the introduction of the Compass Chat mobile app, will redefine how businesses interact with AI and provide even greater flexibility and efficiency in today’s digital era,” announced Raghu Chakravarthi, EVP of Engineering, Core42.

Compass Chat — available on Android and iOS — is designed to boost productivity and integrates with Entra ID to enhance security and streamline onboarding. Meanwhile, Retrieval-Augmented Generation (RAG) technology improves data reliability and accuracy. The app features a unified interface, consolidating work and search histories while enabling a more efficient user experience.

Also Read: Can LLMs Ever Be Completely Safe From Prompt Injection?

“Compass Chat provides access to leading AI models like GPT-4o and JAIS 30B, ensuring advanced language processing capabilities. It also supports both Arabic and English and offers seamless, synchronized chats across devices, allowing users to maintain productivity at their desks or on the move,” added Chakravarthi.

With the latest update of its Compass platform, Core42 continues to strengthen its product offering and offers yet more proof that the UAE is rapidly becoming a global hub for AI innovation.