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

4 months 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

“AI Seal” Certification Now Required For Dubai Gov Partnerships

The new mandatory certification is designed to build trust in AI companies and create a reliable network of providers for government and public collaboration.

Published

11 hours ago

January 21, 2025

Nour Nasir

ai seal certification now required for dubai gov partnerships

Dubai Media Office

Dubai has introduced the Dubai AI Seal, a certification designed to establish trust in artificial intelligence (AI) companies and solutions. This initiative, directed by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister, aims to create a reliable network of AI providers which government entities and businesses can collaborate confidently.

Companies must now obtain the AI Seal to qualify for UAE or Dubai government contracts. The Dubai Centre for Artificial Intelligence (DCAI), which developed the certification, sees it as a competitive edge for companies looking to participate in key national projects. Once certified, businesses will be permitted to showcase the seal across their websites and marketing materials, signaling their credibility and dependability.

The evaluation process will consider six main criteria: the company’s services and operations, the number of employees specializing in AI, ongoing and future projects, as well as existing partnerships with public and private sector entities.

dubai ai seal certification

Khalfan Belhoul, CEO of the Dubai Future Foundation, which oversees the DCAI, commented on the initiative’s potential: “This initiative will help create powerful partnerships between the public and private sectors, locally, regionally, and globally. It will help drive new economic opportunities by leveraging AI to serve better the economy, society, and the future we aspire to”.

Also Read: Top Free AI Chatbots Available In The Middle East

The Dubai AI Seal’s goals include providing a clear framework for verifying AI providers, fostering business opportunities for AI companies, and acknowledging the industry’s strategic importance to Dubai’s economy. The initiative emphasizes AI’s role in driving economic growth, creating jobs, and strengthening collaboration between government bodies and technology firms.

All technology companies operating in Dubai and offering AI-related services or products are eligible to apply for the certification at no cost through the official website.