Binance, the popular crypto exchange, has introduced a new product, Sharia Earn. Sharia Earn aims to facilitate numerous Muslims across the globe with the earliest Sharia-compliant staking product that includes diverse crypto tokens. The platform disclosed the details of the newly unveiled product in a recent social media post.

Binance Releases ‘Sharia Earn,’ Offering Sharia-Compliant Crypto Exposure

Binance’s exclusive Sharia Earn product targets Muslim users, letting them take part in crypto staking in a sharia-compliant manner. Sharia Earn denotes the earliest multi-token staking solution that complies with the Islamic Sharia law. The product is reportedly built on the core products of Binance Earn, taking into account $SOL Staking, $ETH Staking, and $BNB Locked Products.

With more than 280M consumers across the globe, Binance is poised to deliver products that fulfill diverse requirements of the worldwide community. Now, with the inclusion of Sharia Earn, Binance has taken a significant step to offer faith-aligned solutions. In this respect, the crypto exchange is of the view that finance should be inclusive in terms of design to grasp the attention of the worldwide community. Hence, Sharia Earn lets consumers expand crypto holdings while completely following principles of Islamic finance.

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Sharia Earn is distinct from traditional staking products that comply with standard models of finance. Particularly, it has a unique structure to align with Islamic finance’s chief tenets. Amanie Advisors, a worldwide-renowned Sharia advisory platform, has certified the product. Thus, it carefully manages the consumers’ assets in complete accordance with the core principles of Islamic finance. Therefore, it offers no interest (riba), no exposure to any haram sectors like adult content, gambling, or alcohol, and poses no extreme uncertainty (Gharar).

Crypto Exchange Also Plans 2 Reward Campaigns to Distribute $100,000 to Boost Community Participation

According to Binance, in line with a Wakala agreement, Sharia Earn utilizes the staked crypto assets of the users to back Halal blockchain startups. Additionally, the screening of these protocols for Sharia compliance offers full transparency when it comes to reward generation and distribution. At the moment, Sharia Earn offers Simple Earn Locked Products in the case of $BNB, while Liquid Staking via $SOL and $ETH. Moreover, to enhance user participation, Binance is also launching a couple of reward campaigns comprising $100,000 in total.