Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has launched an Islamic Account, as stated to Finbold on Tuesday, September 24.
With the new launch, Bybit becomes the first global exchange to provide crypto-trading services customised particularly to Muslim merchants in accordance with Islamic law.
The Bybit Islamic Account
Bybit’s Islamic Account provides customers with access to a variety of Shariah-compliant trading products, offering Muslim investors a platform that fits both their financial and religious needs.
Bybit works with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) and CryptoHalal to guarantee that its offerings adhere to Islamic financial norms.
Users of the new account can use a variety of tools designed for global Muslim traders, with the exception of locations with special regulatory constraints.
The initial products are focused on spot trading, including 75 Shariah-compliant coins and automated trading tools (such as the DCA and Spot Grid Bots).
Bybit has also secured two Shariah certifications from CryptoHalal and ZICO Holdings, assuring that all products comply with Islamic law.
The expansion of the Islamic economy
The Islamic economy, which employs approximately 1.9 billion people worldwide, continues to expand fast.
The Middle East, Africa, and South Asia are the primary drivers of the Islamic finance sector, which is estimated to be worth $2.3 trillion.
Bybit’s move to launch a Shariah-compliant account allows the platform to expand into another growing region while also providing Muslim traders with a secure means to interact with the cryptocurrency world.
Joan Han, Bybit’s Sales & Marketing Director, expressed delight about the debut, saying:
“We are excited to offer our Islamic Account, which marks a significant milestone in our commitment to delivering inclusive and accessible trading options. We have partnered with Crypto Halal and ZICO Holdings to ensure that our offers are consistent with Islamic finance principles, allowing Muslim traders to engage in the booming cryptocurrency market.”
Bybit’s introduction of the Islamic Account demonstrates its commitment to encouraging diversity and inclusivity in the cryptocurrency market.
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