Binance has proclaimed the launch of Sharia Earn, the initial global Sharia compliant mult-token staking solution. The project aims at serving the financial needs of Muslim consumers interested in ethically oriented crypto investment, which complies with Islamic finance principles. Sharia Earn utilises the same infrastructure that powers Binance Earn and adds important products like $BNB Simple Earn Locked Products, $ETH Liquid Staking and $SOL Liquid Staking.
The bond is rated by an approved Sharia advisory company, Amanie Advisors. The approval indicates that the product conforms to fundamental principles of Islamic financing, like the banning of interest (riba), extreme uncertainty (gharar) and risk to non-compliant industries like gambling or liquor. Users can stake their assets on Sharia compliant blockchain protocols through a Wakala agreement structure.
Binance Offering Halal Crypto Rewards Through Daily Staking
Sharia Earn users have a chance to obtain halal rewards without breaking religious ideas. The Simple Earn Locked Product mechanism offers rewards on BNB staking on a daily basis with a variable rate. Members can leave anytime but at the cost of permanently sacrificing their rewards.
In case of Ethereum ($ETH) and Solana ($SOL), users are issued WBETH and BNSOL tokens, which are staked respectively. These liquid staked tokens are indicative of value increase over time, and users may redeem them whenever they choose, including any earnings that had been earned.
The program is available in limited areas with eligibility in countries also being updated frequently. Qualified Sharia scholars have checked all the processes to maintain compliance.
Prize and Promotional activities
Binance is also organizing two promotions where $100,000 worth of USDT rewards will be given away to support the launch. These incorporate a competition using a leaderboard of active users and red packets throughout referrals and on-boarding of new members against certain criteria. To participate, the most recent version of the Binance app is required, and the full terms, product conditions, and risk statements will apply.
