Bybit launches crypto-Islamic accounts for Muslim investors

Bybit has officially launched its Islamic Account, making it the first global cryptocurrency exchange to offer Shariah-compliant trading options for Muslim investors. This initiative is designed to create an inclusive trading environment that adheres to Islamic finance principles, thereby expanding access to the crypto market for the Muslim community worldwide.

Key Features of Bybit’s Islamic Account

• Shariah Compliance: Developed in collaboration with ZICO Shariah Advisory Services and Crypto Halal, Bybit’s Islamic Account ensures that all trading products comply with Islamic law. This includes a double certification process to guarantee adherence to Shariah principles.
• Product Offerings: The account will initially support spot trading on 75 Shariah-compliant tokens and will feature tools such as a Dollar Cost Averaging (DCA) trading bot and a Spot Grid Bot. Notably, the account will not accrue any interest, aligning with Islamic financial guidelines.
• Global Accessibility: The Islamic Account is available to users globally, except in regions where legal restrictions apply. This broad accessibility aims to promote inclusivity within the cryptocurrency space.
• Supported Cryptocurrencies: The account will support a range of 18 cryptocurrencies, including major assets like Bitcoin (BTC), Ethereum (ETH), and several others such as Solana (SOL) and Cardano (ADA).

Market Impact

The launch of Bybit Islamic Account is significant given the rapid growth of the Islamic economy, which serves nearly 1.9 billion people and is valued at approximately $2.3 trillion. By providing a Shariah-compliant platform, Bybit is poised to tap into this expanding market, potentially attracting a substantial number of Muslim investors who have previously been hesitant to engage in cryptocurrency due to compliance concerns.Joan Han, Bybit’s Sales & Marketing Director, emphasized the importance of this initiative by stating, “We are thrilled to introduce our Islamic Account… empowering Muslim traders to participate in the growing cryptocurrency market.” This sentiment reflects Bybit’s commitment to fostering diversity and inclusivity within the crypto trading landscape.In summary, Bybit’s launch of the Islamic Account marks a pivotal moment in the intersection of cryptocurrency and Islamic finance, paving the way for broader participation from Muslim investors in the digital asset space

Islamic law, which strictly prohibits usury or interest—known as “Riba”—poses challenges for Muslim investors navigating the crypto landscape. While many traditional crypto lending protocols fall under this prohibition, certain digital assets like Bitcoin (BTC), Ethereum (ETH), and others are deemed halal by Islamic Finance Guru. Interestingly, stablecoins like Tether’s USDT and Circle’s USDC, despite being interest-bearing, can be considered Shariah-compliant if exchanged with other compliant tokens. This shift has sparked significant interest among Muslim crypto enthusiasts, especially following Bybit’s announcement of Islamic accounts, which many view as a major step forward in creating new opportunities for the Islamic finance community.