Bybit, the second-largest cryptocurrency exchange in the world by trading volume, has announced the launch of its Islamic Account, as disclosed to Finbold on Tuesday, September 24.
With the new launch, Bybit has become the first global exchange to offer crypto-trading services tailored specifically for Muslim traders in compliance with Islamic law.
The Bybit Islamic Account
Bybit’s Islamic Account gives users access to a range of Shariah-compliant trading products, providing Muslim investors with a platform that meets both their investing and religious needs.
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In collaboration with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) and CryptoHalal, Bybit ensures its offerings adhere to the principles of Islamic finance.
Through the new account, users can access a variety of features that cater to global Muslim traders, except in regions with specific legal restrictions.
The initial offerings focus on spot trading, including 75 Shariah-compliant tokens, and automated trading tools (for example, the DCA and Spot Grid Bots).
Bybit has likewise obtained two Shariah certifications from CryptoHalal and ZICO Holdings, ensuring that all products meet all standards of Islamic law.
The growth of the Islamic economy
The Islamic economy, which serves nearly 1.9 billion people worldwide, continues to grow rapidly.
Estimated to be worth $2.3 trillion, the Islamic finance sector is mostly driven by the Middle East, Africa, and South Asia.
Bybit’s decision to introduce a Shariah-compliant account allows the platform to establish a presence in another expanding market and offer Muslim traders a secure way of engaging with the cryptocurrency space.
Joan Han, Bybit’s Sales & Marketing Director, expressed excitement for the launch, stating:
“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 introduction of the Islamic Account shows its dedication to promoting diversity and inclusivity within the crypto space.
