Sharia-Certified Crypto Exchange Lists XRP Paired With Six Fiat Currencies – The Ripple Effect
Sharia-compliant crypto exchange Rain just added XRP to its platform. The digital asset is one of a select number of cryptocurrencies approved by the Bahrain-based exchange, joining Bitcoin, Ethereum and Litecoin.
Rain graduated from the Central Bank of Bahrain’s (CBB) regulatory sandbox in February, as reported by the Saudi Gazette.
“To add more legitimacy and gain the trust of its customers, Rain also announced that it has passed a Sharia compliance certification. The Sharia-compliance certification was completed by Shariyah Review Bureau (SRB). SRB is licensed by the Central Bank of Bahrain as a Sharia Advisory firm authorized to issue Sharia compliance certifications.
SRB has reviewed Rain’s brokerage service and has determined that the sale, purchase and custodian activities of Rain comply with Sharia principles.”
The exchange says it is still in the process of obtaining full Sharia certification for XRP.
“Our sharia compliance certification is based on BTC, ETH, and LTC. We are in the process of getting an opinion on XRP.”
XRP is paired with the Bahraini dinar, Saudi riyal, Kuwaiti dinar, United Arab Emirates dirham, Omani rial and the US dollar.
The Middle East has increasingly become a crypto-friendly region.
According to Ripple’s global head of infrastructure innovation, Dilip Rao, the region is Ripple’s fastest growing marketplace with several partnerships, including one bank in Bahrain, three in Saudi Arabia, two in Kuwait, one in Oman and a few in the United Arab Emirates.