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Halal Business

Bahrain's Rain acquires SRB Shari’ah-compliance certificate

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Shariyah Review Bureau (SRB) is licensed by the Central Bank of Bahrain as a Shari’ah Advisory firm authorised to issue Shari’ah compliance certifications.

Tuesday 26, February 2019 BY KUDAKWASHE MUZORIWA

Bahrain’s Rain has received a Shari’ah compliance certificate from SRB.

In a statement, Rain stated that SRB reviewed its brokerage service and has determined that the sale, purchase and custodian activities of Rain comply with Shari’ah principles. 

Abdullah Almoaiqel, the Co-founder of Rain, said, “We are excited to open the Islamic markets to cryptocurrency with a Shari’ah compliant exchange and a suite of cryptocurrency investment opportunities.”

The certification covers a bitcoin, ethereum and litecoin.

The Shariyah Review Bureau has been expanding its position in the world of fintech by advising clients such as Stellar, X8 Currency as well as Ovamba and Beehive.

Similarly, the cryptocurrency exchange also graduated Central Bank of Bahrain’s (CBB) regulatory sandbox stage and is in the process of applying for the relevant licence.

Rain is the first cryptocurrency exchange to graduate the sandbox and is in the process of applying for the relevant licence

TAGS : Rain, Shariyah Review Bureau , Central Bank of Bahrain

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