Bybit Launches Islamic Crypto Accounts for Muslim Investors

CoinWorld reported:
Leading cryptocurrency and derivatives exchange Bybit has launched a rare service within its crypto Islamic account aimed at Muslim investors. This account facilitates spot trading for 75 Shariah-compliant tokens and two trading bots, and is available to Muslim investors globally.
The popular cryptocurrency exchange
Unveils
Islam-friendly accounts for Muslim cryptocurrency traders and investors in a post on X. The initial offering of this account will include a spot grid bot and a dollar-cost averaging (DCA) bot;
The account also provides 75 Shariah-compliant tokens for spot trading. Bybit claims that these tokens adhere to Islamic financial principles that are compliant with Shariah and ethical.
Bybit consulted ZICO Shariah to establish the Islamic principles for setting up the account. Bybit’s CEO, Ben Zhou, announced
the launch of the Islamic account.
The world’s first crypto Islamic account is now fully operational on Bybit. The initial Shariah-compliant products include spot trading (limited to 75 Shariah-compliant tokens), DCA trading bots, and spot grid bots.
Bybit stated that the introduction of this type of account is aimed at bridging the gap that has hindered Muslim investors from joining the cryptocurrency community. The debate over whether cryptocurrency is haram or halal has persisted for years. Due to a lack of clarity, some Muslim investors have distanced themselves from the industry.
The industry is often classified similarly to gambling, which is vehemently condemned by Islamic law. However, Bybit’s move to launch Shariah-compliant crypto products can help fill this gap and facilitate Muslim investors’ entry into the crypto space.
Islamic law condemns cryptocurrency lending agreements
Islamic law condemns and strictly prohibits any form of usury or interest, commonly referred to by community members as “Riba.” Muslim investors cannot use cryptocurrency lending platforms or agreements that offer similar services to earn interest or engage in usury.
According to
Islamic finance masters,
Islamic law considers major cryptocurrency projects to be halal (permissible). These digital assets include Chainlink (LINK), Ripple (XRP), Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), Litecoin (LTC), Polkadot (DOT), Bitcoin SV (BSV), and Ethereum (ETH).
Stablecoins like Tether’s USDT and Circle’s USDC carry interest but can be viewed as Shariah-compliant. If Muslim investors purchase stablecoins and exchange them for another compliant token, “Riba” does not apply.
This news has sparked interest among Bybit’s target audience of Muslim cryptocurrency enthusiasts. A specific user on X commented on Zhou’s announcement post, stating that the reform is a significant achievement for the exchange. This user expressed that Bybit’s Islamic account serves as a gateway for new opportunities in the Islamic finance sector.
According to Bybit’s official website, the Islamic account is available globally. In compliance with the principles of Islamic finance, the exchange does not charge any interest on trades or holdings. Bybit intends to adhere to Shariah by preventing asset mixing and providing a direct fee structure aligned with ethical financial activities