Share this article
Algorand Wins Sharia Compliance Certificate to Enter $70 Billion Market
A sharia certification could open up the platform to a global network of observant Islamic investors estimated to be worth more than $70 billion.
By Danny Nelson
Updated Sep 13, 2021, 11:36 a.m. Published Oct 22, 2019, 9:30 p.m.
Algorand has been certified as sharia-compliant, the company said Monday.
The certification was provided by Bahrain-based Shariya Review Bureau (SRB) and indicates that the Algorand platform adheres to the tenants of Islamic law. It could open up the platform and its features to a global network of observant Islamic investors estimated to be worth more than $70 billion, according to a 2017 study by Malaysia International Islamic Financial Center.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“Our vision at Algorand has always been inclusivity,” Algorand CEO Steve Kokinos said in a statement. “I am excited that forward-thinking Islamic enterprises will now be able to realize new business opportunities on a platform that is congruent to their finance guidelines."
Sharia compliance can be complex for investment vehicles of any kind. To secure approval they must not profit from activities banned under sharia law, including gambling and alcohol, or accrue interest on loans, another banned activity.
It's unclear what hurdles Algorand jumped to win SRB’s certification, but the platform, which launched in June, plans to retain approval as it continues to develop. Every dapp built on the platform will be reviewed by the SRB for sharia compliance.
“We stand ready to support the future ambitions of the users of Algorand in the Islamic financial market,” SRB CEO Yasser S. Dahlawi said in the statement.
Bahrain image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
