Blockchain ecosystem IOTA has been recognized as being Shari’a-compliant.
According to a note from IOTA, the Cambridge Institute of Islamic Finance’s certification states that the IOTA token fulfills all accepted Shari’a principles and standards, including those practiced by the Islamic financial services industry.
IOTA reports that it is the first foundation under the DLT Foundations Regulations of the Abu Dhabi Global Market (ADGM). With this certification, IOTA is poised to expand in the UAE.
IOTA provides an example of how it may boost utilization like the halal meat verification process and the supply chain validation that can now be improved by incorporating distributed ledger technology.
Other projects may include Islamic banking, and Islamic Insurance (Takaful).
Dominik Schiener, Co-Founder and Chair of the IOTA Foundation, says the compliance is significant and essential to promoting IOTA technology within Muslim communities.
“This compliance supports the Foundation’s work in helping grow and nurture DLT and blockchain projects in the Middle East, including homegrown initiatives and external projects seeking regional entry.”
