Another digital crypto exchange is making its move in the Shariah fintech space as players in the UAE and Singapore stake their claim in this niche, but growing segment.
RAIN, the first cryptocurrency exchange to graduate from the Central Bank of Bahrain’s regulatory sandbox, has secured a certification from Shariyah Review Bureau endorsing the Shariah integrity of its system.
The certificate issued by SRB dictates that the sale, purchase and custodian activities of RAIN complies with the principles of Shariah and includes all cryptocurrencies offered by RAIN, namely bitcoin, ethereum and litecoin.
“This is a major milestone in the cryptocurrency and Islamic markets. We are excited to open the Islamic markets to cryptocurrency with a Shariah compliant exchange and a suite of cryptocurrency investment opportunities,” founders of the company said.
Operating within the sandbox since December 2017, the digital exchange is preparing to officially launch this year; despite being in pilot mode, IFN Fintech understands that RAIN has attracted over 1,000 interested entities. It is now applying for a license to operate in Bahrain.
The firm is expecting to cater to top-tier family offices, sophisticated investors and Islamic institutional investors in buying, selling and storing Shariah compliant cryptocurrencies in the Middle East; and has built up an in-person meet-up presence in Bahrain, Saudi Arabia, Kuwait, Egypt, Jordan, Oman, and the UAE focused on education to boost digital currency adoption in these nations.
RAIN is also planning to expand its business to introduce Rain Desk, a specialized white-glove over-the-counter service for family funds and institutional accounts across the Middle East, which includes custodial services.