The Stellar Development Foundation obtained Sharia compliance certification from the Shariyah Review Bureau, making Stellar the first distributed ledger protocol certified for Islamic finance in money transfer and asset tokenization. This enables Islamic financial institutions across the Gulf Cooperation Council and Southeast Asia to integrate Stellar technology into their compliant offerings.
The Stellar Development Foundation announced that Stellar has received Sharia compliance certification from the Shariyah Review Bureau (SRB), a leading international Sharia advisory agency licensed by the Central Bank of Bahrain. This certification covers Stellar technology, the network, and lumens (XLM), making Stellar the first distributed ledger protocol to achieve this certification in the money transfer and asset tokenization space. The certification enables Islamic financial institutions in the Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE) and Southeast Asia (Indonesia, Malaysia) to integrate Stellar into their Sharia-compliant financial products and services. This is particularly significant for remittance corridors in these regions. The SDF plans to engage global financial institutions over the coming months to demonstrate how Stellar can support their Islamic finance offerings.
