We are pleased to announce today our successful Shari’a compliance certification completed by Shariyah Review Bureau (“SRB”). SRB is licensed by the Central Bank of Bahrain as a Shari’a Advisory firm authorized to issue Shari’a compliance certifications.
SRB has reviewed Rain’s brokerage service and has determined that the sale, purchase and custodian activities of Rain are in compliance with Shari’a principles.
Rain aims to deliver more value with a Shari’a compliant crypto-asset brokerage. The Shari’a certification covers a suite of three cryptocurrencies (bitcoin, ethereum, and litecoin). Rain expects to enable top-tier family offices, sophisticated investors and Islamic institutional investors to buy, sell and store cryptocurrency in a Shari’a compliant way.
Rain’s founders said in a joint statement: “This is a historic milestone in the cryptocurrency and Islamic markets. This is the implementation of Rain’s mission to provide the Middle East with a crypto-asset brokerage that meets the highest standards in terms of regulation, accessibility, security and trust. We are excited to open the Islamic markets to cryptocurrency with a Shari’a compliant exchange and a suite of cryptocurrency investment opportunities.”
We are committed to continuing to provide as much value to our customers and the industry as we can. Customers can find the Shari’a compliance issuance on the link attached.