IOTA Token Achieves Shari’a Compliance, Certified by Cambridge Institute

The
IOTA
Token
has
been
certified
as
Shari’a-compliant
by
the
Cambridge
Institute
of
Islamic
Finance,
according
to
a
recent
announcement
by
the
IOTA
Ecosystem
DLT
Foundation.
This
certification
ensures
the
token
adheres
to
Islamic
principles
and
legal
requirements,
fostering
trust
and
growth
in
the
Middle
East
and
globally.

Shari’a
Compliance:
Aligning
with
Islamic
Principles

In
the
UAE
and
the
wider
Middle
East,
compliance
with
Shari’a
law
is
crucial.
Shari’a
law
is
a
system
of
Islamic
principles
and
guidelines
derived
from
the
Qur’an
and
Hadith,
governing
the
moral,
social,
and
legal
aspects
of
Muslim
life.
Recognizing
this,
the
IOTA
Ecosystem
DLT
Foundation
has
ensured
that
its
processes,
procedures,
and
offerings
are
Shari’a-compliant.

The
certification,
dated
July
15,
2024,
confirms
that
the
IOTA
Token
meets
all
generally
accepted
Shari’a
requirements.
The
Shari’a
Assessment
Report
from
the
Cambridge
Institute
of
Islamic
Finance
verifies
that
IOTA
is
a
Shari’a-compliant
utility
token,
based
on
principles
and
standards
practiced
in
the
Islamic
financial
services
industry.
The
official
certificate
can
be
viewed

here.

Shari’a
Obligations
and
Requirements

Achieving
Shari’a
compliance
entails
several
ongoing
obligations,
including:

• Adhering
  to
  generally
  accepted
  Shari’a
  principles
  for
  conducting
  business.
• Maintaining
  a
  Shari’a
  supervision
  function
  to
  ensure
  continuous
  compliance
  with
  Shari’a
  rules.

To
meet
these
obligations,
a
Shari’a
Governance
Framework
(SGF)
for
the
IOTA
Token
has
been
established.
The
Cambridge
Institute
of
Islamic
Finance
will
act
as
an
external
independent
Shari’a
Advisor,
conducting
annual
reviews
to
ensure
ongoing
compliance
with
Shari’a
requirements.

Ensuring
Global
Trust

The
certification
of
the
IOTA
Token
as
Shari’a-compliant
marks
a
significant
milestone
for
the
IOTA
Ecosystem
DLT
Foundation
and
the
broader
IOTA
community.
It
underscores
the
foundation’s
commitment
to
adhering
to
regional
regulations
and
ethical
standards.
This
achievement
not
only
enhances
trust
among
stakeholders
but
also
aligns
with
the
moral
and
legal
frameworks
prevalent
in
the
Middle
East,
fostering
long-term
confidence
and
growth
within
both
global
and
regional
ecosystems.

The
IOTA
Ecosystem
DLT
Foundation,
established
in
Abu
Dhabi,
United
Arab
Emirates,
supports
projects
and
ecosystems
built
on
IOTA
and
its
staging
network,
Shimmer.
Given
the
increasing
emphasis
on
compliance
in
the
Middle
East,
this
certification
is
expected
to
significantly
bolster
IOTA’s
presence
and
reputation
in
the
region.

For
more
information,
visit
the

IOTA
Ecosystem
DLT
Foundation.

Image
source:
Shutterstock