Stellar (XML) became the first Sharia-certified decentralized ledger technology

The Stellar Development Fund (XML) has received the Sharia-compliant Certificate of Payment and Tokenment, making it the first Certified Deconstruction Book Technology (DLT).
The certificate was approved by the Shariyah Review Board (SRB), a leading international Shariai consulting agency licensed by the central bank of Bahrain, endorses Stellar's determination to bring its services. to the Muslims and especially to the Middle East.

Interestingly, Stellar became the first distributed accounting ledger protocol to receive the Sharia standard. Certification is also extended to Lumens applications and applications (XLM).

In a statement, Stellar said:

"We promote our mission to access finance by striving to achieve Sharia compliance certification for Stellar technology and networks."

"The Shariyah Review Board (SRB), a leading international Sharia consultancy authorized by the Central Bank of Bahrain, has reviewed the characteristics and applications of Stellar, and issued guidance and guidelines. Directed, allowing the application of Stellar technology compatible with Sharia operating in Islamic financial institutions. "

Such recognition will help develop the Stellar ecosystem in areas where financial services require compliance with Islamic principles.

At the moment, Islamic financial institutions in the Gulf Cooperation Council in areas such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the UAE and some Southeast Asian countries Indonesia and Malaysia are integrating Stellar technology into their respective products and services.

Development has created a major improvement for the Stellar network as it is a popular remittance channel for foreign workers.

Stellar, is currently planning discussions with global financial institutions on the best use of Stellar in financial services and products that are consistent with Sharia. This announcement is definitely a boost to Stellar's growth.

A few days ago, Coinbase announced they were investigating Stellar (XML) more thoroughly than other coin. However, the announcement did not mention the addition of the ripple to the platform. This move raised Stellar's price by 22%.

Other analysts have suggested that the announcement aims to cut internal transactions as alleged in the past.