According to TradeArabia, a Bahrain-based crypto exchange, Rain, has announced that they are the first to successfully graduate from the Central Bank of Bahrain’s Regulatory Sandbox, and that they have earned a Sharia compliant certificate. Bahrain launched the regulatory sandbox, to allow financial institutions to test technology-based innovative solutions for the financial sector.
The Shariyah Review Bureau (SRB) are licenced by the central bank as a Sharia advisory firm and are authorised to award certification, reviewed Rain’s exchange and determined that the “sale, purchase and custodian activities of the company are in compliance with Sharia principles”.
Rain hopes to deliver more value with a Sharia compliant cryptocurrency exchange, with the Sharia certification covering three cryptocurrencies, Bitcoin, Ethereum and Litecoin.
Opening The Islamic Markets To Cryptocurrencies
“We are excited to open the Islamic markets to cryptocurrency with a Sharia compliant exchange and a suite of cryptocurrency investment opportunities,” said Rain co-founder, Abdullah Almoaiqel. “We could not be more excited to have graduated the sandbox and are very close to our public launch now”.
“This is a major milestone in the cryptocurrency and Islamic markets. This is the implementation of Rain’s mission to provide the Middle East with a cryptocurrency exchange that meets the highest standards in terms of regulation, accessibility, security and trust,” said Almoaiqel.
Saudi-based Vision Ventures are one of the investors in Rain. Kais Al Essa, Founding Partner of Vision Ventures, said: “We’re very excited to start 2019 with our investment in Rain. They have a strong team and a full functional trading platform that’s way ahead of what’s available in the region”.
Mr Almoaiqel said: “We are currently in a seed round which will be completed in the next two weeks. We are happy that we have received support and funding from investors both in the region as well as outside”.