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Kudos To Malaysia!

8 Jul 2020 — Singapore may be the largest financial centre in SEA, but Malaysia is the leading hub for Islamic finance with the world’s biggest Islamic bond market.

Islamic finance, a socially responsible investment refers to raising capital and investment types that are permissible in accordance with Shariah law. To common misconception of some, Islamic banks may seem to be slower in their adaptation to technology advancement, in comparison to conventional banks.

Kudos to Malaysia, for yesterday’s announcement by the Securities Commission Malaysia’s (SC) Chairman, Datuk Syed Zaid Albar, stating the SAC (Shariah Advisory Council) has resolved that in principle, it is permissible to invest and trade in digital currencies and tokens on registered digital asset exchanges.

“This is a really ground-breaking resolution by the SAC that could spur greater development and investment in #digitalassets. Once the resolution is finalised, we will issue further details.” Syed Zaid added.

There has been a rise in discussions from the Islamic scholars on crypto assets’ compliance with Islamic Shariah law. The resolution from SAC marks a feather in the cap for Malaysia, championing the development of crypto in Muslim majority countries of the world.

#propine #digitalsecurities #blockchain


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