Stellar Lumens has also been able to gain notice in a relatively untouched market recently. The cryptocurrency recently received certification from the Islamic scholars of Shariyah Review Bureau (SRB) for use in sharia-compliant financial products. With this certification in place, Stellar Lumens will have access to Middle Eastern and South East Asian markets. Strong demand exists in both geographic areas for Islamic banking and sharia-compliant products. In the Middle East, this certification is allowing Stellar Lumens to gain an advantage over Ripple, a coin that it has been competing within the payments and remittances space.
Islamic finance and Sharia-compliant financial products comply with Islamic religious laws that relate to real economic activities and assets. These laws forbid interest payments or related financial gains as they are considered “haram.” Although Islamic scholars typically display a conservative approach towards technology, the advantages that blockchain technology offers concerning payments and remittances are too significant to ignore.
Ultimately, the SRB certification awarded to Stellar will help end the debate among Islamic nations about cryptocurrencies, many of whose top leaders believe the technology to only foster anti-Islamic activities.
Pumping in anticipation of coinbase listing I’d say.
probably so, to the moon.