There has been ongoing discussion regarding the religious permissibility of cryptocurrencies, and now it is also a focal point of exchanges. Binance recently announced a new product under an intriguing title, offering Sharia-compliant Earn services to those seeking staking opportunities. This announcement raises questions: Who approved the cryptocurrencies as permissible? Which cryptocurrencies are deemed compliant?
Sharia-Compliant Crypto Service
Binance has launched a new product, claiming to have received approval for its religious compliance. Named Sharia Earn, it will be available to over 275 million users globally. Binance states its commitment to developing products that cater to the diverse needs of its global community, expressing pride in responding to the demand for faith-compliant crypto solutions. With Sharia Earn, users can grow their crypto assets while adhering to Islamic financial principles.
What distinguishes this service from other Earn services? Traditional staking products follow standard financial models, whereas Sharia Earn is structured in accordance with Islamic finance’s core principles. Binance further explains that a global Sharia advisory firm, Amanie Advisors, certified user assets, ensuring they align fully with Islamic finance principles.
The above certificate assures that the Binance Earn product complies with the requirements of Sharia principles. Amanie Advisors clarified that the statement solely pertains to the Sharia compliance of the Binance Earn product and takes no responsibility for any personal Sharia requirements for those investing in the product.
Currently, the product is available in countries like Afghanistan, Algeria, Bangladesh, Indonesia, Saudi Arabia, Turkey, and several others.
Permissible Cryptocurrencies
Sharia Earn has vetted and approved three cryptocurrencies as sharia-compliant: BNB, ETH, and Solana 
$86 (SOL). Wrapped versions such as WETH and BNSOL are also included. Binance has affirmed that this decision considered standards set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
The opinion of a consultancy firm may not be universally binding, but Binance has made a significant start by considering religious sensitivities. While the advisory board provided a compliance approval, they have not yet shared a detailed report regarding its religious permissibility. In Malaysia, conditional permissibility is a common view among Islamic scholars for cryptocurrencies.
The Diyanet of Turkey, however, declared in 2017 that cryptocurrencies are impermissible due to uncertainty (gharar) and deception (taghrir). Those issuing the compliance fatwa argue that doubt and deception don’t apply to all cryptocurrencies, claiming blockchain traceability and global regulations balance out the risks. Turkey’s Diyanet has not updated its stance.
Amanie Advisors: Who Are They?
Amanie Advisors is a firm providing Sharia law consultation since 2005, focusing on investment funds, sukuk (Islamic bonds), and corporate consultancy and auditing. The founder is Tan Sri Dr. Mohd Daud Bakar. The firm, headquartered in Malaysia, advises over 100 Islamic investment funds across the Middle East, Southeast Asia, and Europe.
