Sharia-Compliant Crypto Exchange Rain Adds Ripple’s Crypto Coin XRP to Its Trading Platform


Bahrain based crypto exchange, Rain recently announced that they are the first to complete the Central Bank of Bahrain's (CBB) regulatory sandbox and is now in the process of applying for a license as it has passed a Shariah compliance certification for the region.

Rain was founded in 2016 by four entrepreneurs Yehia Badawy, Abdullah Almoaiqel, AJ Nelson and Joseph Dallago who shared a joint vision to create a fully Shari'a compliant exchange to provide trust for local cryptocurrency traders. It is backed by Bitcoin Core (BTC) developer Jimmy Song.

The exchange has listed XRP in multiple pairs – XRP/BHD (Bahraini dinar), XRP/SAR (Saudi Riyal), XRP/AED (United Arab Emirates dirham), XRP/KWD (Kuwaiti dinar), XRP/OMR (Omani rial) and XRP/USD (US dollar).

Although, the exchange is in the beta version until they receive full licensure with the Central Bank of Bahrain. Although Rain’s sharia compliance certification is based on BTC, ETH, LTC, but the exchange is reportedly looking to obtain Sharia certification for XRP.

Abdullah Almoaiqel said:

“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. We are excited to open the Islamic markets to cryptocurrency with a Shari'a compliant exchange and a suite of cryptocurrency investment opportunities. We could not be more excited to have graduated the sandbox and are very close to our public launch now.”

If a Muslim today wants to invest, or be involved in Bitcoin, the information available to them mainly depends on the route they take.

A practicing Muslim with an inquiring mind may have to go through several loops, to find a reasonable argument, before reaching a conclusion. An argument, no matter how balanced, has to have its origins from within the proposed Islamic Finance Model as described by the Shariah.

Rain exchange hopes to bridge this gap. Industry experts say it could encourage new capital flows into the crypto ecosystem from a part of the world rich in natural resources like oil and gas. As it stands, few Persian Gulf residents officially participate in the crypto markets, partly for fear of the sector's shadowy reputation.

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