The Algorand Foundation, the organisation responsible for the Algorand (Algo) Distributed Ledger Technology (DLT) project, has been certified Shariya compliant by the Shariya Review Board (SRB). Zawya reported on 21 October 2019 that with Sharia certification, Islamic institutions will now be able to adopt Algorand (Algo).

Algorand Bags is Shariah certified

Algorand (Algo), the world's 52nd largest blockchain project, has joined a growing list of DLT projects accredited by Shariya Review Bureau (SRB), a leading Islamic adviser, which reviews investment plans for compliance with sharia law.

According to a reporter published by the Algorand Foundation, Islamic Certification has opened up the Algorand Network of Islamic institutions looking to integrate Blockchain technology into their processes and leverage it for economic activities and more.

More importantly, the Algorand Foundation has made it clear that despite the recognition of the Islamic authorities, the Algorand team will work with the SRB to properly review the decentralized applications (DAPS) built based on the Algorand distributed ledger to ensure that each of them remains compliant with Islamic teachings.

According to Islamic teachings, an Islamic compliant investment vehicle has intrinsic value, which is backed by tangible assets or commodities with real value, as well as other strict requirements.

To get Algorand Islamic certification means that the platform meets the high standards set by Islamic authorities. Yasser S. Dahlawi, SRB Founder and CEO, said of this exciting development:

"We are excited about the technological achievements of the Algorand network and the future of a highly scalable and secure blockchain, which will help the Islamic financial market enter the emerging borderless economy."

Yasser also suggested that SRB would help Islamic start-ups interested in building their financial solutions on Algorand provide the expertise needed to achieve Shariah compliance.

Created by Silvio Micali, one of the pioneers of cryptography, the primary goal of the Algarand Blockchain Project is to promote scalability, security, and decentralization. Algorand reached consensus through a pure proof-of-stake consensus algorithm.