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A Look at CoinMENA – The Most Popular Sharia-Compliant and Halal-Investing Cryptocurrency Exchange

CoinMENA is a Sharia-compliant crypto exchange platform licensed and regulated by the Central Bank of Bahrain.

Talal Tabbaa, Co-Founder of CoinMENA, says that the exchange was created to cater to people in the Middle East and North Africa (MENA) to bridge the gap that existed in regulating exchanges that allow people to move from crypto to fiat and vice versa.

The MENA countries include:

  • Bahrain
  • The United Arab Emirates
  • Saudi Arabia
  • Kuwait
  • Oman
  • European Union

The exchange provides several cryptocurrencies, some including:

  • Bitcoin (BTC)
  • Ripple (XRP)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)

Geographically, most Muslims live in Asia (over 60%), or the Middle East and North Africa (about 20%).

The platform was launched in early 2021 and is fully regulated, having attained a Central Bank of Bahrain Digital Asset Licence, thereby allowing users to buy digital assets using local currencies at the most competitive rates available. 

Islamic financial companies have developed many different products to meet customer needs and provide Sharia-compliant alternatives to widely available conventional options.

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A Sharia-compliant product is structured under sharia rules, essentially, products with an extra layer of Islamic rules integrated into the investment policies of the product. Halal investing requires the investor to know all about the investment products and how they work to assess their compliance to the shariah laws.

CoinMENA gives assurance to its users following the Shariah laws thereby providing a transparent, secure, and beneficial platform for crypto investments.

The license coinMENA has with the Central Bank of Bahrain ensures that the platform meets all of the operational, technical, and security requirements set by the Central Bank and therefore paves way for the platform to start operations within the country. 

In retrospect, the coin is certified by the Shariyah Review Bureau, which allows for regulation and clarity within the crypto space to allow institutions and individuals to invest in cryptocurrencies. The bureau is essentially licensed and regulated by the Central Bank of Bahrain and is an intermediary for institutions seeking Sharia Supervisory Board Services, Product Certification, Audits, and Equity screening.

According to ‘The Shariah Factor in Cryptocurrencies and Tokens guide book,’ a coin is a means of exchange within a blockchain to incentivize the network of participants to use the blockchain. Arguably, coinMENA operates under a bureau where governance, security, and customer protection are the core principles in all operations of the platform. 

In late 2021, coinMENA raised $9.5 million in its first seed funding round from top crypto investors meant to fund the further development of the platform, user acquisition, and retention as well as international expansion. The exchange has a view of expanding its operations in other countries in the MENA region.

In the latest news regarding the exchange, it was announced that the platform is doing a live integration of the industry-leading ChainLink price feeds – decentralized data feeds that provide accurate and transparent asset prices on various cryptocurrencies, FX rates, and traditional assets.  The use of these data feeds will ensure that all users are getting fair trade market exchange prices as they carry out their transactions within the exchange. 

The fully regulated crypto exchange has successfully bridged the gap in the fiat-to-crypto transactions and vice versa, becoming the go-to exchange for its transparency, prompt transactions, and a bilingual client support team that provides excellent customer service. 

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RECOMMENDED READING: Introducing PayMob – An Infrastructure Enabler Powering 85% of Mobile Wallet Transactions in Egypt

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