Tezos blockchain has been verified and received a Sharia certificate, marking the platform’s compliance with Sharia principles. The verification came from Shariyah Review Bureau (SRB), the Shariah Advisor to Tezos Gulf, a subsidiary of the Swiss-based Tezos Foundation. Shariyah Review Bureau reviewed the Tezos blockchain’s governance mechanism, Proof-of-Stake (PoS) consensus mechanism using formal verification techniques before issuing the certificate.
Waleed Rassuli, the Managing Director at Tezos Gulf said, “We see potential for Islamic financial institutions seeking to explore blockchain-based options for digital securities issuers and who also wish to issue securities on a platform that is compatible with the Sharia compliance ecosystem. This certification marks Tezos’ first step in promoting our open-source protocol to Islamic financial institutions in the GCC and South-Asia pacific region.”
Shariyah Review Bureau provides end-to-end Sharia advisory solutions to banks, insurance firms and asset managers around the world. Over the last few years, it has been actively advising and certifying entities and their offerings in the blockchain and fintech sector. SRB’s services are centrally deployed, and offer Sharia supervision, functionality, and quick turnaround in product certification. This has become an attractive option for fintech establishments. In addition to reducing Sharia scholarly overheads, this approach helps clients centralize their firm’s Sharia certification and Sharia audit administrative and operational tasks.
The Tezos platform is backed by a global community of validators, researchers and builders. It is considered one of the first pure proof-of-stake blockchains and has been utilized by numerous issuers of digital securities but mostly on the conventional side of the financial market.