INTRODUCTION
Biokript serves the needs of Muslim users who wish to conduct cryptocurrency transactions in accordance with Islamic law, which forbids certain financial practises like interest-earning (Riba), gambling (Maysir), and investing in companies that sell goods or services that are illegal (Haram).
Since it violates the Islamic ban on usury, Biokript does not operate by adding interest to trades or holding stocks.
To ensure that the businesses connected to the listed tokens uphold Islamic ethical standards, we employ stringent vetting procedures.
Building trust with our users requires transparency. Our exchange will guarantee customers' financial purity by fully disclosing the sources of funding, underlying assets, and ethical screening procedures for each cryptocurrency listed on the exchange. Additionally, a percentage of the revenues will be donated to charitable organisations.
We think that educating our users is important. Our portal will offer instructional materials on the principles of digital currency and Sharia-compliant investing. The most recent security methods are used on our exchange to protect user assets and data from potential threats. We follow all pertinent financial regulations, providing our users with a secure and compliant environment. Our platform puts an emphasis on use and simplicity, making it usable by users of all skill levels. We have a committed support team on hand around-the-clock to help users with any questions or issues.
Islamic finance upholds Sharia law's tenets, which limit interest, uncertainty, and Haram (forbidden) activities and encourage ethical and socially conscious investing. These guidelines form the foundation of how our cryptocurrency exchange operates, guaranteeing that all transactions are ethically righteous and in line with Islamic beliefs.
We provide accounts that are based on the Mudarabah, where investors give the capital and our exchange serves as the Mudarib (fund manager), splitting profits in accordance with a pre-determined ratio. Investors can choose Wakalah accounts, in which case they designate our exchange as their Wakil (agent) and instruct it to trade on their behalf for a predetermined fee.
BENEFICIAL FEATURES OF BIOKRIPT EXCHANGE
To ensure conformity with the relevant regulations, Biokript may be subject to routine audits by Sharia scholars or experts. The exchange may put in place strong security measures to safeguard user and transaction data.
Users could calculate their Zakat duties on their cryptocurrency holdings with the use of Biokript's tools or information. It will screen projects placed on their site for ethical issues. It entails determining whether the enterprises' activities adhere to Islamic norms, such as avoiding ventures involving alcohol, gambling, or other haram (forbidden) pursuits.
Since Biokript does not engage in interest-based transactions, its users are able to trade without going against this concept. In order to safeguard investors from potential harm, it opposes excessive speculative activity and discourages excessive uncertainty.
Users will be able to focus on asset-backed trading, in which cryptocurrencies are linked to real assets or companies, by having access to clear information regarding fees, transactions, and asset holdings. In Islamic finance, this strategy is favoured because it limits speculation and assures that the transactions are supported by intrinsic value.
It will place a priority on community involvement and education and offer materials, articles, or webinars to assist users in comprehending the moral implications of cryptocurrency trading. Projects that are specifically regarded as haram, such as those involving gambling, alcohol, or usury-based projects, wouldn't be listed on the exchange.
SUMMARY
By providing a Sharia-compliant cryptocurrency trading platform, it is intended that devoted Muslims and other morally upright people can feel confident and at ease participating in cryptocurrency transactions while maintaining their religious views. The objective is to bridge the gaps between the principles of Islamic banking and the fast changing world of digital assets.
Useful links:
https://bit.ly/44a5lcF
http://www.twitter.com/biokript
http://www.facebook.com/biokript
http://www.instagram.com/biokript
https://t.me/biokript
https://www.reddit.com/user/_Biokript
https://bitcointalk.org/index.php?topic=5419088
Writer Information:
Bitcointalk username: Ray79
Bitcointalk profile URL: https://bitcointalk.org/index.php?action=profile;u=3381937
Proof of authorization: https://bitcointalk.org/index.php?topic=5456807.msg62653048#msg62653048
ETH Address: 0x371D54572B6Cf3B791e85FA22e012AF96f268b63