The blockchain subsidiary of social investing platform eToro has launched Islamic accounts for online financial trading on its 24-hour online trading platform.
The company stated that it does not charge interest on Islamic accounts and guarantees that there is no form of Riba-based interest in these accounts in order to ensure their conformity with the principles of Islamic law.
In a statement, eToro said that with Islamic accounts all open operations after 5 pm New York time usually extended for the next 24 without deduction of any rollover commissions.
Previously in April, eToro has launched a cryptocurrency exchange along with eight branded stablecoins. The new platform is being managed by eToroX, which is regulated by the Gibraltar Financial Services Commission.
Trading in six cryptocurrencies will be offered at launch: bitcoin (BTC), bitcoin cash (BCH), ether (ETH), XRP, litecoin (LTC) and dash. Also available will be 37 crypto-to-fiat pairs, for example BTC/USD and XRP/GBP.
The firm is additionally issuing eToro-branded tokens pegged to eight fiat currencies, including the eToro United States dollar (USDEX), eToro Japanese yen (JPYX) and eToro Euro (EURX), with others available for pounds Sterling; Australian, Canadian and New Zealand dollars; and the Swiss franc.
Source Islamic Business&Finance