Luno first in Malaysia with Shariah-certified crypto suite

KUALA LUMPUR: Luno has become the first regulated digital asset exchange in Malaysia to introduce Shariah-certified passive investment products. The expansion now offers Malaysian investors a broader range of Shariah-compliant digital asset products designed for passive growth. The certification was achieved after a thorough review by Sharlife Sdn Bhd, an advisory firm registered with the Securities Commission, which assessed Luno's staking offerings for Polkadot, Avalanche, Cosmos, and NEAR Protocol.

These four newly certified staking options join the existing seven Shariah-certified staking wallets covering Ethereum, Solana, and Cardano. Additionally, the Large Cap Bundle, which tracks the CoinDesk 5 Index in Malaysia, has also been certified as Shariah-compliant. Luno Malaysia's country manager, Scarlett Chai, explained that the new compliance allows Muslim investors to grow their digital asset holdings passively without violating their religious beliefs.

Malaysia has a long history in Islamic finance, having been the first to establish an Islamic bank in 1983 and introduce the world's first green sukuk. Chai added that it is fitting for Malaysia to lead in bringing digital assets within the reach of Islamic finance. With over one million customers in the country, Luno is proud to enable this possibility.

Sharlife's CEO, Mohamad Zulhaikal Mat Zukri, highlighted that the Shariah review thoroughly examined the contractual arrangements and operational mechanisms of Luno's staking services, as well as the investment arrangement, asset selection, and rebalancing mechanisms of the Large Cap Bundle.