Amanie advisors collaborate with Ethereum foundation

Global Islamic Financial advisors, Amanie announced via a blog post regarding their collaboration with Ethereum foundation. The venture aims to conduct research on Ether as a cryptocurrency, and as a platform in an attempt to provide views of the Sharia law.

With regards to this research, Amanie released a whitepaper outlining the Sharia parameters on the cryptocurrency. The paper provides an insight into the views of the Sharia and Islamic financial industry towards Ether. 

The blog post also outlined that there are uncertainties towards cryptocurrency among the Muslim community. The community is not aware if it is permissible for them to indulge either in trading or mining aspect of Ether or in the development of smart contract. 

The paper is divided into two parts, part A and part B. The first part(Part A) explains the technical aspects of the concept of cryptocurrency and blockchain. Not only does this paper highlight ether as a cryptocurrency but also elaborates various other platforms that fall under the umbrella of the blockchain. The white paper also explains the emergence of the technology so readers can fully understand its functioning.

If-Ethereum-is-deemed-'Shariah-Compliant,'-the-public-would-be-more-confident-and-participate-in-the-development-of-Shariah-compliant-smart-contracts

The second part(Part B) of the paper highlights the Sharia view on Ether. The paper discusses whether Ether fits as a permissible currency under Islamic Law or not. By stressing on the concept and rules related to money, this paper provides an insight to the readers with uncertainty about the concept, the paper says. 

The blog also stated – 

“The hypothesis prior to the research was that if Ether as the native cryptocurrency of the platform is deemed permissible or in a more friendly terminology in the Islamic finance community – “Shariah-compliant”, then the public shall be more confident and assured to be more active in participating in the development of Shariah-compliant smart contracts and decentralized applications which is now still lagging behind” 

Adding to that the blog concluded by saying that with the findings, guidelines, and parameters mentioned in the paper, the Islamic financial market will accept Ether with more adoption among the Muslim community. 

On August 1, Ben Heidorn, CTO, and Co-Founder of Blockade Games announced about using Bitcoin Lightning Network as an interface to Ethereum Smart Contracts. Ben noted that blockchain-based gaming was a new entry to mainstream games. Ben further highlighted that they had a long history of experimenting with new technology and ideas.