Rain, a Bahrain-based cryptocurrency exchange, yesterday announced its successful graduation of the Central Bank of Bahrain’s (CBB) Regulatory Sandbox. Rain is also the first cryptocurrency exchange to graduate the CBB sandbox and is in the process of applying for the relevant licence. Rain also announced that it has passed a Shari’a compliance certification.
The Shari’a compliance certification was completed by Shariyah Review Bureau (SRB). SRB is licenced by the Central Bank of Bahrain as a Shari’a Advisory firm authorised to issue Shari’a compliance certifications. SRB has reviewed Rain’s brokerage service and has determined that the sale, purchase and custodian activities of Rain are in compliance with Shari’a principles.
The Shari’a certification covers a suite of three cryptocurrencies (bitcoin, ethereum, and litecoin). The Rain was founded in 2016 by Yehia Badawy, Abdullah Almoaiqel, AJ Nelson and Joseph Dallago. Abdullah Al moaiqel, co-founder of Rain said: “We could not be more excited to have graduated the sandbox and are very close to our public launch now.”
Shariyah Review Bureau has been expanding its position in the world of fintech by advising clients like Stellar, X8 Currency, Ovamba and Beehive. “Our engagement with Rain is another important step to extending our position in this rapidly growing market,” said Yasser S. Dahlawi, Founder and CEO of SRB.