When questioned regarding the Shariah compliance of XRP, Rain replied that they were in the process of obtaining an opinion on XRP.
Sharia, Sharia law, or Islamic law is a religious law forming part of the Islamic tradition. According to Sharia, investments which are in accordance with the Islamic Principles are called Shariah-compliant.
Indeed, only a few days later Rain has confirmed that XRP has been officially deemed Shari’a compliant, after an audit from their partner, the Shariyah Review Bureau. The Shariyah Review Bureau, licensed and regulated by the Central Bank of Bahrain, is a proxy for institutions seeking Sharia Supervisory Board services, Product certification, Audits and Equity screening.
This is excellent news, both for Ripple and XRP. Exchanges in the region can now list XRP more freely, investors can trade XRP and companies are now allowed to use the digital asset, since it is Shari’a compliant.