Riyadh –  Tezos Gulf received a Sharia Certificate from Shariyah Review Bureau (SRB) after the latter had reviewed the Tezos blockchain’s governance mechanism, proof-of-stake (PoS) consensus mechanism, and formal verification techniques.

Tezos’ platform is backed by a global community of validators, researchers, and builders and is considered one of the first pure proof-of-stake blockchains. The Tezos blockchain has been utilised by numerous issuers of digital securities but mostly on the conventional side of the financial market, according to a press release on Monday.

“We see the potential for Islamic financial institutions seeking to explore blockchain-based options for digital securities issuers and who also wish to issue securities on a platform that is compatible with the Sharia compliance ecosystem,” said the head of Tezos Gulf, Waleed Rassuli.

"Having served the banking and asset management sector in parallel to FinTech firms, we see an exciting time for the Islamic industry as blockchain technology infiltrates various aspects of the asset and security business," remarked founder and CEO of SRB, Yasser S. Dahlawi.

Tezos Gulf is a subsidiary of the Swiss-based Tezos Foundation. It was established to foster ecosystem development in the GCC region for the Tezos network, an open-source public blockchain for assets and applications.

Source: Mubasher

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