Mohemed AlKaff AlHashmi, a Web3 executive and co-founder of Haqq Network, stated that blockchain technology is the most compatible with Sharia Law, particularly in financial activities. Due to its transparency, traceability, and community governance, blockchain can effectively verify transactions to ensure compliance with Islamic ethical standards. AlHashmi highlighted the difficulty in confirming Sharia-compliance for income and investments due to traditional financial systems. The Sharia finance sector is valued at around $4 trillion and is expected to double in five years. Reports indicate a growing interest in Sharia-compliant crypto products, especially in the Middle East and North Africa. Initiatives like the Haqq Network and the Marhaba Network aim to provide Islamic financial solutions, responding to the financial needs of about 2 billion Muslims worldwide. Bybit's recent announcement to offer Sharia-compliant tokens further reflects this trend of increasing Sharia-compatible financial products in the cryptocurrency space.

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