The United Arab Emirates has helped to lay down the foundational compliance requirements for a Lotto product to exist in Sharia-based locations. This is excellent news for us, as we’ve been waiting for Fatwa to approve and issue their ruling. Finally, the General Authority of Islamic Affairs & Endowments located in Abu Dhabi gave their go-ahead. The reference case number for those who want to confirm is 205/2020.
That means when you’re ready to operate your own online lottery and want to make sure to target that huge demographic that favours sharia compliance and law, we’re prepared to help provide those solutions for you. The features are as rich and compliant as they can be to help attract your customer base to handle online lotteries.
As always, what we’re extremely proud of with our offering is just how much effort we put into our product to always ensure security measures are met. Anyone who inputs their data has it secure. This is important to us because we want to make sure the customer base is always ready to use and reuse our system and your platform consistently to generate those revenues.
Isn’t gambling Haram?
You may be asking yourself what’s different when it comes to gambling, online lotteries and this Sharia-approved lottery that the United Arab Emirates has allowed. First of all, it’s all about setting up the right message, and that is, they are enabling these platforms to exist, with the primary focus to be able to fund monies for schools, those in need, and charities as well.
In fact, there are some lottery operators out there who allow winners to even donate their winnings right back to charities. So while it’s still a game of chance, it’s not about winning the money itself.
Now, how it ends up becoming Sharia-compliant is how the tickets themselves are purchased. It’s all about the equivalent exchange, and you’re not buying a lottery ticket to win a big lottery; you’re buying yourself a collectable (either a physical card or even an NFT in some cases) that gives you a chance to enter into a lotto and win. It doesn’t mean you have to or even participate, as the rule of equivalent exchange has been met. This is a big win for this type of dual functionality and layer of a product, with an opportunity that has allowed many more people to participate in this.
Even local stores aren’t selling lottery tickets, but these collectable cards are rotated out periodically to buy new collectable cards, which then give that secondary function of joining a draw for a lotto session.
Get ahead of the curve
For those that have been monitoring these markets, now is the time to become a Sharia-compliant operator wherever you see fit. Of course, you’ll still need to bring in the clients and market to them, as well as obtain whatever permissions or licensing is required, but don’t worry, we’ll handle the platform and tech portion for you.