Funoon Ethical Governance
Funoon is a values-based platform and takes ethical governance very seriously. Our users must feel safe, respected, and valued in their journey with us. For best practice and optimal standards, Funoon has added an additional layer of governance. We have engaged with the global Sharia advisory firm Amanah Advisors for their independent oversight, advisory and governance support.
Amanah Advisors are a global Sharia advisory firm working with Islamic financial institutions in over 20 countries. Amanah Advisors are a thought leader and specialist in Islamic Fintech, and hence Funoon have partnered with Amanah Advisors to develop an ethical NFT ecosystem. More can be read on Amanah Advisors at www.amanahadvisors.com.
Ethical Governance Framework
Funoon has implemented the following governance controls with the assistance of Amanah Advisors:
- Ethical Screening guidelines – these guidelines ensure that only NFTs which are aligned with our values feature on our marketplace.
- Weekly review of the marketplace – this review will ensure that nothing unethical or in breach of our guidelines is on our marketplace.
- Onboarding process – the onboarding process for users has additional layers of security and governance to ensure best standards.
- Hands-on approach – Our approach to governance is a hands-on approach to maintain best standards.
- Keeping pace with the industry – Amanah Advisors are continuously researching the latest developments to make our guidance up to date.
FAQs on Sharia
- Nature of NFTs from a Sharia perspective
- NFTs are rights (Huquq) from a Sharia perspective. The compliance of an NFT depends on the rights, terms and conditions of the NFT as well as the compliance of the underlying asset connected to it.
- Buying and selling NFTs – The Sharia compliance of trading NFTs depends on whether the NFT is Sharia compliant itself.
- Earning Royalties – Royalties from NFTs is only lawful to earn if the royalties are going to the owner of the copyright. It is not permissible to simply earn a revenue stream of royalties without owning any rights to the underlying asset.
- Binance Smart Chain is a network for running smart contract-based applications. In and of itself, it is a technology and acceptable from a Sharia perspective.
- BNB token – The BNB token is acceptable from a Sharia compliance perspective. Binance Coin (BNB) is the native cryptocurrency of the Binance Chain and the Binance Smart Chain. The Binance Coin powers the Binance ecosystem and is used to pay for transaction fees on the Binance exchange and as gas for the Binance Chain and the Binance Smart Chain (BSC).