Ethena vs Spell: which is halal?
Side-by-side Shariah screening of Ethena (ENA) and Spell (SPELL) under the same 27-point methodology. Both currently carry a HARAM verdict.
Is Ethena (ENA) Halal or Haram? Complete Shariah Compliance Analysis 2026 Is Ethena halal? No, Ethena is not considered halal, with a Shariah compliance score of 47.5/100 based on…
Full Ethena report →
Is Spell (SPELL) Halal or Haram? Complete Shariah Compliance Analysis 2026 Is Spell halal? No, Spell is not considered halal, with a Shariah compliance score of 29.8/100 based on…
Full Spell report →■ ENA ■ SPELL — higher is better. Scores from the 27-point Shariah screening methodology.
■ ENA ■ SPELL
No, Ethena is not considered halal, with a Shariah compliance score of 47.5/100 based on our scholar-approved methodology. The staking mechanism requires careful evaluation from an Islamic perspective.
“Crypto industry prone to manipulation... fraudsters using several techniques to create artificial hype and demand for junk tokens.”
— Amanah Advisors
No, Spell is not considered halal, with a Shariah compliance score of 29.8/100 based on our scholar-approved methodology. The staking mechanism requires careful evaluation from an Islamic perspective. Muslims should also carefully evaluate any DeFi protocols built on this platform to avoid interest-based applications.
“Crypto industry prone to manipulation... fraudsters using several techniques to create artificial hype and demand for junk tokens.”
— Amanah Advisors