Governance & Trust Center
Understanding Pragmarket's certification standards, review processes, and evidence architecture
Sharia-Governed Certified Markets
Pragmarket operates a dual-surface architecture. Open Markets provide full exchange access to all available markets. Certified Markets represent a curated, governance-approved layer where eligible markets undergo category screening, supervisory review, evidence validation, and formal certification.
The certified surface is designed for participants who require visible governance, Sharia compliance, and resolution integrity signals as part of their market participation framework.
Certification States
Market submitted and pending category screening and initial policy review
Category eligibility confirmed, awaiting supervisory review
Supervisory review completed, approved for listing
Market certified and actively trading on the certified surface
Market resolution under formal challenge during dispute window
Market temporarily suspended pending review or investigation
Approved Categories
Regional Themes
MENA-specific policy, cultural events, and regional developments
Sports
Football, regional tournaments, and Olympic qualifications
Macro Economics
Inflation, GDP growth, central bank decisions, trade agreements
Weather & Climate
Seasonal weather patterns, temperature records, precipitation
Commodities
Oil, natural gas, precious metals, agricultural products
Review Flow
Evidence Logic
Source Hierarchy
Each certified market specifies a primary source and optional fallback source for resolution determination. Sources must be publicly accessible, verifiable, and approved during the review process.
Official, authoritative source with direct access to ground truth
Secondary approved source used if primary is unavailable or ambiguous
Resolution Workflow
- At determination time, check primary source
- If clear, record determination and open challenge window
- If unclear or unavailable, escalate to fallback source
- If still ambiguous, escalate to Majlis review panel
- After challenge window closes, determination becomes final
Challenge & Dispute
Following initial resolution, a 48-hour challenge window opens. Eligible participants may submit counter-evidence or raise procedural concerns. Challenges are reviewed by the Majlis panel, which renders a final binding decision.
Media Partner Integration
Select certified markets integrate with premium media partners for enhanced evidence quality:
Live sports data, official broadcast feeds, real-time event tracking for sports markets
Regional media coverage, official announcements, verified news sources for MENA events
Frequently Asked Questions
What is the difference between Open Markets and Certified Markets?
Open Markets represent the full trading universe with standard compliance. Certified Markets undergo additional Sharia governance screening, evidence validation, and supervisory review. The certified surface provides visible certification status, governance timelines, and resolution integrity signals.
Who reviews markets for certification?
Markets are reviewed by Pragmarket's governance team in consultation with external advisors. Category screening ensures market types align with approved categories. Supervisory review assesses evidence quality, resolution clarity, and compliance with governance standards.
Can a certified market lose its certification?
Yes. Markets can be suspended if evidence sources become unreliable, if resolution ambiguity emerges, or if category standards change. Suspended markets may be re-certified after remediation or may be permanently delisted from the certified surface.
How does the challenge process work?
After initial resolution, a 48-hour challenge window opens. Participants may submit counter-evidence or procedural objections. The Majlis review panel evaluates submissions and renders a final decision. Once the challenge window closes and no valid challenges remain, the determination becomes final.