Tuesday, March 5, 2024
Editor's PickIslamic Coin engages CoinDesk Indices to build Shariah crypto benchmarks for MENA

Islamic Coin engages CoinDesk Indices to build Shariah crypto benchmarks for MENA

Islamic Coin, the native currency of blockchain network HAQQ, has signed an MoU with CoinDesk Indices (CDI) to explore developing Shariah compliant crypto benchmarks for the MENA region.

“This [partnership] is very interesting and promising. We are focusing on Shariah compliant products including ETFs [exchange-traded funds] and more. We have also signed an interesting partnership with Republic Crypto… this is part of our success stories and also the many signals that give us the confidence that we are moving in the right way,” Mohammed AlKaff AlHashimi, the founder of Islamic Coin, said during his keynote at TOKEN2049.

It is understood that the collaboration seeks to license CDI’s benchmarks for exchange-traded financial products. Should it materialize, it could be the first crypto benchmark that could be used to structure Islamic ETFs and products.

The partnership will also give HAQQ access to CDI’s API for selected digital assets, including for its digital asset exchange.

Islamic Coin, as reported by IFN Fintech last month, formed a partnership with web3 advisory group Republic Crypto. The latter will support Islamic Coin’s go-to-market strategy and advise on tokenomics, decentralized autonomous organization governance and long-term utility value.

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