Islamic Cryptocurrency could be the future as, a new Dubai based digital exchange named Huulk aims to attract listing from sharia-compliant financial technology startups, the Chief Executive Officer of the company said on Monday, the company focuses on modernizing Islamic finance.
The exchange has applied for exchange license in Malta also hopes to collaborate with several European exchanges in the coming weeks, the CEO Ibrahim Mohammad said in a telephonic interview.
The company would become a part of OneGram group of companies to host trades of digital assets commodities as well as stocks. Bianchi Holdings in Malta would be an equity partner for the exchange said, Muhammad.
Similar to cryptocurrency firms that are increasingly partnering with traditional exchanges in order to attract more business, Huulk is also focused on tapping the religious sensitive market and investors.
The exchange is planning to list roughly 20 Islamic Fintech firms that are operating in Muslim majority countries such as Malaysia and Turkey, he added. OneGram plans to list its own sharia-compliant cryptocurrency on the exchange by mid-September, OneGram has sold $400 million gold-backed tokens in the last one year.
Several Fintechs have already developed sharia-compliant products to build a larger footprint of Islamic finance in the Middle East and Southeast Asia. New York based Wahed Invest has launched a sharia-compliant robo-advisor last year and in July last month, California-based Stellar received a certification from Islamic scholars for its blockchain platform and cryptocurrency.