June 25, 2024

Islamic Coin partners with CoinDesk Indices

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Mohammed AlKaff AlHashmi, Founder of Islamic Coin, during his speech at TOKEN2049 in Singapore
Mohammed AlKaff AlHashmi, Founder of Islamic Coin, during his speech at TOKEN2049 in Singapore

During his speech at TOKEN2049 in Singapore, Mohammed AlKaff AlHashmi, Founder of Islamic Coin, announced a Memorandum of Understanding (MoU) between Islamic Coin, a native currency of HAQQ, a community-run network, dedicated to empowering an ethics-first Shariah-compliant financial ecosystem, and CoinDesk Indices (CDI), the leading provider of digital asset indices by AUM since 2014, to explore a strategic partnership to develop ground-breaking index strategies.

“This partnership marks a promising alignment of interests as both entities look to tap into the rapidly growing interest in crypto and inclusive finance,” said Mohammed AlKaff AlHashmi. “With the global Islamic finance market forecasted to surpass USD 3.69 trillion by 2024, this collaboration is poised to reshape the landscape of Shariah-compliant digital financial services.

IslamicCoin & CoinDesk Indices logo

Major highlights of this proposed relationship include: Index-Based Products – Licensing of various CDI indices for exchange-traded financial products, paving the way for innovative instruments such as an Islamic Coin ETF, Staked Islamic Coin ETF, and multi-token Shariah-compliant products.

New Indices – Creating new Shariah-compliant indices, incorporating the Shariah oracle and compliant systematic strategies. Index Data – CDI will offer API access to selected digital assets for HAQQ’s internal use, including its digital asset exchange.

“We are excited to expand our presence into the MENA region through this collaboration,” said Alan Campbell, President of CoinDesk Indices. “CoinDesk is committed to serving global markets and offering solutions that drive the digital asset opportunity and community forward.”

Over the past year, Islamic Coin has garnered massive support from the industry. Earlier this year, the project partnered with Sushi, one of the world’s top decentralized exchanges. This partnership promises several benefits for the Islamic Coin community, including liquidity provision, asset staking, and token earning during the liquidity mining phase.

The latest proposed collaboration between Islamic Coin and CDI heralds a new chapter in ethical finance and digital currency. With a shared vision and commitment, both entities intend to drive revolutionary change and grow participation in digital asset solutions.

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