Swiss HAQQ Association, Islamic Coin, and London-based DDCAP GroupTM have announced a collaborative partnership with a memorandum of understanding (MoU) to explore synergies between DDCAP's ETHOS AFP™ (ETHOS) Shariah-compliant financial technology and HAQQ's digital asset platforms on the HAQQ Blockchain.
The primary goal of this partnership is to create advanced systems catering to the growing demand for ethical and Shariah-compliant infrastructure within the financial sector. Drawing upon DDCAP's extensive experience of over 25 years in sustainable intermediary services for the Islamic financial market, the alliance aims to introduce innovative solutions aligned with the principles of fair and ethical finance in the digital era.
Key components of the collaboration will center around the HAQQ Blockchain, an environmentally friendly and proof-of-stake blockchain supervised by the HAQQ Association. This platform will facilitate several Islamic finance solutions, including a Shariah-compliant alternative to SWIFT for international transactions, a digital asset platform, Central Bank Digital Currencies (CBDCs), tokenization, and various other initiatives.
Mohammed AlKaff AlHashmi, a member of the HAQQ Association and co-founder of Islamic Coin, emphasized the shared values between sustainable development goals (SDGs) and Shariah finance principles, both focusing on creating a more equitable and just financial landscape.
Stella Cox CBE, the Managing Director of DDCAP, expressed enthusiasm about the partnership, highlighting the alignment between DDCAP's commitment to sustainable and responsible practices and the goals of the HAQQ Association in the realms of Islamic finance and blockchain technology.
The HAQQ Blockchain, accompanied by its native token Islamic Coin, has garnered global recognition and accolades. Backed by a substantial investment of $200 million from private investors and high-net-worth individuals, the HAQQ-Islamic Coin team has received awards, including the Most Promising ESG Crypto at The Middle East Blockchain Awards in 2022 and the Golden Excellence Award bestowed by the UAE Minister of Tolerance, Sheikh Nahyan Mabarak Al Nahyan. The founders have also engaged with international figures at the UN's COP27 and remain dedicated to supporting the UN's agenda.
The Advisory Board comprises esteemed members of the Abu Dhabi and Dubai Ruling Families, underscoring the high-level support for the initiative. Notably, the HAQQ team has initiated a $40 million fund to foster Shariah-compliant ventures on the HAQQ blockchain, collaborating with both the public and private sectors to empower the global Muslim community with innovative financial tools for the Digital Age.
DDCAP GroupTM, a renowned provider of asset facilitation services and financial technology solutions, is a strategic partner for entities within the Islamic financial industry. The organization, led by Lord Spencer of Alresford and Stella Cox CBE, has been recognized for its leadership and technology solutions within the Islamic finance sector. The company's commitment to sustainability and responsibility is evidenced by its participation in various initiatives and partnerships.
The collaboration between Swiss HAQQ Association, Islamic Coin, and DDCAP GroupTM aims to contribute to the advancement of ethical finance by leveraging blockchain technology and Shariah-compliant principles to create a more inclusive and equitable financial ecosystem for the global community.