Islamic Coin, the native currency of HAQQ, a blockchain platform dedicated to creating a Shariah-compliant financial ecosystem, has recently entered into a memorandum of understanding (MoU) with CoinDesk Indices. This partnership aims to explore the development of Shariah-compliant cryptocurrency benchmarks tailored for the Middle East and North Africa markets.
Additionally, the collaboration seeks to enable the licensing of various CoinDesk Indices benchmarks for use in exchange-traded financial products. HAQQ, the blockchain platform housing Islamic Coin, will also gain access to CoinDesk Indices' API for selected digital assets, which will be utilized for its digital asset exchange.
The strategic alliance between Islamic Coin and CoinDesk Indices is expected to have a significant impact on the evolving landscape of Shariah-compliant digital financial services, given the forecasted growth of the global Islamic finance market. It is anticipated to exceed a staggering $3.69 trillion by 2024.
Mohammed AlKaff AlHashmi, the founder of Islamic Coin, expressed enthusiasm about the collaboration, stating, "With the global Islamic finance market forecasted to surpass $3.69 trillion by 2024, this collaboration is poised to reshape the landscape of Shariah-compliant digital financial services."
The collaboration signifies a pivotal step toward bridging the gap between the rapidly expanding cryptocurrency market and the principles of Islamic finance. By creating benchmarks that align with Shariah principles, Islamic Coin and CoinDesk Indices aim to provide a viable and compliant avenue for individuals and institutions in the Middle East and North Africa to participate in the burgeoning world of digital assets.
The synergy between HAQQ's commitment to Shariah compliance and CoinDesk Indices' expertise in crypto benchmarking is expected to contribute to the continued growth and acceptance of blockchain-based financial services within the Islamic finance ecosystem. This initiative not only supports the region's financial inclusion goals but also positions Islamic Coin and HAQQ as key players in shaping the future of Shariah-compliant digital finance.