#IslamicCoin , the currency of #HAQQ , a platform for creating a Shariah-compliant financial ecosystem, has entered into an agreement with #CoinDesk Indices. The cooperation is aimed at creating cryptocurrency indices for the Middle East and North Africa.
It will also allow CoinDesk Indices to be used in financial products. HAQQ will have access to the CoinDesk Indices API for its own digital exchange.
This collaboration promises to transform Shariah digital financial services in the context of a growing Islamic finance market projected to be worth over $3.69 trillion by 2024.
Mohammed AlKaff AlHashmi, founder of Islamic Coin, expressed enthusiasm: "This collaboration is shaping the landscape of Shariah digital financial services."
This initiative will facilitate the growth of blockchain financial services in the world of Islamic finance and supports the goals of financial inclusion in the region.
This collaboration between Islamic Coin and CoinDesk Indices has the potential to be a catalyst for the development of the decentralized Web3 in the region. It paves the way for the implementation of Shariah principles in digital assets and financial services, which could go a long way in supporting the adoption of blockchain technologies and cryptocurrencies in the Islamic financial sector.
Also, the development of Shariah-compliant cryptocurrency indices initiates the creation of new markets for trading and investment. This can increase liquidity and activity in the markets in the region and promote the development of cryptocurrency infrastructures.