Financial news

A memorandum of understanding (MoU) between Islamic Coin and CoinDesk Indices has been announced at TOKEN2049 in Singapore. 

The native currency of HAQQ, the Shariah-compliant community-run network, Islamic Coin is exploring a strategic partnership with CoinDesk Indices, the provider of digital asset indices by AUM following the MoU.

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

Major highlights of this proposed relationship include:

• Index-Based Products – Licensing of various CDI indices for exchange-traded financial products. This paves 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.”

Making progress in the digital asset industry 

Over the past year, Islamic Coin has garnered massive support from the industry. Earlier this year, the project partnered with Sushi, a decentralised exchange. This partnership promises several benefits for the Islamic Coin community. This includes liquidity provision, asset staking, and token earning during the liquidity mining phase.

Furthermore, the project has also won several awards. These includes: Most Promising ESG Crypto and the Golden Excellence Award from The Middle East Blockchain Awards.

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 change and grow participation in digital asset solutions.