Exploring the partnership between Islamic Coin and CoinDesk Indices in the evolving world of Shariah-compliant digital finance.
At TOKEN2049 in Singapore, it was revealed that Islamic Coin and CoinDesk Indices had signed a memorandum of understanding (MoU).
Following the MoU, Islamic Coin, the native currency of HAQQ, the Shariah-compliant community-run network, is considering a strategic alliance with CoinDesk Indices, the supplier of digital asset indices by AUM.
“This partnership marks a promising alignment of interests as both entities look to tap into the rapidly growing interest in cryptocurrency and inclusive finance,” said Mohammed AlKaff AlHashmi, creator of Islamic Coin, at the ceremony. This partnership is poised to transform the landscape of Shariah-compliant digital financial services, with the worldwide Islamic finance market expected to top $3.69 trillion by 2024.
The following are the main highlights of this hypothesized relationship:
- The licensing of various CDI indices for exchange-traded financial products falls under the category of “Index-Based Products.” This opens the door for cutting-edge securities like a Shariah-compliant multi-token product, an Islamic Coin ETF, and a Staked Islamic Coin ETF.
- Creating new indexes that are in compliance with Shariah while using compliant systematic techniques and the Shariah oracle.
- For internal usage by HAQQ, including its digital asset exchange, Index Data – CDI will make API access to a few digital assets available.
Alan Campbell, president of CoinDesk Indices, said, “We are pleased to expand our presence throughout the MENA region through this relationship. “CoinDesk is committed to serving international markets and providing solutions that advance the market for digital assets and the associated community.”
Moving forward in the digital asset sector
Islamic Coin has received a ton of industry support over the past year. The project collaborated with Sushi, a decentralized exchange, earlier this year. The Islamic Coin community stands to gain from this alliance in a number of ways. This covers token generation during the liquidity mining phase, asset staking, and liquidity provision.
The project has also received a number of prizes. These include The Middle East Blockchain Awards’ Golden Excellence Award and the Most Promising ESG Crypto.
The most recent suggested partnership between Islamic Coin and CDI opens a new chapter in digital currency and ethical finance. Both organizations want to influence change and increase interest in digital asset solutions by working together under a same vision and commitment.
