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Finance

Islamic Coin in Pact With CoinDesk Indices to Discuss Sharia-Compliant Benchmarks

Islamic Coin is the native currency of HAQQ, a blockchain focused on developing a Shariah-compliant financial ecosystem.

By Stephen Alpher
AccessTimeIconSep 14, 2023 at 3:30 a.m. UTC
Updated Sep 14, 2023 at 4:35 p.m. UTC
The HAQQ network is focused on developing a Shariah-complaint ecosystem (May Lim/Unsplash)
The HAQQ network is focused on developing a Shariah-complaint ecosystem (May Lim/Unsplash)

Islamic Coin has entered into a memorandum of understanding with CoinDesk Indices to discuss building Shariah-compliant crypto benchmarks for the Middle East and North Africa markets.

Another aim of the partnership is licensing CoinDesk Indices benchmarks for exchange-traded financial products. Also, HAQQ – a blockchain focused on creating a Shariah-compliant financial system and the home of Islamic Coin – will get access to CDI's API for selected digital assets, including for its digital asset exchange.

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    • "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," said Mohammed AlKaff AlHashmi, founder of Islamic Coin.

    CoinDesk Indices is a subsidiary of CoinDesk.

    Edited by Kevin Reynolds.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Stephen Alpher
    Stephen Alpher

    Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.

    Follow @SteveAlpher on Twitter