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.

AccessTimeIconSep 14, 2023 at 3:30 a.m. UTC
Updated Sep 14, 2023 at 4:35 p.m. UTC

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.

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    Stephen  Alpher

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