X8 Currency, a Switzerland-based digital currency, has been certified for Sharia compliance by Shariyah Review Bureau.
X8 is the first Blockchain-based currency to receive the certification for its ARM-AI (Automatic Reserve Management, Artificial Intelligence) driven portfolio.
The certification also extends the Sharia compliance to X8’s Ethereum-based tokens along with comprehensive guidelines for trading in currencies and preserving value. “It is very meaningful to receive the Sharia compliance certificate that provides reassurances that we are open to investors seeking to make investments in Shariah compliant assets,” said Gregor Koželj, founder and CEO of X8 Currency.
“With the changing environment of banking and asset management primarily due to fintech-driven shifts, the market for wealth preservation in Islamic finance is poised to see disruption and it is for this reason that we are seeing an increasing demand for our Product in the Islamic markets,” said Francesca Greco, Director and Co-Founder of X8 AG. “We have assigned Shariyah Review Bureau as an independent Sharia Advisor to help us comply with the critical procedures of Sharia compliance. We hope this will drive new business opportunities for investors in the marketplace compatible to their faith based values,” she added.
Based in Bahrain and licensed by the Central Bank of Bahrain, Shariyah Review Bureau has been serving the Islamic financial markets for more than 13 years. The organisation has 34 scholars spanning 19 countries and its Sharia certification and Sharia audit services are recognised globally.
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