News

First sharia crypto exchange opens in UAE

A new venture which claims to be the world’s first sharia-compliant crypto exchange has announced plans to launch in the UAE. Sustain Exchange hopes to offer sharia-complaint and ethical services to give Muslims a compliant space in which to invest in the crypto market.  An initial coin offering is planned for June and security tokens issued during the offering will serve as the key to accessing the exchange’s services. All commissions will be paid only with these tokens and the internal economy of the exchange will be based on the deflation model of the token, states the company. It currently has an investment grade and general trading licence and is in talks with the Abu Dhabi General Market about acquiring a digital asset licence. Sustain Exchange also says it will introduce an independent sharia advisory to maintain compliance with sharia principles. To this end it has appointed an Islamic fintech scholar to its board – Mifti Faraz, director of Amanah Finance Consultancy.  © 2020 funds global mena

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