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Islamic Finance and the Blockchain are Getting Closer

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Islamic Finance and the Blockchain are Getting Closer

GOLDX, a one-of-its-kind gold-based cryptocurrency developed by Malaysian FinTech firm HelloGold, has received a Sharia-compliant certification from the Shariah Supervisory Board of Amanie Advisors.

The company now plans on launching its gold platform in Thailand sometime later in 2018.

GOLDX was awarded the Sharia-compliant certificate because of the certainty, transparency, and the immediate nature of its issuance process. Launched in late 2017, GOLDX is based on a unique business model wherein the issuance of a token is backed by physical gold stored in a vault in Singapore. Another strong-point that could potentially make it a success would be that all GOLDX transactions are mandatorily required to be completed within a set timeline.

Needless to say, this is a prime example of how up-and-coming FinTech companies are making the most out of cutting-edge financial technologies to exert their influence in the fast-growing Islamic financial sector in the Arab world and Southeast Asia.

“Having earned the world’s first Syariah-compliance certification for our GOLDX token, HelloGold has opened the door to over a billion Muslims to access a new financial product. As the international Islamic financial market continues to grow and draw interest from non-Muslim countries, the Islamic financial services industry’s total worth has reached $1.9 trillion (RM7.4 trillion) in 2016,” said Robin Lee, CEO and Co-founder of HelloGold.

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Lee added that the GOLDX token would further expedite financial inclusion across the world by facilitating a safe and transparent platform for Muslim customers to try out the cryptocurrency market.

HelloGold also released a blockchain-based mobile app in Malaysia in 2017, enabling users to buy and sell physical investment-grade gold. The app now boasts a newly-issued certification by Amanie Advisors.

If everything goes as per plan, the HelloGold gold platform will be available in Thailand at some point in 2018. Apart from that, the company is also planning on expanding to a “third market” by the end of 2018.

Another Blockchain Venture to Transform the Islamic Philanthropic Sector

Finterra, a FinTech company in Singapore, has developed a blockchain-powered crowdfunding platform that allows users to create “smart contracts” for specific waqf (basically a donation of land, buildings or money) projects.

Founded and led by CEO Hamid Rashid, Finterra is optimistic that its homegrown platform will bring along a more efficient way to raise money, while simultaneously making the management and transfer of ownership of waqf much easier and transparent.

The company began developing the blockchain platform in October 2017, and its pilot projects are currently ready and being studied from various endowments in Malaysia, Indonesia, and Singapore. “By June we hope to have the product fully up and running, and we can then start onboarding clients. We can then promote to global waqf boards and to regulators,” Rasheed said.

Among other plans, Finterra is also hosting a forum in Kuala Lumpur next month to discuss further development and application of blockchain technology for waqf projects.

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