New digital exchange hopes to attract Sharia-compliant assets
Huulk, a new digital exchange, is seeking to list financial technology groups and digital assets that comply with Islamic finance laws, Reuters reported on Sunday.
The exchange has already applied for a digital exchange licence in Malta and is seeking partnerships with other European exchanges, Ibrahim Mohammed, chief executive of parent company OneGram, told Reuters.
OneGram is a Dubai-based, Sharia-compliant trading platform whose native OGC stablecoin is backed by physical reserves of gold.
Huulk hopes to host on its exchange Sharia-compliant digital assets, stocks and commodities, with Malta’s Bianchi Holdings an equity partner, Mohammed added.
Cryptocurrency and blockchain financial services applications have spotted a potentially lucrative gap in the Islamic finance market – which bars practices that involve interest payments or investment in prohibited companies such as alcohol producers.
Indeed, last month the Stellar network and its lumens cryptocurrency received approval from religious scholars to be used in Islamic-finance products and ventures.