A Switzerland-based fin-tech company X8 AG has been certified by Review Bureau (SRB), a leading international Sharia advisory agency licensed by the Central Bank of Bahrain.
The company has got certification for its cryptocurrency that it plans to launch in the Middle East with the significant business outreach in the region.
According to the chief and co-founder of X8, Francesca Greco, Ethereum-based X8 stablebcoins are backed by both seven fiat currencies and gold.
“The Gulf region is a perfect place for financial technology companies because they all want to become hubs for fintech,” Francesca Greco told.
X8 AG is one of the many companies expanding into Sharia-compliant finance for tapping into the rapidly growing crypto as well as blockchain industries in the Middle East.
Earlier it was reported that Stellar received a certificate of conformity to Sharia for making money transfers and offering assets. At the same time, Bitcoin was recognized “generally acceptable”, in accordance with Sharia law, in April of this year.
Shariah advisor and Shariah compliance officer, Mufti Muhammad Abu Bakar then issued a warning that, although he believes that digital currencies are halal, in most cases, traders should not purchase them for investment.