Islamic Coin secures $200m funding from ABO Digital

Islamic Coin, the Shariah-compliant cryptocurrency has secured $200m from Alpha Blue Ocean’s ABO Digital.

Total funding has reached $400m and has become one of the largest ever in the history of crypto space, a statement said.

Both Islamic Coin and the Haqq Network that powers it cater to the world’s 1.9 billion Muslims and beyond, focused on game-changing products and services.

The partnership will entail introducing Islamic Coin to the ABO network of investors and helping the team structure innovative Shariah-compliant financial products that could be used in the digital asset space to raise alternative funding.

The deal provides for access to a maximum of $200m as and when required and ensures Islamic Coin has a long and stable runway.

“ABO Digital is thrilled to collaborate with Islamic Coin as an alternative finance provider. This ambitious project, supported by a stellar team, is revolutionising the Shariah-compliant market by introducing digitisation. We are honored to have been selected as a partner,” commented ABO Digital CEO Amine Nedjai.

Meanwhile, recently, the company also signed an MOU with London based DDCAP Group, paving the way for Haqq Network integration with over 300 global Islamic banks. The partnership will see the development of a number of solutions for Islamic Finance that include a Shariah-compliant Web3 alternative to Swift, a digital asset platform, CBDCs, tokenisation and other ventures.

“We are building a game-changing financial platform that brings together ethics and the traditions of Islamic Finance, delivering a robust solution that benefits and works together with traditional systems to significantly improve the state of the world,” commented Islamic Coin co-founder Mohammed AlKaff AlHashmi.

Islamic Coin has received support from MENA leadership. The Advisory Board is already represented by Abu Dhabi and Dubai ruling families, including the grandson of UAE founder Sheikh Dr Hazza bin Sultan bin Zayed Al Nahyan, UAE Navy chief Sheikh Saeed bin Hamdan bin Mohammed Al Nahyan, Sheikh Khalifa Bin Mohammed bin Khalid Al Nahyan, Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan, Sheikh Juma bin Maktoum Al Maktoum and Sheikha Mariam Suhail Obaid Suhail Al Maktoum.

The team also features top names in traditional and Islamic finance. Islamic Coin’s Executive Board includes Emaar’s Hussein Al Meeza (who is also a co-founder), a banker with over 45 years of experience spanning the Islamic banking, finance and insurance sectors.

The board also includes Greg Gigliotti, CEO, chief investment officer and founding partner of Xtellus Advisors, a fund manager with experience at Goldman Sachs and other global institutions.

Islamic Coin will be listed on exchanges soon.

Read: Interview: Amine Nedjai, CEO at ABO Digital