Islamic coin, a Sharia-compliant crypto asset, has secured $200 million from ABO Digital, which brings to $400 million the total funding that the project has received. The latest capital raise is expected to give the crypto project access to funding of up to $200 million as well as to ensure that the coin “has a long and stable runway.”
Revolutionizing the Sharia-Compliant Market
Islamic coin, the “Sharia-compliant” digital asset, has secured $200 million from ABO Digital, the digital asset investment arm of the ABO group. The latest raise brings to $400 million the total funding the crypto project has received.
According to a press release, ABO Digital’s capital injection is expected to give crypto-asset access to funding of up to $200 million as well as to ensure that the coin “has a long and stable runway.” Remarking on ABO Digital’s decision to partner with Islamic Coin, Amine Nedjai, the CEO of the digital asset investment firm, said:
ABO Digital is thrilled to collaborate with Islamic Coin as an alternative finance provider. This ambitious project, supported by a stellar team, is revolutionizing the Shariah-compliant market by introducing digitization. We are honoured to have been selected as a partner.
In addition to receiving global recognition, Islamic Coin has signed a memorandum of understanding with the United Kingdom-based DDCAP Group. This partnership, according to the press release, will result in the development of several solutions for Islamic Finance such as a Shariah-compliant Web3 alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT). A digital asset platform, central bank digital currencies, and tokenization are the other solutions that will ostensibly be developed as a direct result of the partnership.
Islamic Coin co-founder Mohammed AlKaff AlHashmi said his team is “building a game-changing financial platform that brings together ethics and the traditions of Islamic Finance.”
Some of the big-name Middle East North Africa (MENA) leaders that are reportedly backing the crypto project include the grandson of the United Arab Emirates founder Sheikh Dr. Hazza bin Sultan bin Zayed Al Nahyan. Besides the backing of the Abu Dhabi and Dubai ruling families, the endeavor is supported by Islamic finance experts.
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