AX Coin Stablecoin Receives Sharia Certification in Bahrain

AX Coin Bahrain B.S.C. Closed, the regulated stablecoin issuer of Solowin Holdings, has received Sharia certification for its AXBHD stablecoin following a formal review by Shariyah Review Bureau, a Sharia advisory and audit firm licensed by the Central Bank of Bahrain.

According to the company, the certification makes AXBHD the first central bank-regulated stablecoin to receive Sharia approval. The review assessed the stablecoin's issuance mechanism, reserve investment framework, governance arrangements and revenue model to ensure compliance with recognised Islamic finance principles. It also established an ongoing Sharia governance framework to support AX Coin's future regulated stablecoin offerings.

"Regulated stablecoins represent an important step in the evolution of digital finance by combining the efficiency of blockchain technology," Yasser S. Dahlawi, Founder and CEO of Shariyah Review Bureau, said. "As adoption continues to grow, robust Sharia governance will play a critical role in fostering confidence among financial institutions seeking compliant digital asset solutions."

Commenting on the certification, Xavier George, Managing Director of AlloyX Limited and CEO of AX Coin, said the approval reflects the company's commitment to transparency, governance and the integration of Sharia principles into its operations ahead of the stablecoin's launch.