Shariah-Compliant Cryptocurrency ‘Islamic Coin’ Secures $200 Million

Islamic Coin, a Shariah-compliant cryptocurrency platform, has secured a $200 million investment from Alpha Blue Ocean's ABO Digital. With a total funding of $400 million, Islamic Coin has surpassed Circle, BlockFi and Solana, becoming one of the largest fundraisings in the history of the crypto space.

Co-founded by Emirati entrepreneurs Mohammed AlKaff AlHashmi and Hussein Al Meeza in 2021, Islamic Coin aims to cater to the world's 1.9 billion Muslims. Recognized internationally by state leaders, and regional authorities, Islamic Coin has gained considerable support for its mission to empower the Muslim community with a cutting-edge financial instrument for the digital age.

"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," Islamic Coin co-founder Mohammed AlKaff AlHashmi tells StartupScene.

The partnership with ABO Digital will introduce Islamic Coin to their network of investors and assist in structuring innovative Shariah-compliant financial products for the digital asset space.

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

" The recent alliance follows another major achievement for Islamic Coin, as it signed an MOU with the London-based DDCAP Group, paving the way for Haqq Network integration with over 300 global Islamic banks. This collaboration will lead to the development of various solutions for Islamic Finance, including a Shariah-compliant Web3 alternative to SWIFT, a digital asset platform, CBDCs, tokenization, and other ventures.