BTC Wires

Malta to Provide Refuge to Sharia Compliant Cryptocurrency Exchanges

A hub of growing innovation in blockchain technology, Malta continues to draw the bestest and brightest prospects from across the world. This time, it has lured in Islamic fintech prospects. Cryptocurrency and blockchain startups which comply with Sharia law, are lining up outside Malta with the hopes of reserving a spot at the digital exchange called Huulk.

The digital exchange itself is looking to secure a license in Malta and they plan to collaborate with European exchanges in the coming months. Their chief executive, Ibrahim Mohammed, is excited at the prospect of securing listings from sharia-compliant fintech startups, which plan to modernize the Islamic financial scene by integrating cryptocurrency and blockchain in the system. .

Mohammed has revealed certain details about his exchange. It is part of the OneGram Group of companies which has already sold around $400 million in gold-backed tokens last year and itself is looking to attract listings from exchanges that are Sharia compliant. Huulk would trade in digital assets along with other stocks and commodities.

An existing venture in Malta called Bianchi Holdings Limited is set to be an equity partner in the exchange. This association could be extremely fruitful for Huulk since Bianchi Holding has certain tie ups with Binance, which is a huge name in the crypto and blockchain sector and is also applying for a license to operate in Malta. These connections could prove to be really beneficial for Huulk in the long run, considering they are trying to tap into a religious sector of the market and Binance already has connections there, along with their contacts in various linguistic communities.

Mohammed has confirmed that the exchange is looking to list around 20 Islamic fintech firms, few of which operate from Muslim-majority countries like Turkey and Malaysia. It is an exciting new development for the Islamic fintech sector which is looking to revolutionize the Islamic economy in respective countries.