Shariah-Compliant Stablecoin PUSD Moves Into MidEast Institutional Arena
A dollar-linked stablecoin built to meet Islamic finance standards is now operating on a new blockchain network anchored in the Middle East, adding a second digital currency to a settlement platform backed by some of Abu Dhabi’s biggest financial names. Related Reading: Consistent XRP Buys Could Deliver Outsized Gains By 2030: Finance Expert Backed By Gulf Currencies, Not Just The Dollar PUSD, issued by Palm Azgar Finance, holds reserves in Saudi riyals and UAE dirhams — both pegged to the US dollar — rather than holding US dollars directly. That structure is central to its....
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A wave of crypto hacks hitting decentralized finance platforms in April has renewed an old argument: should stablecoin companies step in when stolen money passes through their systems? That question is now front and center again after Tether, the world’s largest stablecoin issuer, revealed it froze over $340 million in dollar-pegged tokens at the direct request of US law enforcement officials. Related Reading: Shariah-Compliant Stablecoin PUSD Moves Into MidEast Institutional Arena Community Divided Over Stablecoin Control The freeze targeted two separate wallet addresses. Tether....
A shariah compliance expert, the current chairman of the Shariah Advisory Council at Malaysia’s central bank and a shariah board member at many financial companies, says that cryptocurrency is a legit commodity that can be exchanged. Cryptocurrency and Shariah Compliance Cryptocurrency adoption and investments remain low in Muslim countries as people are still unsure of its compliance with Islamic law. At the SCxSC Fintech Conference 2020 last week, Datuk Dr. Mohd Daud Bakar, an expert in shariah compliance, said that investors need more time to understand cryptocurrency from the....
Launching soon, CoinMENA said it will offer spot trading in five major cryptocurrencies.
Top financier and banker Hussein Al Meeza has joined Islamic Coin – the Shariah-compliant cryptocurrency launched in the UAE. Having been named Best Islamic Banking Personality in 2006, Mr. Al Meeza is an acclaimed award-winning expert with over 40 years of experience spanning the Islamic banking, finance and insurance sectors, and has been one of the key personalities involved in establishing Dubai Islamic Bank. Among his many accolades and executive roles are some of the Region’s top institutions. Mr. Al Meeza is the founder of Al Salam Banks in Sudan, Bahrain and Algeria, as well....
Shariah-compliant Islamic Coin has secured $200M during its private sale from international private buyers. The crypto, targeting the world’s 2 billion Muslim population and ethics-first crypto adopters have broken all records, becoming the top private sale raise in 2022 and the top 10 raise in history. The Shariah-compliant digital currency has gained a Fatwa, issued by the world’s leading experts in Sharia Law. The edict was led by Sheikh Dr. Nizam Mohammed Saleh Yaquby, recognized as ‘The Gatekeeper’ of a $2 trillion market for Islamic financial products. The award-winning team includes....